Slide 1: 1H26 Investor Presentation
1H26 Investor Presentation 24 February 2026 Mike Emmett CEO and Managing Director Nick Dryden CFO
Slide 2: 1H26 Performance Overview
1H26 PERFORMANCE OVERVIEW Continued delivery of strong UNPAT growth and margin expansion Strong UNPAT growth of 13.9% to $90.4mn and 190bps margin expansion to 33.9% International Division delivered Underlying PBT Growth of 29% on 1H25 with margin expansion of 510bps and pleasing momentum in more re
Slide 3: 1H26 Financial Highlights
1H26 FINANCIAL HIGHLIGHTS Revenue growth and margin expansion delivering increased profits for AUB shareholders 1H26 1H25 Performance Highlights Revenue1 $759.5mn $712.6mn ▪ Revenue growth across most business divisions (+6.6%) EBIT Margin1 33.9% 32.0% ▪ Continued progress toward EBIT margin targets
Slide 4: Long Term Performance
LONG TERM PERFORMANCE AUB Group has a strong track record of growth with a strategy designed to deliver profit growth across a portfolio of complementary businesses and geographies Revenue1 EBIT1 EBIT Margin1 +270bps +23.4% CAGR 6.6% +26.0% CAGR 12.8% 190bps 1H22 1H23 1H24 1H25 1H26 1H22 1H23 1H24 1
Slide 5: 1H26 Financial Performance
1H26 FINANCIAL PERFORMANCE Underlying NPAT grew 13.9% from strong organic growth of 14.4% and 6.0% contributed by acquisitions 1H25 to 1H26 Underlying NPAT1 Breakdown (AUD mn) 13.9% 4.8 5.1 90.4 6.0% (6.5%) 11.4 • FX -$2.4mn • Funding Costs -$2.7mn 79.3 14.4% 1H25 Organic Growth2 Acquisitions Growth
Slide 6: Divisional Performance
Divisional Performance
Slide 7: 1H26 Divisional Performance
1H26 DIVISIONAL PERFORMANCE Strong profit growth in International, BizCover, Australian Broking and Agencies, muted by weakness in New Zealand Vs. 1H25 AUSTRALIAN OPERATING comparative BIZCOVER AGENCIES NEW ZEALAND INTERNATIONAL4 period BROKING BUSINESSES1,2 $322.3mn $56.9mn $118.1mn $46.7mn $215.5m
Slide 8: Australian Broking
AUSTRALIAN BROKING Revenue growth of 6.5% and margin expansion to 37.7%, with continued portfolio optimisation enhancing margins despite declining interest income EBIT Margin Key Metrics AUD 322.3mn Revenue1 37.7% EBIT Margin1 AUD 121.5mn EBIT1 Target 1H26 Performance +6.5% on 1H25 +10bps on 1H25 +6
Slide 9: BizCover
BIZCOVER Scale benefits and improving international performance driving margin uplift EBIT Margin Key Metrics AUD 56.9mn Revenue 46.6% EBIT Margin AUD 26.5mn EBIT Target 1H26 Performance +13.3% on 1H25 +330bps on 1H25 +22.1% on 1H25 50% EBIT Australia (AUD mn)1 Australian Active Clients (all channel
Slide 10: Agencies
AGENCIES Revenue growth of 10.8% and margin expansion to 42.4% while continuing to invest in scaling start-up agencies. Weak performance in Strata hampered growth EBIT Margin Key Metrics AUD 118.1mn Revenue1 42.4% EBIT Margin1 AUD 50.1mn EBIT1 Target 1H26 36.6% EBIT Margin Ex. Profit Comms Performan
Slide 11: New Zealand
NEW ZEALAND EBIT down 16.6%, impacted by revenue underperformance in ICIB Brokerweb, unsuccessful market share initiative – improvements underway EBIT Margin Key Metrics AUD 46.7mn Revenue1 31.5% EBIT Margin1 AUD 14.7mn EBIT1 Target 1H26 Performance -3.7% on 1H25 -480bps on 1H25 -16.6% on 1H25 42% 1
Slide 12: International
INTERNATIONAL2 Solid Profit growth complemented by momentum in recent acquisitions, driving 510bps margin expansion to 20.7% EBIT Margin Key Metrics AUD 215.5mn Revenue1 20.7% EBIT Margin1 AUD 44.7mn EBIT1 Target 1H26 Performance +5.3% on 1H25 +510bps on 1H25 +39.9% on 1H25 32% 1H25 to 1H26 EBIT Bre
Slide 13: UK Retail – Prestige Acquisition
UK Retail – Prestige Acquisition
Slide 14: Overview of Prestige
OVERVIEW OF PRESTIGE Prestige is a significant UK broker operating diversified broking, multi-line MGA and insurance technology businesses across the UK Overview Strong portfolio of market-facing brands • Founded in 1973, Prestige operates a leading portfolio of retail broking and specialist MGAs pr
Slide 15: UK Retail Portfolio
UK RETAIL PORTFOLIO Acquisition of Prestige completes the building blocks in this strategically important growth segment AUB’s UK Retail Platform Delivering on our UK Retail strategy Increase from ~GBP 410mn to more than GBP 720mn in Premium MAY 2022 Nationwide Equity Acquisition of Tysers, a leadin
Slide 16: Delivering Scale in UK Retail Broking
DELIVERING SCALE IN UK RETAIL BROKING AUB’s investment in Prestige will materially bolster our UK Retail business, delivering a step-change in scale and presence Step-change in scale of UK Retail Broking Complementary national presence Prestige delivers +45% increase in total UK Retail broking premi
Slide 17: Scaling the AUB UK MGA Platform
SCALING THE AUB UK MGA PLATFORM The acquisition of Prestige will enable AUB to scale the UK MGA segment, currently a largely untapped opportunity Platform has scale and diversification MGA growth and value chain expansion Prestige's MGA platform is well diversified across the UK and Ireland in non-
Slide 18: Synergy Opportunity
SYNERGY OPPORTUNITY Strategic evolution of UK Retail business expected to result in meaningful operating efficiency and revenue cross-sell upside Targeted Synergies Run-rate Impact Drive operating leverage via combined scale of functional support 1 capabilities serving whole of UK Retail (including
Slide 19: Group Funding
Group Funding
Slide 20: Group Funding
GROUP FUNDING Balance Sheet strength to support growth strategy Prestige acquisition Interest Earning Assets vs Look through share AUD 143.5mn AUD 300.3mn of Debt at 31 Dec’25 (AUD mn)2 Pro-forma Cash & • On 27 January 2026, AUB entered into an Cash & Undrawn Debt Undrawn Debt 3 agreement to acquire
Slide 21: AI Adoption
AI Adoption
Slide 22: Technology & AI as a growth-enabler
Technology & AI as a growth-enabler AUB was an early adopter of AI tools with a focus to embed these across customer, compliance and operational workflows. SAM – AI Marketing Chat GPT app Human interactions – AI Policy Guard - AI-based Pulse Check – AI- Compliance agent Seamless quoting, general adv
Slide 23: BizCover – ChatGPT App
BizCover – ChatGPT App BizCover have developed a ChatGPT App for Professional Indemnity and Public Liability quotes using natural language that can be bound and serviced on our platform Natural language customer support via the ChatGPT app in text, or via Agentic AI voice agents, available 24/7 to s
Slide 24: Outlook
Outlook
Slide 25: FY26 Outlook
FY26 OUTLOOK Underlying NPAT guidance range for FY26 upgraded to AUD 220.0 - 230.0mn, representing growth of 9.9% - 14.9% over FY25 FY26 Underlying NPAT1 Breakdown $mn AUD Assumptions 2H26: 129.6 – 139.6 (7.2% - 15.5% growth vs pcp) ▪ No account is made for acquisitions not currently known about. In
Slide 26: Questions?
Questions? Mike Emmett CEO and Managing Director Nick Dryden Interim CFO
Slide 27: Closing
Closing Mike Emmett CEO and Managing Director
Slide 28: Appendices
APPENDICES A 1H26 Detailed Financial Results Appendices 28
Slide 29: A. 1H26 – Detailed Financial Results
Appendices A. 1H26 – Detailed Financial Results
Slide 30: 1H26 Divisional Performance Breakdown
1H26 DIVISIONAL PERFORMANCE BREAKDOWN 1H25 to 1H26 Underlying NPAT1 (AUD mn) 13.9% 3.2 11.8 6.1 1.3 2.9 90.4 3.3 2.0 7.5 79.3 Pre-Tax 1H25 Australian BizCover Agencies New Zealand International FX3 Net Corporate Tax 1H26 Broking Broking ex FX ex FX2 Result4 1. Underlying Net Profit After Tax is the
Slide 31: Australian Broking
AUSTRALIAN BROKING Profit contribution to AUB Group – Pre-tax ▪ Underlying pre-tax profit increased 11.4% to AUD 73.4mn (1H25: AUD 65.9mn) 1H26 1H25 Movement Movement (%) (AUD mn) Commission and fee income (net) 278.3 257.9 20.4 7.9% ▪ These increases were driven by organic and bolt-on acquisition g
Slide 32: BizCover
BIZCOVER Profit contribution to AUB Group – Pre-tax ▪ Revenue up 13.3% from 1H25 1H26 1H25 Movement Movement (%) (AUD mn) ▪ Underlying Pre-tax profit increased 23.3% to AUD 10.5mn (1H25: AUD 8.6mn) Revenue1 56.9 50.2 6.7 13.3% ▪ Continued organic revenue growth and margin expansion from operating Ex
Slide 33: Agencies
AGENCIES Profit contribution to AUB Group – Pre-tax ▪ Underlying pre-tax profit increased by 10.0% to AUD 36.2mn (1H25: AUD 32.9mn) 1H26 1H25 Movement Movement (%) (AUD mn) Commission and fee income (net) 97.8 91.3 6.6 7.2% ▪ Strong organic growth in gross written premium (GWP) across most agencies,
Slide 34: New Zealand Broking
NEW ZEALAND BROKING Profit contribution to AUB Group – Pre-tax ▪ Underlying pre-tax profit decreased 12.8% to AUD 10.6mn (1H25: AUD 12.2mn) 1H26 1H25 Movement Movement (%) (AUD mn) Commission and fee income (net) 42.9 43.0 (0.1) (0.3%) ▪ Average commission and fee income per client increased 0.9% ye
Slide 35: International
INTERNATIONAL2 Profit contribution to AUB Group – Pre-tax ▪ Underlying Pre-tax profit increased 29.0% to AUD 39.4mn (1H25: AUD 30.5mn) 1H26 1H25 Movement Movement (%) (AUD mn) ▪ Solid profit growth complemented by momentum from newly seeded businesses Commission and fee income (net) 200.7 185.8 14.9
Slide 36: Transactional Foreign Exchange Exposures
TRANSACTIONAL FOREIGN EXCHANGE EXPOSURES GBP:USD hedges are utilised to mitigate transactional exposure to GBP expenses Portfolio by FX Currency1 Operational Hedging Earn Revenue ▪ Monthly FX hedging program sells USD for GBP to June 2027 34% 7% 2% 4% 51% 2% ▪ 55% of 2H26 forecast USD brokerage inco
Slide 37: Balance Sheet and Capital Position
BALANCE SHEET AND CAPITAL POSITION Consolidated Balance Sheet Overview (AUD mn) 1H26 FY25 Movement Cash – incl subs 239.5 279.3 (39.8) Cash – Trust Accounts 1,035.9 1,063.4 (27.5) Leverage Ratio Pro-forma 31 Dec’25 Leverage Ratio2 Investment in Associates 319.4 301.9 17.5 2.49x 2.41x Intangible asse
Slide 38: Reconciliation of Reported NPAT to Underlying NPAT
A1.0 RECONCILIATION OF REPORTED NPAT TO UNDERLYING NPAT1 1H26 1H25 Movement (AUD $’000) (AUD $’000) (AUD $’000) Net Profit after tax attributable to equity holders of the parent 35,275 26,380 8,895 Add back/(less): (net of NCI and income tax) Amortisation of customer and servicing contracts7 24,285
Slide 39: A2.1 Management Presentation of Results
A2.1 MANAGEMENT PRESENTATION OF RESULTS1,3 1H26 (AUD $’000) 1H25 (AUD $’000) Movement (AUD $’000) Movement (%) Australian Broking revenue 322,318 302,647 19,671 6.5% Australian Broking expenses (200,780) (188,709) (12,071) 6.4% EBIT - Australian Broking 121,538 113,938 7,600 6.7% International reven
Slide 40: A2.2 Management Presentation of Results
A2.2 MANAGEMENT PRESENTATION OF RESULTS1 1H26 (AUD $’000) 1H25 (AUD $’000) Movement (AUD $’000) Movement (%) Australian Broking revenue 322,318 302,647 19,671 6.5% Australian Broking expenses (205,769) (193,225) (12,544) 6.5% Net profit - Australian Broking 116,549 109,422 7,127 6.5% Profit attribut
Slide 41: A2.3 Management Presentation of Results
A2.3 MANAGEMENT PRESENTATION OF RESULTS1,3 1H26 ($’000) FY25 ($’000) 2H25 ($’000) 1H25 ($’000) FY24 ($’000) 2H24 ($’000) 1H24 ($’000) FY23 ($’000) 2H23 ($’000) 1H23 ($’000) FY22 ($’000) 2H22 ($’000) 1H22 ($’000) FY21 ($’000) 2H21 ($’000) 1H21 ($’000) Australian Broking revenue 322,318 611,117 308,47
Slide 42: A2.4 Management Presentation of Results
A2.4 MANAGEMENT PRESENTATION OF RESULTS1 1H26 ($’000) FY25 ($’000) 2H25 ($’000) 1H25 ($’000) FY24 ($’000) 2H24 ($’000) 1H24 ($’000) FY23 ($’000) 2H23 ($’000) 1H23 ($’000) FY22 ($’000) 2H22 ($’000) 1H22 ($’000) FY21 ($’000) 2H21 ($’000) 1H21 ($’000) Australian Broking revenue 322,318 611,117 308,470
Slide 43: A3.0 Consolidated Cash Flow Statement
A3.0 CONSOLIDATED CASH FLOW STATEMENT 1H26 1H25 (AUD $’000) (AUD $’000) Cash flows from operations 104,247 102,131 Cash flows from investing activities Acquisitions and portfolio purchases (35,813) (248,831) Sales proceeds (net of cash reduced on deconsolidation) 577 218 Plant equipment / Other (18,
Slide 44: Notice
NOTICE SUMMARY INFORMATION This document has been prepared by AUB Group Limited (ABN 60 000 000 715) (AUB). It is a presentation of general background information about AUB’s activities current at the date of the presentation. It is information in a summary form and does not purport to be complete.
Slide 45: Thank You
Thank You