Steadfast Group Limited · ASX:SDF
Steadfast — Investor Presentation (February 2026)
72 slides from Steadfast's investor presentation, Feb 24, 2026
Slide 1: 1H26 Results
Steadfast Group 1H26 Results Investor Presentation 24 February 2026
Slide 2: Contents
1H26 Results Investor Presentation Contents 03 1H26 Highlights 09 Steadfast Australasian broking 13 Steadfast Underwriting Agencies 17 Steadfast International businesses 21 Steadfast Technologies 25 1H26 Financial Summary 31 Outlook 35 Appendices 2
Slide 3: 1H26 Highlights
1H26 Highlights 3
Slide 4: Continued strong track record since listing on ASX
Continued strong track record since listing on ASX Steadfast Group 1,2 3 4 Steadfast Australasian Networks GWP ($b) Steadfast Underwriting Agencies GWP ($b) Underlying EBITA ($m) 700 2.5 14 600 12 2.0 500 10 1.5 400 8 300 6 1.0 200 4 0.5 100 2 0 0 0.0 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY2
Slide 5: Proven, resilient and adaptable business model
Steadfast Group Proven, resilient and adaptable business model Acquisition growth and capital management Statutory earnings1 • 1H26 $238.9m (net cost) of EPS accretive acquisitions completed • NPAT of $127.0m (1H25 $106.4m) (refer slide 65) • ~$195m of acquisitions planned to be completed in 2H26 •
Slide 6: Interim dividend
Interim dividend Underlying diluted EPS (NPAT) (cents per share) 1H26 dividend of 8.2 cps (fully franked), up 5.1% 28 26 Dividend Reinvestment Plan (DRP) to apply to interim 1H26 dividend. 24 22 The DRP will operate by the on-market purchase of shares. No 20 discount will apply 18 16 14 12 Key dates
Slide 7: Historic base premium cycle
Historic base premium cycle 1 Despite the market cycle Steadfast continues to grow earnings +11.0% +10.0% +9.2% +9.0% +8.0% Base Premium YoY Growth % +7.0% +6.0% +5.0% +4.0% +3.0% +2.7% +2.0% +1.0% 0% 0% -1.0% 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 Quarter of Inception
Slide 8: Premium cycle – our actions
Premium cycle – our actions Continued focus on delivering earnings growth and medium-term margin improvement 1 • Ongoing work to attract and retain Network Brokers through professional development along with new products and services Steadfast Network • Recent investment into the New Zealand market
Slide 9: Steadfast Australasian broking
Steadfast Australasian broking 9
Slide 10: Steadfast broking – Australasian Network
Steadfast broking – Australasian Network Sustained growth and further broker acquisitions Financial highlights – 1H26 1H26 vs 1H25 • Australasian Broker Network GWP +4.4% to $6.4b 1 • In 1H26 we completed 1 new equity holding, 23 step-ups, 9 step-downs and 16 bolt-ons GWP of $6.4b vs $ 6.2b • Broker
Slide 11: Steadfast broking – Australasian Network
Steadfast broking – Australasian Network Solid underlying earnings growth of 13.0% Equity brokers and network Effective ownership EBITA Period-on- 6 months to 31 December Underlying Underlying period Organic Growth from 1H26 83% $ million 1H26 1H25 growth % growth % acquisitions % Net revenue 500.1
Slide 12: Using AI to the Broker’s advantage
Using AI to the Broker’s advantage Brokers remain vital for risk management, claims advocacy and expert advice Treat AI assistants as a new acquisition channel AI platforms should be viewed in the same strategic category as search and social media once were, being critical acquisition channels that
Slide 13: Steadfast Underwriting Agencies
Steadfast Underwriting Agencies 13
Slide 14: Steadfast Underwriting Agencies
Steadfast Underwriting Agencies Profitable growth achieved by maintaining underwriting discipline, active retention and targeted new business Financial highlights – 1H26 • Steadfast Underwriting Agencies GWP +3.0% to $1.2b ꟷ Moderating pricing market 1H26 vs 1H25 ꟷ Risk pricing adequacy remains stro
Slide 15: Steadfast Underwriting Agencies
Steadfast Underwriting Agencies Steadfast Underwriting Agencies 6 months to 31 December Underlying Underlying Period-on-period Organic Growth from $ million 1H26 1H25 growth % growth % acquisitions % Net revenue 240.9 234.6 2.7% 2.2% 0.5% EBITA 112.7 112.9 (0.2%) (0.2%) 0.0% EBITA growth $120.0m -$0
Slide 16: Commercial Agency consolidation – case study
Commercial Agency consolidation – case study Creating value through agency consolidation and leveraging the power of the combined group will create an uplift of over $5m annualised additional EBITA expected to fully emerge in the near term, following implementation in late FY26 Entity consolidation
Slide 17: Steadfast International businesses
Steadfast International businesses 17
Slide 18: International businesses – Strategic growth
Steadfast International businesses Strategic growth 1H26 operational highlights ISU Steadfast 2 years since the acquisition, • Performing strongly, exceeded 1H26 budgeted EBITA • 13% net growth in members • 22 new members, 13 net of terminations • 26% growth in profit sharing from carriers • Piloted
Slide 19: Steadfast International businesses
Steadfast International businesses Steadfast International businesses 6 months to 31 December Underlying Underlying Period-on-period Organic Growth from $ million 1H26 1H25 growth % growth % acquisitions % Net revenue 56.4 17.6 220.5% 11.5% 209.0% EBITA 9.5 (0.6) n/a n/a n/a EBITA growth • Underlyin
Slide 20: International businesses – Strategic opportunity
Steadfast International businesses Strategic opportunity Momentum for 2H26 and beyond ISU Steadfast • Network growth via improved value proposition + new membership tier for smaller agents + acquisition • Market access via enhanced strategic carrier relationships, and driving Novum and HWS Specialty
Slide 21: Steadfast Technologies
Steadfast Technologies 21
Slide 22: Technology-enabled business strategy
Technology-enabled business strategy Integrating platforms, digital tools and data directly into our core business operations to improve revenues, reduce costs and manage risk Steadfast Australasian Steadfast Underwriting Steadfast International Enterprise Broker Networks Agencies businesses • Marke
Slide 23: OnePlatform
Steadfast OnePlatform Modernisation of our Insurtech offering to deliver a scalable, secure & modern solution that creates broker efficiencies and supports growth by delivering a unified SaaS platform, enabling brokers and insurers to collaborate seamlessly across the insurance lifecycle 1 • Secure
Slide 24: Apps – case study
Steadfast Apps – case study The Steadfast Apps platform is enabling new integrated functionality, significant broker efficiencies with integrated AI and operating efficiencies Overview • Serving as the gateway to Steadfast Technologies suite of digital solutions • User led design by brokers for brok
Slide 25: 1H26 Financial Summary
1H26 Financial Summary 25
Slide 26: Group financial performance
Group financial performance Solid underlying earnings growth Underlying earnings 6 months to 31 December 2025 Underlying Underlying Period-on-period $ million 1H261 1H251 growth % Revenue ($m) 1,010.4 881.3 14.6% EBITA ($m) 293.6 260.7 12.6% NPAT ($m) 137.5 128.1 7.3% Diluted EPS (NPAT) (cents) 12.4
Slide 27: Drivers of 12.6% growth in underlying EBITA
Drivers of 12.6% growth in underlying EBITA Organic and acquisition growth Acquisition Growth excl. Rothbury step-up: $14.9m /5.7% $320.0m $300.0m $12.7m / 4.9% $20.2m / 12.6% $14.0m / 5.3% $1.0m / 0.4% $280.0m $5.3m / 2.0% $260.0m $240.0m $220.0m $293.6m $200.0m $260.7m $180.0m $160.0m $140.0m $120
Slide 28: Drivers of 7.3% growth in underlying NPAT
Drivers of 7.3% growth in underlying NPAT Organic Growth: $5.7m /4.5% Acquisition Growth: $3.6m /2.8% $150.0m $0.9m / 0.7% -$6.9m / -5.4% $145.0m $9.6m / 7.5% $140.0m $9.4m / 7.3% $135.0m $2.9m / 2.3% $2.9m / 2.3% $130.0m $137.5m $125.0m $128.1m $120.0m $115.0m 1H25 NPAT Organic Growth Organic growt
Slide 29: Conservative balance sheet
Conservative balance sheet $ million 31 Dec 25 30 Jun 25 Corporate debt facilities (excludes premium funding) increased, and recently extended as follows: Cash and cash equivalents 428 431 $ million Maturity Total Cash held on trust 1,323 1,172 Revolving May 2028 500 Premium funding receivables 911
Slide 30: Stable conversion of profits to cash
Stable conversion of profits to cash 1H26 cash flow statement Cash flow summary¹ $ million 1H26 1H25 Pre-tax cash flow from operating activities before 256.6 272.6 lease obligation payment Free cash flow of $34.7 million Less lease obligation payments (12.6) (9.4) Pre-tax cash flow from operating ac
Slide 31: Outlook
Outlook 31
Slide 32: FY26 guidance reaffirmed
FY26 guidance reaffirmed On 11 February, Steadfast advised the market of FY26 guidance range changes in its segment disclosures effective from Underlying NPATA $365m - $375m HY26, including a refinement to the calculation of Underlying NPAT $315m - $325m the Group’s underlying EBITA and NPATA. These
Slide 33: Proven, resilient and adaptable business model
Steadfast Group Proven, resilient and adaptable business model • 1H26 was a challenging period but Steadfast is a resilient, diversified and sustainable growth business • Steadfast continued to execute on its growth strategy and has delivered solid underlying earnings growth vs. comparable period •
Slide 34: Questions
Questions 34
Slide 35: Appendices
Appendices Steadfast Group (slide 36) Steadfast Australasian Network (slide 40) Steadfast Underwriting Agencies (slide 49) Steadfast International Businesses (slide 51) Our insurTech (slide 57) 1H26 detailed financials (slide 64) 35
Slide 36: Steadfast Group
Steadfast Group 36
Slide 37: Group
Steadfast Group Approximately 670 network brokers and agencies globally with ~AU$25b¹ premium (excluding UnisonSteadfast) UK Australia USA Broker Network Specialist Wholesale Broker MGAs Agency Network Singapore Complementary Businesses Germany Broker Network Equity in brokers MGAs
Slide 38: Business units focused on the intermediated general insurance market
Business units focused on the intermediated general insurance market Steadfast Group as at 31 December 2025 Steadfast Group (listed on ASX) Steadfast Australasian Steadfast International Steadfast Underwriting Agencies Complementary Businesses Broker Networks businesses 414 general insurance brokers
Slide 39: Size and scale
Size and scale Steadfast Group as at 31 December 2025 General insurance broker networks in Largest group of underwriting agencies Underwriting agency in USA Agency network in USA Australasia in Australasia AU $12.7 b 414 $2.5 b 31 ~US $140 1 m ~US $6.0 b 258 Annual GWP1 Steadfast Network Annual GWP1
Slide 40: Steadfast Australasian Network
Steadfast Australasian Network 40
Slide 41: General insurance broker network operating in Australasia
General insurance broker network operating in Australasia Steadfast Australasian Network Steadfast Steadfast Network Strategy Australasian Network The Steadfast Network has 414 general insurance brokers in Exclusive to Steadfast Network brokers AU$12.7b Be the best solution for our clients’ needs
Slide 42: Steadfast Australasian Networks
Steadfast Australasian Networks 376 brokers have joined Steadfast’s Australasian Networks since IPO Number of Steadfast Network brokers1 700 51 169 650 77 600 550 31 34 23 500 183 24 2 20 450 414 400 350 300 276 250 200 August New brokers Allied NZ Insight IBNA Singapore & Asia Merged Sold externall
Slide 43: Australasian Broker Networks
Steadfast Australasian Broker Networks Broker office footprint The Steadfast Network is 6 comprised of Insurance Brokers & Authorised Representatives 63 Asia 1,867 broker offices NT 376 Across Australia, New Zealand QLD and Asia WA SA NSW 467 151 414 Network Brokers 18 98 VIC ACT 167 AU$6.4b New Zea
Slide 44: Australia – resilient SME client base
Steadfast Australian Network Australia – resilient SME client base 1 GWP mix Diversified by product line Diversified by geography Diversified by insurer Business pack 15% QBE 14% VIC 40% Strata 10% CGU 12% Micro (Policy size <$650) 1% NSW 28% Commerical motor 13% Small Enterprise (Policy size $650 -
Slide 45: Increasing Steadfast Group’s share of growing Network GWP
Increasing Steadfast Group’s share of growing Network GWP Steadfast Australasian Network • Since IPO, Steadfast has successfully implemented the dual strategies of growing our networks as well as increasing equity stakes in network brokers FY13 (IPO) CY25 Steadfast Network total GWP Steadfast Networ
Slide 46: The value of insurance broking continues to grow and remains a good investment
The value of insurance broking continues to grow and remains a good investment Strong CAGR of premiums across Australian intermediated general insurance and Steadfast network market share1 90.0 80.0 Broker usage has increased from 69% to 84% (2018 – 2025) 70.0 Vero SME Index 2025 60.0 50.0 40.0 30.0
Slide 47: Broker fee & commission (F&C) rates by class of risk
Broker fee & commission (F&C) rates by class of risk Broker F&C trends over the premium cycle 1 Legend: ▬ Casualty ▬ Commercial ▬ Domestic 8.8% 8.0% Broker Fee Rate 6.0% 4.5% 4.0% 4.2% 2.0% 0.0% 15.0% 13.4% Commission Rate 12.2% 10.0% 12.2% 5.0% 0.0% 20.0% 21.1% 17.9% Gross F&C Rate 16.4% 10.0% 0.0%
Slide 48: Insurance premium update
Insurance premium update Average base insurance premium increase in the period to 31 December 2025 1 . • Average 1H26 premium increase is 2.4% Risk Group Class of Risk Base Premium YoY Growth % Base Premium % of Total Average Grand Total +2.4% Casualty Total +0.5% Liability +1.6% 7.4% Professional R
Slide 49: Steadfast Underwriting Agencies
Steadfast Underwriting Agencies 49
Slide 50: Underwriting Agencies Portfolio
Steadfast Underwriting Agencies Portfolio Highly diversified portfolio providing good sustainability and growth prospects Commercial Property, Specialist Specialty Personal Strata Liability, Finpro Commercial Insurances – Insurance Insurance Insurances Insurances Marine, Eng, Cyber HNW HOME SPECIALI
Slide 51: Steadfast International businesses
Steadfast International businesses 51
Slide 52: International companies
Steadfast International 4 companies Progress to date 6 countries 200+ people ~US$6 billion 258 independent agencies 110 countries 305 members US Network P&C GWP US Network Members Referral Network Network Members £200+ million 30+ countries ~US$140+ million 2,000+ agencies CY25 GWP Global Clients CY
Slide 53: ISU Steadfast
ISU Steadfast United States of America In October 2023, Steadfast acquired 100% of ISU Group, a leading independent agency network in the USA. ISU Steadfast • ISU Insurance Agency established in 1979, ISU Network established in 2000 ISU Steadfast Snapshot • One of the largest and most reputable insu
Slide 54: HWS Specialty
HWS Specialty United Kingdom In December 2024, Steadfast acquired 100% of H.W. Wood, a specialist wholesale broker in London. HWS Specialty • Acquisition expands Steadfast Group’s London market capabilities • Office in London to meet demands from broker networks for Lloyd’s products HWS Specialty Sn
Slide 55: Novum Underwriting Partners
Novum Underwriting Partners United States of America In August 2025, Steadfast completed the strategic acquisition of a majority stake in Novum, a specialty MGA and wholesale brokerage based in the USA • Novum is a technology-enabled underwriting agency focused on the development and Novum Snapshot
Slide 56: UnisonSteadfast
UnisonSteadfast One of the world’s largest global general insurance broker networks, offering multi-jurisdictional coverage Referrals between Steadfast Network brokers and UnisonSteadfast to service 305 international clients Brokers in Network 110 UnisonSteadfast global network (based in Germany) co
Slide 57: Our insurTech
Our insurTech 57
Slide 58: Our insurTech
Our insurTech Steadfast Technologies Steadfast Client Trading Platform Insurebot SCTP is a digital marketplace which provides Steadfast INSIGHT is an insurance broking platform with a Steadfast Apps is a hybrid CRM and workflow automation Insurebot is an online broker platform that streamlines Netwo
Slide 59: Steadfast Client Trading Platform – benefits for clients, brokers and insurers
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 60: One Platform Program
One Platform Program Steadfast’s Vision and Objectives Modernisation of our insurTech offering to deliver a scalable, secure & modern solution that creates broker efficiencies and supports growth by delivering a unified Saas platform, enabling brokers and insurers to collaborate seamlessly across th
Slide 61: Apps Integrated AI
Steadfast Apps Integrated AI AI plays a critical role in the Steadfast ecosystem, powering our growth with confidence Foundational AI capabilities combined with decades of data position Steadfast to continue to deliver strong, differentiated value Frictionless, Higher productivity Better placement &
Slide 62: Embedding AI across the insurTech ecosystem
Embedding AI across the insurTech ecosystem The Steadfast capabilities provide us unique opportunities to integrate AI into our existing platforms or new offerings Delivering customer value Building on our strengths Informed decision making Policy wording comparison to understand differences faster
Slide 63: Insurer and underwriting agency partners on the SCTP
63 Our insurTech Insurer and underwriting agency partners on the SCTP AU Business Allianz@ Sj cHuee (ccu} Hollard. & ick 7 QBE e vero\) @zvricu ies Business deta > WA ® 7 Commercial P32 BLUE a Atianz@® Sijzemea @ Hollard. nti 8 @zurich vero NZDomestic [al] Home, Lenders, izes @QHallord, «hutch pm |
Slide 64: FY26 detailed financials
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Slide 65: Reconciliation of statutory NPAT to underlying NPAT
Reconciliation of statutory NPAT to underlying NPAT 6 months to 31 December $ million 1H26 1H25 Statutory NPAT 127.0 106.4 Adjustments for non-trading items (net of tax and NCI): Net deferred/contingent consideration expense (excluding Sure Insurance) 8.1 2.7 Net adjustment relating to Rothbury Grou
Slide 66: 1H26 Segment Disclosure
1H26 Segment Disclosure Underwriting Interco / 6 months ended 31 December 2025 Broking International Technology Complementary4 Head Office Total Agencies Reclassification $ million Fees and commissions 432.9 217.6 48.3 4.1 - - 140.2 843.1 Interest income 21.9 5.4 0.5 - - 1.7 - 29.5 Other revenue 45.
Slide 67: Reconciliation of statutory to underlying earnings
1H26 detailed financials Reconciliation of statutory to underlying earnings 6 months ended 31 December 2025 Total statutory Reclassifications1 Non-trading items Total underlying $ million Fee and commissions income 734.3 108.8 - 843.1 Interest income 29.5 - - 29.5 Other revenue 124.4 62.3 (48.9) 137
Slide 68: Statement of underlying income
1H26 detailed financials Statement of underlying income 12 months ended 30 June 2025 Underlying Underlying Period-on-period Organic Acquisitions & $ million 1H26 1H25 growth % growth %2 hubbing growth %3 Fees and commissions1 843.1 720.9 17.0% 2.0% 15.0% Interest Income 29.5 32.9 (9.9%) (14.7%) 4.8%
Slide 69: Statement of income (underlying)
1H26 detailed financials Statement of income (underlying) 12 months ended 30 June 2025 Underlying Underlying Underlying Underlying Underlying $ million 1H26 2H25 1H25 2H24 1H24 Fees and commissions1 843.1 793.8 720.9 744.4 661.1 Interest Income 29.5 27.3 32.9 25.6 23.8 Other revenue 137.8 123.3 127.
Slide 70: Statutory cash flow statement
1H26 detailed financials Statutory cash flow statement $ million 1H26 1H25 $34.7m free cash flow in 1H26 $ million Cash flows from operating activities Cash from operations 1 256.6 Net cash from operating activities before customer 177.3 184.9 Less lease obligation payments (12.6) trust account and
Slide 71: 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 24 February 2026. This presentation is not a recommendation or advice in relation to Steadfast or any product or service offere
Slide 72: Steadfast
<> Steadfast THE STRENGTF YOU NEED
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