Perpetual Limited · ASX:PPT
Perpetual — FY2026 Earnings Presentation
35 slides from Perpetual's earnings presentation, Jun 30, 2026
Slide 1: FY26 Results Presentation
Perpetual Limited (ASX:PPT) FY26 Results Presentation For the full year ended 30 June 2026 Presented by: Bernard Reilly, CEO and Managing Director Suzanne Evans, Chief Financial Officer
Slide 2: 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, (Perpetual). It is in summary form and does not purport to be complete. It should completeness, likelihood of ac
Slide 3: FY26 highlights
FY26 highlights Bernard Reilly CEO and Managing Director half year ending 31 December 2021
Slide 4: Perpetual today
Perpetual today FY26 key themes • Earnings growth supported by Corporate Trust growth and improved Asset Management profitability • Disciplined cost management has led to Simplification Program exceeding original targets • Strong cash generation is strengthening the balance sheet and providing finan
Slide 5: FY26 progress
FY26 progress Executing on our strategic priorities 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 AFSL practices, resulti
Slide 6: 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 • Commenced the Court processes to facilitate the transfer of certain assets, liabilities and
Slide 7: Simplification Program
Simplification Program1 Already delivered $70+ million in annualised savings • Annualised life-to-date savings of $72.6 million delivered as at 30 June Indicative phasing of program 2026 – $60.8 million of gross savings realised in FY26 results – Majority of savings delivered through operating model
Slide 8: Enhanced financial flexibility and capital management capacity
Enhanced financial flexibility and capital management capacity 78 Gross debt1 ($m) Gross debt1 0.9 Dividends (cps) and payout ratio (%) 68 0.8 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 (net 0.3 8 debt free) pos
Slide 9: 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 78 75 73 performance1,2 and performance1,2 in UK performance1,2 in 61 gr
Slide 10: Leveraging our global platform
Leveraging our global platform Asia Pacific UK and Europe Americas • 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) • Recent approval to launch t
Slide 11: Restoring JO Hambro to its heritage strength
Restoring JO Hambro to its heritage strength Our AUM ambition for J O Hambro 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 ICAV initiatives to broad
Slide 12: Corporate Trust
Corporate Trust Debt Market Services Managed Funds Services Digital and Markets Corporate Trust 95 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 20 188 192 221 251 272 410 471 496 540 595 626 455 545 559 63
Slide 13: 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% • Growth has been driven by public securitisation, particularly in the n
Slide 14: Wealth Management
Wealth Management • Sale of Wealth Management remains on track for completion in the final quarter of the 2026 calendar year • Wealth Management focused on delivering client outcomes as the sale process continued – Revenue moderated with softer non-market revenue across Accounting and Wealth operati
Slide 15: FY26 Group financials
FY26 Group financials Suzanne Evans Chief Financial Officer
Slide 16: 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 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 1 • Cost discipline c
Slide 17: Asset Management
Asset Management • UPBT increased 3%, supported by higher average FY26 FY25 FY26 v FY25 For the period $m $m (%) AUM and ongoing cost discipline • Revenue remained broadly stable, reflecting higher Management fee revenue1 853.3 869.6 (2) average AUM partially offset by currency movements, lower perf
Slide 18: Corporate Trust
Corporate Trust For the period FY26 FY25 FY26 v FY25 • UPBT increased 9%, with all three business lines $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 ratio remained stable at 5
Slide 19: Group Support Services
Group Support Services FY26 FY25 FY26 v FY25 • Improved earnings contribution reflecting stronger For the period $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 income 28.9 19.6 47 • Refin
Slide 20: UPAT to NPAT reconciliation
UPAT to NPAT reconciliation $128.1 million of significant items, predominantly driven by non-cash items Significant Items Review • Review undertaken of significant items resulted in aged projects 20.9 completing or, where appropriate, (9.0) moving above the line (4.7) • Unless material non-recurring
Slide 21: Expense analysis
Expense analysis FY26 expenses stable Controllable cost growth % 1% -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 Total Expenses FX impact I
Slide 22: Cashflow analysis
Cashflow analysis 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 reduction, with net rep
Slide 23: Key priorities
Key priorities Bernard Reilly CEO and Managing Director half year ending 31 December 2021
Slide 24: Key priorities over the next 12 months
Key priorities over the next 12 months 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 Trust and invest in e
Slide 25: Appendices
Appendices Perpetual GROUP
Slide 26: Group strategy
Group strategy Our strategy has three core focus areas 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 excellence Invest for growth
Slide 27: FY26 UPAT analysis
FY26 UPAT analysis 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 28: 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 (%) 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 Equity remuneration exp
Slide 29: Balance sheet re-presented due to discontinued operations
Balance sheet re-presented due to discontinued operations 30 Jun 20253 FY26 v FY25 For the period 30 Jun 20263 $m $m (%) • $199.9 million of surplus available liquid Cash 330.2 343.2 (4) funds providing capital flexibility Seed capital 191.6 175.7 9 • Borrowings reduced by $108.3 million in FY26 thr
Slide 30: Asset Management
Asset Management Investment performance1,2 across key3 strategies Annualised gross performance (%) 30 June 20261,4 Excess returns above benchmark (% pa) 1,4 Period ending 30 June 2026 Outperformance Underperformance 1. Investment performance presented gross of fees and includes reinvestment of distr
Slide 31: Asset Management: AUM and flows
Asset Management: AUM and flows AUM by asset class ($b) Foreign Base management fee (bps) – margin map as at 30 June 2026 For the period 30 Jun 2025 Flows Other1 30 Jun 2026 ($b) Exhange ($b) Impacts2 Australian equities UK equities Equities Global/International equities European equities Australia
Slide 32: Asset Management
Asset Management Disclaimer notes to Slide 9 and 29 Barrow Hanley 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 by fees. For segregated
Slide 33: Corporate Trust
Corporate Trust FUA by segment ($b) FY26 FY25 FY26 v FY25 For the period ($b) ($b) (%) 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 107.0 108.7 (2) Debt Mar
Slide 34: Wealth Management
Wealth Management FY26 FY25 FY26 v FY25 For the period $m $m (%) Discontinued Operation Market related revenue 156.9 155.9 1 Non-market related revenue 76.7 79.7 (4) Total revenue 233.5 235.6 (1) Operating expenses (174.6) (171.7) (2) EBITDA 58.9 63.9 (8) Depreciation & amortisation (8.8) (8.5) (3)
Slide 35: Wealth Management FUA and AUM
Wealth Management FUA and AUM FUA by client segment and AUM FUA ($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 5.3 5.3 – Other 2.2 1.