Perpetual Limited · ASX:PPT
Perpetual — FY2026 Earnings Presentation
35 slides from Perpetual's earnings presentation, Aug 27, 2026
Slide 1: Perpetual FY26 Financial Results announcement cover letter
Perpetual Limited ABN 86 000 431 827 Angel Place Level 14, 123 Pitt Street Sydney NSW 2000 27 August 2026 Australia Phone +61 9229 9000 ASX Limited www.perpetual.com.au ASX Market Announcements Office Level 27, 39 Martin Place Sydney NSW 2000 For personal use only Perpetual FY26 Financial Results Th
Slide 2: FY26 Results Presentation
Perpetual Limited (ASX:PPT) FY26 Results Presentation For personal use only For the full year ended 30 June 2026 Presented by: Bernard Reilly, CEO and Managing Director Suzanne Evans, Chief Financial Officer
Slide 3: Disclaimer
Disclaimer Important information This presentation has been prepared by Perpetual Limited ABN 86 000 431 827 No representation or warranty, express or implied, is made as to the accuracy, For personal use only (Perpetual). It is in summary form and does not purport to be complete. It should complete
Slide 4: FY26 highlights
FY26 highlights For personal use only Bernard Reilly CEO and Managing Director half year ending 31 December 2021
Slide 5: Perpetual today: FY26 key themes
Perpetual today FY26 key themes • Earnings growth supported by Corporate Trust growth and improved Asset Management profitability For personal use only • Disciplined cost management has led to Simplification Program exceeding original targets • Strong cash generation is strengthening the balance she
Slide 6: FY26 progress: Executing on our strategic priorities
FY26 progress Executing on our strategic priorities For personal use only Simplify Deliver operational excellence Invest for growth ✓ Wealth Management sale on track1, with ✓ Disciplined cost and capital management ✓ Corporate Trust completed acquisition of Interfi Perpetual obtaining the required A
Slide 7: Sale of Wealth Management
Sale of Wealth Management • Continue to make progress towards satisfying conditions precedent1, including Bain Capital receiving ACCC approval and Perpetual obtaining from ASIC the required AFSL variations For personal use only • Commenced the Court processes to facilitate the transfer of certain as
Slide 8: Simplification Program
Simplification Program1 Already delivered $70+ million in annualised savings For personal use only • Annualised life-to-date savings of $72.6 million delivered as at 30 June Indicative phasing of program 2026 – $60.8 million of gross savings realised in FY26 results – Majority of savings delivered t
Slide 9: Enhanced financial flexibility and capital management capacity
Enhanced financial flexibility and capital management capacity 78 Gross debt1 ($m) Gross debt1 0.9 Dividends (cps) and payout ratio (%) 68 0.8 For personal use only 15% 745.0 738.5 70% 70% 58 685.5 0.7 629.3 60% 60% 48 0.6 63 38 61 59 0.5 54 28 on 30 June 2025 0.4 18 Expect to move to a net cash (ne
Slide 10: Asset Management – key themes across boutiques for FY26
Asset Management – key themes across boutiques for FY26 % of strategies outperforming2 by boutique (1, 3 and 5 years to 30 June Barrow Hanley J O Hambro Pendal 2026) 95 • Strong investment • Strong investment • Solid investment For personal use only 78 75 73 performance1,2 and performance1,2 in UK p
Slide 11: Leveraging our global platform
Leveraging our global platform Asia Pacific UK and Europe Americas For personal use only • Perpetual Diversified Income Active • Expand existing ICAV1 structure to • Active ETFs planned for the US ETF launched in August 2025 (ASX: broaden client access wholesale market, based on strong DIFF) • Recen
Slide 12: Restoring JO Hambro to its heritage strength
Restoring JO Hambro to its heritage strength Our AUM ambition for J O Hambro For personal use only CURRENT POSITION FY26 TO FY27 ACTIONS FY30 AMBITION • Differentiated equity specialist with • Expand into active ETF capabilities and • Low correlated diversified solutions autonomous, active teams ICA
Slide 13: Corporate Trust
Corporate Trust Debt Market Services Managed Funds Services Digital and Markets Corporate Trust 95 For personal use only Revenue CAGR – 6.7% p.a.1 Revenue CAGR – 6.2% p.a.1 95 Revenue CAGR – 9.5% p.a.1 UPBT CAGR – 6.4% p.a.1 86 88 30 31 77 78 84 77 26 69 70 23 20 188 192 221 251 272 410 471 496 540
Slide 14: Corporate Trust
Corporate Trust Annual equity market movements (All Ordinaries Index1) vs Australian credit growth2 vs • Credit growth continues to underpin lending, annual earnings (before tax) growth funding and securitisation activity 40.0% For personal use only • Growth has been driven by public securitisation,
Slide 15: Wealth Management
Wealth Management • Sale of Wealth Management remains on track for completion in the final quarter of the 2026 calendar year For personal use only • Wealth Management focused on delivering client outcomes as the sale process continued – Revenue moderated with softer non-market revenue across Account
Slide 16: FY26 Group financials
FY26 Group financials For personal use only Suzanne Evans Chief Financial Officer year ending 31 December 2021
Slide 17: FY26 financial results summary
FY26 financial results summary FY26 $m FY25 $m FY26 v FY25 (%) Summary points For the period • UPBT up 6% supported by growth in For personal use only Operating revenue 1,374.2 1,373.0 0 Corporate Trust and improved earnings in Asset Management Operating expenses (970.3) (973.0) 0 EBITDA 403.9 400.1
Slide 18: Asset Management
Asset Management • UPBT increased 3%, supported by higher average FY26 FY25 FY26 v FY25 For personal use only For the period $m $m (%) AUM and ongoing cost discipline • Management fee revenue remained broadly stable, Management fee revenue1 853.3 869.6 (2) reflecting higher average AUM partially off
Slide 19: Corporate Trust
Corporate Trust For the period FY26 FY25 FY26 v FY25 • UPBT increased 9%, with all three business lines For personal use only $m $m (%) contributing to growth Debt Market Services (DMS) revenue 95.0 86.1 10 • Revenue increased 8% Managed Funds Services (MFS) revenue 95.1 88.1 8 • Cost to income rati
Slide 20: Group Support Services
Group Support Services FY26 FY25 FY26 v FY25 • Improved earnings contribution reflecting stronger For the period For personal use only $m $m (%) investment income and lower financing costs Interest income 10.5 9.7 8 • Revenue up 34% from seed fund income and foreign currency revaluations Other incom
Slide 21: UPAT to NPAT reconciliation
UPAT to NPAT reconciliation $128.1 million of significant items, predominantly driven by non-cash items Significant Items Review For personal use only • Review undertaken of significant items resulted in aged projects 20.9 completing or, where appropriate, (9.0) moving above the line (4.7) • Unless
Slide 22: Expense analysis
Expense analysis FY26 expenses stable Controllable cost growth 1% For personal use only % -3% -1% change 794.6 21.6 11.2 4.5 8.8 5.4 3.2 (42.3) 1,106.2 (15.2) 1,093.9 (12.6) 1,078.5 FY25 Investment in growth Wealth Management Variable Barrow Hanley Inflation related Simplification Program Other Tota
Slide 23: Cashflow analysis
Cashflow analysis For personal use only Free Cash Flow Key themes $228.5m2 307.2 • Free Cash Flow has increased by $93m, (37.9) reflecting lower (25.1) (15.9) transaction costs and 445.0 continued cost (126.5) discipline 343.2 12.2 331.8 • Strong cash (100.0) (16.7) (8.7) generation supported debt r
Slide 24: Key priorities
Key priorities For personal use only Bernard Reilly CEO and Managing Director half year ending 31 December 2021
Slide 25: Key priorities over the next months
Key priorities over the next 12 months For personal use only Complete the sale of Wealth Management, further deleverage the balance sheet and increase financial flexibility Deliver cost reduction commitments and continue building a leaner, more efficient structure Retain market position in Corporate
Slide 26: Appendices
For personal use only Appendices
Slide 27: Group strategy
Group strategy Our strategy has three core focus areas For personal use only Our goal is for Perpetual to be a strong financial services group, with differentiated businesses, that operate with discipline, to deliver improved returns for our shareholders over time Simplify Deliver operational excell
Slide 28: FY26 UPAT analysis
FY26 UPAT analysis For personal use only 9.7 6.5 7.8 (3.8) (7.5) 760.9 98.2 67.0 204.1 217.0 298.3 275.3 FY25 Asset Management Wealth Management Corporate Trust Group Support Services Tax Movement FY26 UPAT UPBT UPBT UPBT UPBT UPAT 1.Totals are subject to rounding. 27
Slide 29: FY26 financial results re-presented due to discontinued operations
FY26 financial results re-presented due to discontinued operations FY26 FY251 FY26 v FY25 For the period $m $m (%) For personal use only Continuing Operations Operating revenue 1,140.7 1,137.4 0 Operating expenses (795.7) (801.2) 1 EBITDA 345.0 336.2 3 Depreciation and amortisation (33.8) (36.4) 8 E
Slide 30: Asset Management: investment performance
Asset Management Investment performance1,2 across key3 strategies Annualised gross performance (%) 30 June 20261,4 Excess returns above benchmark (% pa) 1,4 Period ending 30 June 2026 For personal use only Outperformance Underperformance 1. Investment performance presented gross of fees and includes
Slide 31: Asset Management: AUM and flows
Asset Management: AUM and flows AUM by asset class ($b) Foreign Base management fee (bps) – margin map as at 30 June 2026 For the period 30 Jun 2025 Flows Other1 30 Jun 2026 Exhange For personal use only ($b) Impacts2 ($b) Australian equities UK equities Equities Global/International equities Europe
Slide 32: Asset Management disclaimer notes
Asset Management Disclaimer notes to Slide 9 and 29 Barrow Hanley For personal use only Material presented is based on the respective GIPS® compliant composite and not an individual account. Performance is expressed in USD currency. J O Hambro Gross performance is the unit price returns grossed up b
Slide 33: Corporate Trust FUA by segment
Corporate Trust FUA by segment ($b) FY26 FY25 FY26 v FY25 For the period ($b) ($b) (%) For personal use only Public Market Securitisation RMBS - bank (ADI) 60.5 66.3 (9) RMBS - non-bank 126.8 104.8 21 ABS and CMBS 84.8 79.6 6 Balance Sheet Securitisation RMBS - repos 359.8 362.1 (1) Covered bonds 10
Slide 34: Wealth Management
Wealth Management FY26 FY25 FY26 v FY25 For personal use only For the period $m $m (%) Discontinued Operation Market related revenue 156.9 155.9 1 Non-market related revenue 76.7 79.7 (4) Total revenue 233.5 235.6 (1) Operating expenses (174.6) (171.7) (2) EBITDA 58.9 63.9 (8) Depreciation & amortis
Slide 35: Wealth Management FUA and AUM
Wealth Management FUA and AUM FUA by client segment and AUM For personal use only FUA ($b) (Inclusive of AUM) AUM ($b) FY26 v FY25 FY26 v FY25 FY26 FY25 FY26 FY25 (%) (%) Community and Social Investments (CSI) 7.5 7.3 3 Select Portfolios 3.2 3.2 – High Net Worth 12.4 12.5 (1) Implemented Portfolios