Bell Financial Group Limited · ASX:BFG
Bell Financial — FY2025 Earnings Presentation
36 slides from Bell Financial's earnings presentation, Feb 18, 2026
Slide 1: 2025 Full Year Results
2025 FULL YEAR RESULTS Bell Financial Group Ltd (ASX:BFG) A diversified financial services and wealth management business, with strong growth potential driven by an ongoing focus on clients, technology and products. February 2026
Slide 2: Contents
Contents 1 2025 at a Glance 3 2 Strategy: Positioned for Growth 7 3 2025 Group Results 11 4 2025 Performance by Division 16 5 Bell Financial Group 25 6 Outlook 28 7 Appendices 30 2
Slide 3: 2025 at a Glance
1 2025 at a Glance BELL FINANCIAL GROUP
Slide 4: Key messages
Key messages 1 Strong financial performance with growth across all business divisions 2 Continuing growth in recurring revenue streams 3 Sustained client growth underpinned by onboarding of new clients 4 Efficiency and productivity improvements continue to underpin margin growth 5 Delivered sharehol
Slide 5: 2025 highlights
2025 highlights Consistent delivery of sustainable and profitable growth Revenue Net profit after tax Earnings per share Dividend per share $299.2m $36.0m 11.3¢ per 9.5¢ per 8% increase on 2024 17% increase on 2024 share share 18% increase on 2024 19% increase on 2024 Funds under advice NPAT margin
Slide 6: 2025 highlights
2025 highlights Strong financial performance underpinned by client growth, efficiency-led margin improvement, and EPS and DPS uplift Retail and institutional broking, equity capital markets and foreign We now view the business as two complementary Markets exchange divisions serving distinct market n
Slide 7: Strategy: Positioned for Growth
2 Strategy: Positioned for Growth
Slide 8: The changing market landscape
The changing market landscape Structural shifts in wealth, technology and advice are reshaping how Australians invest and engage with managing their wealth $3.5 trillion1 wealth transfer Wealth management evolution AI is changing advice engagement • Ageing demographics are accelerating the • The adv
Slide 9: Core strategies
Core strategies Five core strategies to drive growth and to create a more diversified, resilient business while responding to changing market conditions 9
Slide 10: Strong momentum built across 2025
Strong momentum built across 2025 Considerable progress was made in 2025, with approximately $7.0m invested across key strategic initiatives that are now well advanced and gaining early momentum , 10
Slide 11: 2025 Group Results
3 2025 Group Results BELL FINANCIAL GROUP
Slide 12: Financial performance
Financial performance Momentum in the second half across equity and capital markets, supported by increased trading volumes, underpinned a strong year $M 2025 2024 Variance REVENUE ($M) NPAT ($M) Revenue 299.2 276.4 8% EBITDA 56.0 47.6 18% NPAT 36.0 30.7 17% NPAT margin (%) 12.0% 11.1% Earnings per
Slide 13: Historical financial performance
Historical financial performance Revenue and earnings growth underpinned by Platforms recurring revenues and earnings • Platforms continues to gain momentum, contributing 34% of adjusted revenue¹ and 72% of NPAT. This performance reinforces our strategic objective to invest in, grow and further deve
Slide 14: Balance sheet
Balance sheet Strong balance sheet with no core debt, $146m in company held cash $M 31 December 2025 31 December 2024 Cash – Bell Financial Group 146.0 130.1 Of the Group’s cash balance of $146.0m, approximately $80.0m is Cash – Client funds 88.2 47.3 required to meet regulatory and working capital
Slide 15: Funds under advice (FUA)
Funds under advice (FUA) Strong increase in FUA driven by net inflows, client acquisitions and retention • Funds under advice (FUA)1 increased to $92.1b at December 2025, up 7.3% on pcp, while funds under management (FUM)1 rose to $9.5b, an increase of 7.5% on the pcp. • Conversion of sponsored hold
Slide 16: 2025 Performance by Division
4 2025 Performance by Division
Slide 17: Our divisions
Our divisions We have simplified the way we look at the business into two complementary divisions serving distinct market needs and leveraging core financial services and technology strengths 1 2 1. Markets comprises the Retail & Institutional broking segment. 2. Platforms comprises the Technology &
Slide 18: Markets – summary
Markets – summary Rebounding investor confidence in the second half delivered a 10% uplift in 2025 NPAT REVENUE ($M) NPAT ($M) $M 2025 Variance Revenue $192.7m 8% EBITDA $16.5m 9% NPAT $10.1m 10% NPAT margin (%) 5.2% 10bps 2nd half Core services Broking $99.5m, 6% • Broking – traditional r
Slide 19: Markets – historical performance
Markets – historical performance Equity markets remain buoyant, supported by positive investor sentiment and risk appetite • Broking revenue increased 6.4% in 2025 to $99.5m, supported by strong trading conditions in the second half. • Equity capital markets had another excellent year with revenues
Slide 20: Markets – equity capital markets
Markets – equity capital markets Over $1.6 billion raised across 82 transactions, eighth in the 2025 Australian LSEG1 league tables Select IPO transactions Select Secondary raising transactions $336.1m Placement $90.0m Placement & $230.8m $48.0m & SPP $260.0m Placement $220.0m Placement $203.6m Plac
Slide 21: Platforms – summary
Platforms – summary Sustained growth and strong margins validate the effectiveness of our recurring revenue investment strategy $M 2025 Variance Revenue $97.2m 13% EBITDA $39.5m 22% NPAT $25.9m 20% NPAT margin (%) 26.6% 150bps Online broking $31.7m, 47% Core services • Online broking and t
Slide 22: Platforms – online broking and third party clearing
Platforms – online broking and third party clearing Revenue and NPAT continue to deliver consistent growth, with NPAT margins benefiting from ongoing investment in the underlying platforms • Revenue increased by 18.2% in 2025 to $45.5m, with NPAT increasing 25.6% to $10.3m. • The increase in 2025 wa
Slide 23: Platforms – Bell Potter Private Wealth
Platforms – Bell Potter Private Wealth Record inflows driving asset growth to $6.1b, Praemium strategic wealth management relationship established • Bell Potter Private Wealth comprises the portfolio administration services and superannuation solutions. • Revenue increased 7.2% in 2025 to $26.9m, wi
Slide 24: Platforms – portfolio lending and Bell Financial Trust
Platforms – portfolio lending and Bell Financial Trust Net revenue expansion through optimal financing and cost control resulted in an NPAT uplift of 37% • Revenue increased by 12.2% in 2025 to $23.9m, with NPAT increasing 36.7% to $8.2m. • The average margin loan book size across 2025 was $587m (De
Slide 25: Bell Financial Group
S Bell Financial Group BELL FINANCIAL GROUP
Slide 26: A diversified financial services business
A diversified financial services business An Australian-owned business with global reach and a history of growth and innovation 11 offices across Australia plus offices in London, New York, New Zealand, Hong Kong and Kuala Lumpur 2018 2023 New York office opened New leadership Acquisition of 100% in
Slide 27: Highly experienced management team and Board
Highly experienced management team and Board We have a highly experienced board and management team with deep industry expertise with significant shareholdings in the business Bell Financial Group Board Brian Wilson AO Alastair Provan Christine Feldmanis Andrew Bell Independent Chairman Non-Executiv
Slide 28: Outlook
Outlook BELL FINANCIAL GROUP
Slide 29: Outlook
Outlook 2026 market conditions • Market conditions remain positive and we have had a strong start to 2026. • Geopolitical challenges continue to influence market conditions. • Inflation and interest rate pressures both domestic and global persist, shaping market sentiment. Operations and business •
Slide 30: Appendices
7 Appendices BELL FINANCIAL GROUP
Slide 31: Appendix A – definitions
Appendix A – definitions Dividend payout ratio is calculated as the total dividend for the financial year divided by the NPAT for the financial year. Dividend yield is based on the interim dividend paid for the financial year and the final dividend payable for the financial year, dividend by the BFG
Slide 32: Appendix B – segment financials
Appendix B – segment financials Division Markets Platforms Group Broking - Retail & Institutional Products & Services Technology & Platforms Segment segment segment segment $M 2025 2024 Variance 2025 2024 Variance 2025 2024 Variance 2025 2024 Variance Brokerage - retail and online 82.7 79.0 5% - - -
Slide 33: Appendix C – reconciliation between statutory and adjusted revenue
Appendix C – reconciliation between statutory and adjusted revenue $M 2025 2024 Statutory revenue 299.2 276.4 Net interest (18.7) (21.8) Clearing fees 3.9 3.8 Product fee income 5.3 5.0 Other 0.2 0.2 Adjusted revenue 289.9 263.6 The adjustments have been made to statutory revenue to present revenue
Slide 34: Appendix D – key dates
Appendix D – key dates Results release Wednesday, 18 February 2026 Ex-dividend Tuesday, 3 March 2026 Record date Wednesday, 4 March 2026 Payment date Thursday, 19 March 2026 34
Slide 35: Important Disclaimer
Important Disclaimer The material contained in this presentation has been prepared by Bell Financial Group Limited ABN 59 083 194 763 (Bell Financial Group) and is general background information about the businesses, operations and activities of Bell Financial Group and its subsidiaries, current as
Slide 36: Bell Financial Group
BELL FINANCIAL GROUP