Eqt Holdings Ltd. · ASX:EQT
Eqt — H1 FY2026 Earnings Presentation
28 slides from Eqt's earnings presentation, Feb 19, 2026
Slide 1: Investor Presentation: Results for half year ended 31 December 2025
EQT HOLDINGS LIMITED (ASX: EQT) Investor Presentation Results for half year ended 31 December 2025 Mick O’Brien, Managing Director Johanna Platt, Chief Financial Officer 19 February 2026
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: About Equity Trustees
About Equity Trustees Trustee Wealth Services (TWS) Corporate & Superannuation Estate Planning Trustee Services (CSTS) Corporate Trustee Services Estate Management FUMAS: $170b Custody & Real Assets Philanthropy Revenue: $25m FUMAS: $18b Debt & Securitisation Services Wealth Management/Advice Revenu
Slide 5: Business Strengths
Business Strengths Organisational Stable & Enduring Market Structure Growth of super assets ($11.3tn by 2043) and expected EQT is actively involved in key growth market segments – e.g., Health & & Demand intergenerational wealth transfers ($3.5tn over 20 years) Personal Injury, Estate Management, Re
Slide 6: First half drivers and key activity
First half drivers and key activity 01 02 Core business continues to New business activity ongoing – deliver with revenue resilience and year on year growth in Corporate organic growth Trustee Services and Health & Personal Injury clients 03 04 Margin growth in TWS and CTS Intensifying regulatory ov
Slide 7: Key 1H26 Financial Metrics
Key 1H26 Financial Metrics Continued strength in the business financials offset by higher risks on shareholder value $284b $100m $30.3m $20.5m FUMAS up 28% Revenue up 11.8% NPBT up 53.9% NPAT CSTS: 29.8% CSTS: 15.1% (Underlying NPBT up 24.5%) up 67.0% TWS: 6.8% TWS: 9.8% CSTS: 6.9% (Underlying NPAT
Slide 8: Group revenue and EBITDA margin
Group revenue and EBITDA margin Delivering revenue growth at resilient EBITDA margins $m • Consistent revenue growth 110 70% across resilient and diverse 100.0 service lines and client base 100 60% 93.1 • EBITDA margin excluding 89.4 86.5 elevated spend on litigation 90 84 50% defence and regulator
Slide 9: Trustee Wealth Services
Trustee Wealth Services Estate Management activity providing revenue upside • Revenue growth of 9.8% over pcp $m Revenue 3 Year CAGR 22.0% (9.1% over prior half) driven by 60 55.9 strong Estate Management 50.9 activity and growth in Health & 49.5 50 12.4 personal injury appointments 10.1 40 43.5 • H
Slide 10: CSTS – Corporate
CSTS – Corporate New funds & FUMAS driving revenue growth $m Revenue 3 Year CAGR 11.4% • Revenue growth of 15.1% over pcp (5.8% over prior half) 30 25.2 • Business continues to see solid 22.4 demand for new appointments 18.2 19.6 8.4 with 77 schemes and custody 20 7.0 appointments added during 1H26,
Slide 11: CSTS – Super
CSTS – Super Revenue growth driven by new appointments & ORFR capital funding • Revenue growth of 18.6% over $m Revenue 3 Year CAGR 16.3% pcp (excluding ORFR income 23 7.6%) 18.9 15.9 • Trustee revenue increased due 2.8 15.0 1.1 to the benefit of 4 new funds 13 12.0 onboarded in 2H25, contributing 7
Slide 12: Shield litigation update
Shield litigation update Quantifying Shield and First Guardian exposure • On August 26 2025, ASIC initiated Federal Court proceedings against Equity Trustees Superannuation Limited (ETSL) regarding the Shield Master Fund and amended its statement of claim on 10 October 2025. ETSL is an RSE Licensee
Slide 13: Superannuation Trustee Services (STS) business update
Superannuation Trustee Services (STS) business update Strategic review of STS STS business operates at lower margins than TWS and CTS Context Elevated pace of regulator led change and reviews, particularly for platform-based Superannuation funds creating uncertainty over cost base and risk Preferenc
Slide 14: Financial Review
Financial Review Johanna Platt, Chief Financial Officer
Slide 15: Group Financial Performance 1H26 v 1H25
Group Financial Performance 1H26 v 1H25 Revenue growth of 11.8%: • $5.8m CSTS – new business $4.0m, net flows & investment markets 1H26 1H25 1H26 v 1H25 $1.0m, additional ORFR income $m $m % $1.8m • $5.0m TWS – new business and Revenue 100.0 89.4 11.8% market performance in Health & Personal Injury
Slide 16: Group Financial Performance 1H26 v 2H25
Group Financial Performance 1H26 v 2H25 Revenue growth of 7.5%: • $2.4m CSTS – new business $1.9m, net flows & investment markets $0.2m, additional ORFR income 1H26 2H25 1H26 v 2H25 $1.9m offset by non-recurring project $m $m % revenue of $0.6m and lost client revenue Revenue 100.0 93.0 7.5% • $4.6m
Slide 17: Strategic Workforce Alignment
Strategic Workforce Alignment Aligning talent for growth & regulatory demand Total employees increased by 14 250 233 234 from 460 at 30 June 2025 to 474 at 229 31 December 2025, reflecting increased activity and investment in CSTS 200 • CSTS: increased 9 employees, of which 7 are temporary roles, su
Slide 18: TWS Performance 1H26 v 1H25
TWS Performance 1H26 v 1H25 1H26 1H25 1H26 v Net Profit Before Tax $m $m $m 1H25 20 0.5 0.1 19.1 1.2 Revenue 55.9 50.9 9.8% (0.2) 18 2.1 Operating Expenses (36.8) (37.2) (1.2%) 16 1.7 NPBT 19.1 13.7 39.8% 13.7 14 NPBT Margin (%) 34.2 26.9 7.3 12 FUMAS ($b)¹ 18.2 17.1 6.8% 10 1H25 Health & Estate Oth
Slide 19: CSTS Performance 1H26 v 1H25
CSTS Performance 1H26 v 1H25 1H26 1H25 1H26 v $m $m 1H25 $m Net Profit Before Tax 18 Revenue 44.1 38.3 15.1% 1.7 Operating Expenses (32.9) (27.9) 18.1% 16 4.1 NPBT 11.2 10.4 6.9% 14 (1.8) NPBT Margin (%) 25.3 27.2 (1.9) 12 (1.6) Total FUMAS ($b) 265.5 204.6 29.8% 0.6 11.2 10.4 Corporate FUMAS 169.9
Slide 20: EPS & Dividends
EPS & Dividends 1H26 1H25 1H26 v Dividends cps $m $m 1H25 60 55 56 Underlying EPS (cents) 76.48 61.49 24.4% 51 50 48 49 Statutory EPS (cents) 76.48 45.90 66.6% 40 Dividend (cents per share) 56 55 1.8% 30 Payout ratio (%) 73.2 119.8 (46.6) 20 1H22 1H23 1H24 1H25 1H26 • Directors declared a 56-cent di
Slide 21: Cashflow analysis
Cashflow analysis $m 1H26 1H25 • Cash and cash equivalents Cashflows from operating activities increased by $105.8 million over pcp, primarily due to Receipts from customers 102.1 90.6 increased ORFR capital Payments to suppliers and employees (73.8) (76.7) • Operating cash flows increased by $12.7
Slide 22: Balance sheet
Balance sheet 700 • During the half the corporate debt facility was successfully 600 114.7 ORFR Cash 113.1 ORFR Borrowings renegotiated, moving to a single $60 million facility with a term of 31 December 2027 500 • $117.3m of cash and liquid 115.7 Cash and Liquid 410.4 Equity investments investments
Slide 23: Strategy & Outlook
Strategy & Outlook Mick O’Brien, Managing Director
Slide 24: FY26 strategic priorities
FY26 strategic priorities 01 02 Continue uplift of CTS operating Progress resolution of the ASIC model for future scalability and Shield matter sustainability 03 04 Execute strategic review of STS Deliver productivity gains from business and address regulatory technology to underpin future undertaki
Slide 25: FY26 Outlook
FY26 Outlook • We expect the continued resilience and momentum for TWS and CTS: ̶ CTS topline growth momentum expected to continue ̶ TWS topline growth rates to moderate in 2H given impact of higher value estates and larger scale Health & Personal Injury client onboarding in 1H ̶ Stable operating ex
Slide 26: Questions
Questions
Slide 27: Glossary of Terms
Glossary of Terms Term Definition AET Australian Executor Trustees (business acquired by EQT in November 2023) CAGR Compound annual growth rate CSTS Corporate and Superannuation Trustee Services CTS Corporate Trustee Services, a part of CSTS CTS-EU Former Corporate Trustee Services business segment
Slide 28: 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