Slide 1: 1H25 Results Investor Presentation
Steadfast Group 1H25 Results Investor Presentation 25 February 2025
Slide 2: Contents
Contents 1H25 Results Investor Presentation 04 1H25 Highlights 12 1H25 Financial Summary 21 FY25 Guidance 23 Appendices 2
Slide 3: Continued strong track record since listing on ASX
Continued strong track record since listing on ASX Steadfast Group 1 Steadfast Australasian Networks GWP ($b) Steadfast Underwriting Agencies GWP ($b) Underlying EBITA ($m) 600 2.5 14 500 12 2.0 10 400 1.5 8 300 6 1.0 200 4 0.5 100 2 2 0 0 0.0 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 1
Slide 4: 1H25 Highlights
1H25 Highlights 4
Slide 5: 1H25 operating update
1H25 operating update Insurance and reinsurance markets Group operating performance • 31 December 2024 reinsurance renewals more favourable to insurers, • Improved margins through expense discipline impact and increased leverage of subsequent CAT events impact unknown central resources across the Gr
Slide 6: Steadfast broking – Australasian Networks
Steadfast broking – Australasian Networks Sustained growth and further broker acquisitions Financial highlights – 1H25 1H25 vs 1H24 • Steadfast Australasian Networks GWP +7.9% to $6.5b 1 GWP of $6.5b vs $6.0b • Network GWP is 85% commercial lines (mainly SME), 15% retail +5.2% organic growth +2.6% A
Slide 7: Steadfast International Businesses
Steadfast International Businesses Strategic growth opportunity Financial highlights – 1H25 Operational highlights • ISU Steadfast • ISU Steadfast has performed ahead of expectations in 1H25, driven by expense discipline, higher profit sharing, additional membership fees and ⁻ Change in ISU Steadfas
Slide 8: Steadfast Underwriting Agencies
Steadfast Underwriting Agencies Profitable growth focused on maintaining underwriting discipline, active retention and targeted new business Financial highlights – 1H25 • Steadfast Underwriting Agencies GWP +11.7% to $1.22b 1H25 vs 1H24 ꟷ Driven by a focus on retention and new business initiatives ꟷ
Slide 9: Our insurTech
Our insurTech $788m GWP transacted through SCTP in 1H25 Most insurers seeking a digital platform to transact +13.9% Steadfast Client Trading Platform (SCTP) 1H25 growth in GWP transacted through SCTP • Steadfast remains focused on improving SCTP by adding more product lines, new insurers and the exp
Slide 10: Completed $198.9m of acquisitions year to date
Steadfast Group Completed $198.9m of acquisitions year to date 1H25 Annualised EBITA Acquisition cost 3 new acquisitions (including $53m paid for H.W. Wood) $8.2m $70.6m Completed $198.9m 9 step ups $7.4m $78.9m of acquisitions 15 bolt ons $3.8m $32.0m FY25 year-to-date 5 step downs ($1.3m) ($11.3m)
Slide 11: Strata subsidiaries internal review update
Strata subsidiaries internal review update Update on the internal review of Steadfast’s large specialist strata broker and underwriting agency subsidiaries The internal review has not found any evidence of: Actions completed include: • Channeling of incentives between Steadfast-related entities; or
Slide 12: 1H25 Financial Summary
1H25 Financial Summary 12
Slide 13: Group financial performance
Group financial performance Strong underlying earnings growth Underlying earnings 6 months to 31 December Underlying Underlying Period-on-period $ million 1H251 1H241 growth % Revenue ($m) 881.3 790.4 11.5% EBITA ($m) 262.4 229.0 14.6% NPAT ($m) 128.1 106.0 20.9% Diluted EPS2 (NPAT) (cents) 11.6 10.
Slide 14: Reconciliation of statutory NPAT to underlying NPAT
Reconciliation of statutory NPAT to underlying NPAT 6 months to 31 December $ million 1H25 1H24 Statutory NPAT 106.4 100.4 Adjustments for non-trading items (net of tax and NCI): Net deferred/contingent consideration expense (excluding Sure insurance) 2.7 9.2 Impairment expense (including current pe
Slide 15: Drivers of 14.6% growth in underlying EBITA
Drivers of 14.6% growth in underlying EBITA Organic and acquisition growth Organic Growth: $20.9m / 9.1% 280.0 $12.6m / 5.5% $33.5m / 14.6% 260.0 $20.9m / 9.1% $0.0m / 0.0% 240.0 220.0 200.0 $262.4m 180.0 $229.0m 160.0 140.0 120.0 1 1H24 EBITA Organic Growth Bolt-ons Acquisition of new businesses 1H
Slide 16: Steadfast broking
Steadfast broking Organic and acquisition growth Equity brokers and network - consolidated & equity accounted (assuming 100% ownership) Period-on- • Underlying EBITA of $197.1m from all equity brokers, 6 months to 31 December Underlying Underlying period Organic Growth from Australasian Networks and
Slide 17: Steadfast Underwriting Agencies
Steadfast Underwriting Agencies Organic growth driven by price and volume Steadfast Underwriting Agencies – consolidated & equity accounted (assuming 100% ownership) 6 months to 31 December Underlying Underlying Period-on-period Organic Growth from $ million 1H251 1H241 growth % growth % acquisition
Slide 18: Strong conversion of profits to cash
Strong conversion of profits to cash 1H25 cash flow statement Cash flow summary¹ $ million 1H25 1H24 Pre-tax cash flow from operating activities before 272.6 213.7 lease obligation payment Free cash flow of $32.5 million Less lease obligation payments (9.4) (10.9) Pre-tax cash flow from operating ac
Slide 19: Strong balance sheet
Strong balance sheet $ million 31 Dec 24 30 Jun 24 Corporate debt facility (excludes premium funding) increased and extended August 2023 as follows: Cash and cash equivalents 376 300 $ million Maturity Total Cash held on trust 1,115 1,026 Revolving Aug 2026 385 Premium funding receivables 831 776 Te
Slide 20: Outlook
Outlook 20
Slide 21: FY25 guidance
FY25 guidance The Board reaffirms previous FY25 guidance except for a revision to EBITA guidance as follows: FY25 guidance range Previous FY25 guidance range Underlying EBITA $585m - $595m $590m - $600m Underlying NPAT $290m - $300m $290m - $300m Underlying NPATA $340m - $350m $340m - $350m Underlyi
Slide 22: Interim dividend up 15.6%
Interim dividend up 15.6% Interim 1H25 dividend Underlying diluted EPS (NPAT) (cents per share) 24 • Interim 1H25 dividend of 7.80 cps (fully franked), up from 6.75 cps in 1H24, +15.6% 22 20 • Dividend Reinvestment Plan (DRP) to apply to interim 1H25 dividend 18 ꟷ The DRP will operate by the on-mark
Slide 23: Appendices
Appendices Steadfast Group (slide 24) Steadfast Australasian Networks (slide 28) Steadfast International Businesses (slide 35) Steadfast Underwriting Agencies (slide 39) Our insurTech (slide 41) 1H25 detailed financials (slide 45) 23
Slide 24: Steadfast Group
Steadfast Group 24
Slide 25: Steadfast Group
Steadfast Group More than 645 network brokers and agencies globally with AU$25b¹ premium (excluding UnisonSteadfast) London Steadfast Placements Australia USA Steadfast Re Broker Network H.W. Wood MGAs Singapore Agency Network Germany Complementary Businesses Broker Network Equity
Slide 26: Business units focused on the intermediated general insurance market
Business units focused on the intermediated general insurance market Steadfast Group as at 31 December 2024 Steadfast Group (listed on ASX) Steadfast Australasian Steadfast International businesses Steadfast Underwriting Agencies Complementary Businesses Broker Networks 409 general insurance brokers
Slide 27: Size and scale
Size and scale Steadfast Group as at 31 December 2024 General insurance broker networks in Largest group of underwriting agencies in Steadfast International Businesses Australasia Australasia AU$12.9 b 409 US$7.0 b 235 $2.5 b 30 Annual GWP1 Steadfast Network brokers Annual GWP ISU Steadfast members
Slide 28: Steadfast Australasian Networks
Steadfast Australasian Networks 28
Slide 29: General insurance broker networks operating in Australasia
General insurance broker networks operating in Australasia Steadfast Australasian Networks Steadfast Steadfast Networks Strategy Australasian Networks The Steadfast Networks have 409 general insurance brokers Exclusive to Steadfast Network brokers AU$12.9b Be the best solution for our clients’ nee
Slide 30: Steadfast Australasian Networks brokers have joined since IPO
Steadfast Australasian Networks 342 brokers have joined Steadfast’s Australasian Networks since IPO Number of Steadfast Network brokers1 650 29 161 77 600 550 31 500 31 23 174 450 23 409 2 400 350 300 276 250 200 August New brokers Allied NZ Insight IBNA Singapore Merged Sold externally Leavers PSC
Slide 31: Steadfast Australasian Broker Networks
Steadfast Australasian Broker Networks Broker office footprint The Steadfast Network is 15 comprised of Insurance Brokers & Authorised Representatives 57 Asia 1,975 broker offices NT 408 Broker offices across QLD Australia, New Zealand and WA Asia SA NSW 516 135 409 Network Brokers 21 105 VIC ACT 17
Slide 32: Steadfast Australian Network
Steadfast Australian Network Australia – resilient SME client base 1 GWP mix Diversified by product line Diversified by geography Diversified by insurer Business pack 16% QBE 15% VIC 36% Micro (Policy size <$650) 1% Strata 10% CGU 13% Small Enterprise (Policy size $650 - $5,000) 24% NSW 31% Commeric
Slide 33: Increasing Steadfast Group's share of growing Network GWP
Increasing Steadfast Group’s share of growing Network GWP Steadfast Australasian Networks • Since IPO, Steadfast has successfully implemented the dual strategies of growing our Networks as well as increasing equity stakes in the Networks FY13 (IPO) CY24 Steadfast Network total GWP = AU$3.9b Steadfas
Slide 34: Steadfast Australian equity brokers share of GWP
Steadfast Australian equity brokers share of GWP Steadfast subsidiary equity brokers have diversified books across all general insurance lines Sep24 R12 Equity broker GWP by policy type (%) 14% 12% 10% 8% 6% 4% 2% 0% Commercial Domestic motor Employers' Fire and Houseowners Marine and Other accident
Slide 35: Steadfast International Businesses
Steadfast International Businesses 35
Slide 36: ISU Steadfast
ISU Steadfast United States of America In October 2023, Steadfast acquired 100% of an agency network, ISU Group in the USA ISU Steadfast • Established in 1979 (ISU Insurance Agency), ISU Network established in 2000 ISU Steadfast Snapshot • One of the largest and most reputable insurance agency netwo
Slide 37: H.W. Wood and Steadfast Placements – London
H.W. Wood and Steadfast Placements – London • Steadfast Group expands its London market capabilities through the 100% acquisition of H.W. Wood and HWI France in December 2024 • Office in London to meet demands from broker networks for Lloyd’s products • Lloyd’s Broker • Specialist wholesale broking
Slide 38: UnisonSteadfast
UnisonSteadfast One of the world’s largest global general insurance broker networks, offering multi-jurisdictional coverage 700+ Referrals between the 294 Steadfast Network brokers and UnisonSteadfast Brokers in Network 110 UnisonSteadfast global network (based in Germany) countries 60% equity owner
Slide 39: Steadfast Underwriting Agencies
Steadfast Underwriting Agencies 39
Slide 40: Steadfast Underwriting Agencies
Steadfast Underwriting Agencies Steadfast underwriting agency offering spans across 30 agencies, providing over 100 niche products Security, events, Solutions for novated lease, Complete farm package Caravans, campervans, Commercial and Accident and health entertainment and fire motor fleet and moto
Slide 41: Our insurTech
Our insurTech 41
Slide 42: Our insurTech
Our insurTech Steadfast Client Trading Platform – benefits for clients, brokers and insurers Market-leading technology – exclusive to Steadfast Network brokers, clients and participating insurers Benefits for clients: ꟷ Genuine contestable marketplace generating improved pricing, competition and
Slide 43: Insurer and underwriting agency partners on the SCTP
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Slide 44: Steadfast Technologies
Our insurTech Steadfast Technologies Steadfast Client Trading Platform SCTP is a digital marketplace which provides Steadfast Network insurance brokers INSIGHT is an insurance broking platform with a powerful search engine which gives with access to a variety of insurance products based on a single
Slide 45: 1H25 detailed financials
1H25 detailed financials 45
Slide 46: Reconciliation of statutory to underlying earnings
1H25 detailed financials Reconciliation of statutory to underlying earnings 6 months ended 31 December 2024 Total statutory Reclassifications Non-trading items Total underlying $ million Net fee and commissions income 621.8 98.7 0.4 720.9 Premium funding interest income 67.3 - - 67.3 Share of profit
Slide 47: Statement of underlying income
1H25 detailed financials Statement of underlying income 6 months ended 31 December 2025 Underlying Underlying Period-on-period Organic Acquisitions & $ million 1H25 1H24 growth % growth %2 hubbing growth %3 Fees and commissions1 720.9 661.1 9.0% 4.6% 4.5% Interest Income 32.9 23.8 38.0% 34.4% 3.6% O
Slide 48: Statement of income (underlying)
1H25 detailed financials Statement of income (underlying) Underlying Underlying Underlying Underlying Underlying Underlying Underlying $ million 1H25 2H24 1H24 2H23 1H23 2H22 1H22 Fees and commissions¹ 720.9 744.4 661.1 638.1 573.5 540.7 452.9 Interest Income 32.9 25.6 23.8 14.8 8.6 2.2 1.7 Other re
Slide 49: Statutory cash flow statement
1H25 detailed financials Statutory cash flow statement $ million 1H25 1H24 $32.5m free cash flow in 1H25 $ million Cash flows from operating activities Cash from operations 1 272.6 Net cash from operating activities before customer 184.9 122.2 Less lease obligation payments (9.4) trust account and p
Slide 50: Important notice
Important notice This presentation has been prepared by Steadfast Group Limited (“Steadfast”). This presentation contains information in summary form which is current as at 25 February 2025. This presentation is not a recommendation or advice in relation to Steadfast or any product or service offere
Slide 51: Questions
Questions 51
Slide 52: Thank you
Thank you <gt; Steadfast THE STRENGTF YOU NEED