Eqt Holdings Ltd. · ASX:EQT
Eqt — FY2025 Earnings Presentation
34 slides from Eqt's earnings presentation, Aug 21, 2025
Slide 1: Investor Presentation: Results for year ended 30 June 2025
Investor Presentation Results for year ended 30 June 2025 Mick O’Brien, Managing Director Johanna Platt, Chief Financial Officer 21 AUGUST 2025 EQT HOLDINGS LIMITED (ASX: EQT)
Slide 2: Agenda
Agenda 1 Business Performance Update Mick O’Brien – Managing Director 2 Financial Review Johanna Platt – Chief Financial Officer 3 Strategy & Outlook Mick O’Brien – Managing Director 4 Questions 2
Slide 3: Business Performance Update
Business Performance Update Mick O’Brien, Managing Director
Slide 4: Key points
Key points 01 02 Strong financial performance – Expenses turnaround – 2H25 record FUMAS and strong topline return to BAU margins growth 03 04 Program completion for AET Synergy realisation from the integration, technology upgrades AET integration exceeded plan and CTS-EU exit 4
Slide 5: Key FY25 Financial Metrics
Key FY25 Financial Metrics Strong performance across all metrics $254b $182.5m $53.7m $33.2m FUMAS up 28% Revenue up 7% Underlying NPBT up 4% NPAT CSTS: 30% CSTS: 12% CSTS: 11% up 60% TWS: 6% TWS: 3% TWS: (2%) 3-year CAGR: 21% 3-year CAGR: 18.9% 3-year CAGR: 9.3% Completion of 3-year program Continu
Slide 6: Strategy: FY23 to FY25
Strategy: FY23 to FY25 3-Year strategic growth phase successfully completed We aimed to: We delivered: • Acquired and integrated AET to achieve market leadership (portfolio and geography) Be Australia’s leading • Continued growth in clients and revenue in Health & Personal Injury and Charitable priv
Slide 7: 3 Year Revenue and Margin trajectory
3 Year Revenue and Margin trajectory Fully embedded AET is delivering benefits $m After the successful completion of a three-year program, underlying measures are now returning to prior levels: • Significant margin improvement in 2H25 v 1H25 from: ̶ revenue growth 4% ̶ realised operating and non-ope
Slide 8: Progress on our T4 objectives
Progress on our T4 objectives Satisfaction and engagement proving resilient despite significant change In a period of transition, we have seen a slight decline in ratings across our key indicators for T1: client satisfaction and T2: employee engagement. We expect this to be a temporary impact of the
Slide 9: FY25 Regulatory Developments
FY25 Regulatory Developments Ongoing regulatory reform and supervisory intensity has been well managed Major developments: • APRA’s CPS 230 – Operational Risk Management • Implementation of the Financial Accountability Regime (FAR) Other developments: • CPS 515 – Strategic Planning and Member Outcom
Slide 10: Shield Master Fund & First Guardian Master Fund
Shield Master Fund & First Guardian Master Fund Supporting our members, working with regulators and industry Background • One of Equity Trustees’ two RSE Licensees had exposure to two of those schemes. The exposure was within two superannuation funds under our trusteeship – Super Simplifier and New
Slide 11: Trustee Wealth Services
Trustee Wealth Services Program execution delivers $m Revenue 3 Year CAGR 25.8% • Leading private trustee in key segments and geographies • Integrated AET and realised $7m of revenue synergy benefits • Completed transition to a single operating platform (NavOne) and outsourcing of custody to HUB24 •
Slide 12: CSTS – Corporate
CSTS – Corporate New funds & FUMAS driving revenue growth $m Revenue 3 Year CAGR 8.6% • Leading provider of Responsible Entity services • Another year of strong growth; 19 new managers and 53 new funds/appointments across Fund Services, Custody and Debt & Securitisation Services • Significant increa
Slide 13: CSTS – Super
CSTS – Super New fund appointments providing growth and scale $m Revenue 3 Year CAGR 16.8% • Market leader in independent Superannuation trustee services • Consistent revenue generation underpinned by the growing superannuation sector and large portion of indexed fees • Onboarded 4 new schemes in 2H
Slide 14: Asset Management
Asset Management Consistent returns Strategy (Gross Alpha) 1 Year 3 Year 5 Year • Highly experienced team of 15 investment professionals Australian Equities¹ (1.9%) (1.3%) 0.7% managing $6.4b of client funds EQT Eight Bays Global Fund¹ 0.9% 2% N/A with over 20% AUM growth in FY25 EQT International E
Slide 15: Financial Review
Financial Review Johanna Platt, Chief Financial Officer
Slide 16: Group Financial Performance FY25 v FY24
Group Financial Performance FY25 v FY24 Revenue growth of 7%: • $8.5m CSTS – new business & net flows $3m, investment markets $3m, FY25 FY24 FY25 v FY24 $1m additional ORFR income & $1m one-off regulatory related revenue $m $m • $3.1m TWS – AET revenue synergies Revenue 182.5 170.5 7% of $2m, new bu
Slide 17: Group Financial Performance 2H25 v 1H25
Group Financial Performance 2H25 v 1H25 • Revenue increased $3.7m primarily due to new business in 2H25 1H25 2H25 v 1H25 CTS and positive flows into $m $m existing schemes Revenue 93.1 89.4 4.1% • Operating expenses declined $1.5m due to the $2.7m reduction Operating Expenses (63.6) (65.1) (2.3%) in
Slide 18: FY25 Underlying NPBT to NPAT
FY25 Underlying NPBT to NPAT Underlying to statutory results converging with the completion of projects $m • Number and value of adjusting 60 items between underlying position and statutory position reduced as the business reverts 53.7 to statutory-led performance • Non-operating items: costs 50 rel
Slide 19: FY25 Operating Expense v FY24
FY25 Operating Expense v FY24 Strategic outlay providing sustainable upside $m FY25 operating expenses increased by $9.8m over prior year: 135 • $2.9m increase in people costs, reflecting CSTS and IT headcount growth, $4.2m to support revenue 130 1.0 128.7 expansion and annual pay 2.9 increases of $
Slide 20: 2H25 Operating Expense v 1H25
2H25 Operating Expense v 1H25 Turning the page: Lower H2 spend as projects wrap up $m Operating expenses declined $1.5m half over half: 70 • $2.7m reduction in people costs, driven by the 1H25 redundancies in TWS • $0.2m reduction in technology 65.1 65 costs, attributable to the 1.3 63.6 consolidati
Slide 21: Strategic Workforce Alignment
Strategic Workforce Alignment Aligning talent to support growth Total employees decreased by 45 during FY25, from 505 to 460, reflecting strategic restructuring and targeted growth: • CSTS: increased 13 employees, supporting revenue growth and expanded compliance requirements, mostly in 2H25 creatin
Slide 22: TWS Performance FY25 v FY24
TWS Performance FY25 v FY24 FY25 FY24 FY25 v Net Profit Before Tax $m $m FY24 $m 36 Revenue 102.2 99.1 3.1% 34 6.6 1.7 Operating Expenses (72.8) (69.1) (5.3%) 32 30.0 (1.0) NPBT 29.4 30 (2%) 30 (2.7) (0.7) 29.4 (1.0) 28 NPBT Margin (%) 28.8 30.3 (1.5) 26 (3.5) FUMAS ($b)¹ 16.9 15.9 6.3% 24 ¹Prior pe
Slide 23: 1H25 v 2H25 TWS NPBT
1H25 v 2H25 TWS NPBT $m Net Profit Before Tax 20 2.5 15.7 1.9 15 14.3 13.7 0.3 (0.8) (0.6) (1.2) (0.7) 10 5 0 2H24 AET Platform Net revenue Outsourcing Technology 1H25 Net revenue People costs Other 2H25 revenue growth costs growth • 2H25 NPBT increased $2m half over half, driven by $1.7m reduction
Slide 24: CSTS Performance FY25 v FY24
CSTS Performance FY25 v FY24 FY25 FY24 FY25 v Net Profit Before Tax $m $m FY24 $m 40 Revenue 80 71.5 11.9% 35 Operating Expenses (56) (49.8) (12.4%) 7.4 30 NPBT 24 21.7 10.6% 25 24.0 NPBT Margin (%) 30 30.4 (0.4) 21.7 1.1 (4.6) (0.9) (0.4) (0.6) Total FUMAS ($b)¹ 236.7 182.2 29.9% 20 Corporate FUMAS
Slide 25: EPS & Dividends
EPS & Dividends FY25 FY24 FY25 v Dividends cps $m $m FY24 Underlying EPS (cents) 140.01 133.23 5.1% Statutory EPS (cents) 124.26 77.84 59.6% Dividend (cents per share) 111 104 6.7% Payout ratio (%) 89.3 134 (44.6) • Clear progression of dividend increases reflecting earnings growth • Payout ratio re
Slide 26: Cashflow analysis
Cashflow analysis $m FY25 FY24 • Cash and cash equivalents increased by $17.9m Cashflows from operating activities • Operating cash flows increased Receipts from customers 199.3 183.9 $1.3m over prior year, with growth in receipts from Payments to suppliers and employees (143.7) (134) customers offs
Slide 27: Balance sheet analysis
Balance sheet analysis $m FY25 FY24 • Pleasing improvement in debtor management Assets • ORFR facilities for STS clients: Cash and liquid investments 116 113.2 $14.9m in FY25 and estimated Operational Risk Financial Requirement (ORFR) – cash 40.5 25.6 $50m in FY26: Trade receivables and accrued inco
Slide 28: Strategy & Outlook
Strategy & Outlook Mick O’Brien, Managing Director
Slide 29: Business Strengths
Business Strengths EQT is a recognised leader in key market segments and The independent trustee model is increasingly favoured by geographical locations across the market for trustee and the market and regulation in Australia adjacent services Growth is underpinned by Superannuation assets expected
Slide 30: FY26 strategic priorities
FY26 strategic priorities 01 02 Continue to leverage our market- Design and deploy digital solutions leading position to capture to enhance client experience and ongoing growth safety, automate activities and drive operational leverage 03 04 Leverage our expertise to meet Explore inorganic opportuni
Slide 31: FY26 Outlook
FY26 Outlook • We remain materially exposed to investment market risk • The outlook is expected to be positive for FY26: ̶ CSTS seeing strong demand and new business pipeline in the Corporate RE market ̶ TWS expect more moderate levels of organic growth, but new technology solutions provide capacity
Slide 32: Questions
Questions
Slide 33: Glossary of Terms
Glossary of Terms Term Definition AET Australian Executor Trustees (business acquired by EQT in November 2023) AUM Assets under management CAGR Compound annual growth rate CSTS Australian Corporate and Superannuation Trustee Services CTS-EU Former Corporate Trustee Services business segment (UK and
Slide 34: EQT Holdings Limited contact details and disclaimer
EQT Holdings Limited ABN 22 607 797 615 Level 1, 575 Bourke Street Melbourne VIC 3000 1300 133 472 www.eqt.com.au DISCLAIMER Forward Looking Statements This Presentation contains forward-looking statements. Forward-looking statements include all statements other than statements of historical or pres