Full Year 2026 EQT Holdings Ltd Earnings Call

Speaker #1: My name's Mick O'Brien. I'm an Managing Director of Equity Trustees, and I'm joined today with our CFO, Johanna Platt, we have 45 minutes scheduled this morning, and our agenda is that I'll provide a summary of the business's performance and an update on current activity across the organization.

Speaker #1: I'll then hand to Joe to take you through the financials in more detail, and then I'll close with an update on our strategy and outlook, and we'll open for questions through the chat feature of the meeting at the end of all that.

Speaker #1: So, why 2026 was a year of strong execution and important strategic progress for equity trustees. Our continuing business has delivered excellent financial and operational outcomes, we achieved meaningful margin expansion, and we took decisive steps to simplify the group and sharpen our focus on our highest quality growth opportunities.

Speaker #1: Today I'll walk you through those results, provide an update on our strategic priorities, and discuss why we're entering FY27 with strong momentum. Now, you'll notice here I'm referring to continuing operations in the heading tag, and that's because throughout this presentation and in all the material we release to the market we are showing continuing operations comprising of trustee wealth services, and corporate trustee services, and supporting corporate functions.

Speaker #1: While discontinued operations comprise the superannuation trustee business that is being exited. Now, a standout feature of FY26 was the strength of our continuing operations.

Speaker #1: The core continuing businesses across TWS and CTS continue to show excellent growth and improvement in margin. This performance reflects strong client acquisition, disciplined execution, and the benefits flowing from investments we've made over recent years.

Speaker #1: We're now seeing those investments convert into operating leverage and improve profitability. This result also reflects the strength of our market positions and productivity gains achieved following the implementation of the NAV1 platform in trustee wealth services.

Speaker #1: The performance was driven by continued new business success, particularly in the health and personal injury business within TWS, and the responsible entity services business within CTS.

Speaker #1: A significant strategic development during the year was the decision to exit the superannuation business. Within the discontinued superannuation business, expenses increased due to heightened regulatory activity and matters related to the shield and first guardian master funds.

Speaker #1: These additional costs have weighed on the group's overall reported result for FY26 and are reflected within the discontinued operations. Now, these results demonstrate the quality resilience and growth potential of our continuing operations.

Speaker #1: We grew the funds under management, administration, and supervision by more than 15% to 191 billion. Increased the revenue by 9.4% and delivered net profit after tax growth from continuing operations of 32.7%.

Speaker #1: Just as importantly, we achieved this while maintaining strong client momentum and continuing to invest in future growth initiatives. These outcomes were also driven by the full realization of benefits from recent transformation initiatives, which included the integration of the AET business.

Speaker #1: While the continuing business produced one of its strongest performances in recent years, the group's statutory result reflects the impact of discontinued superannuation operations and the associated impairment effect.

Speaker #1: The statutory result includes a 13.1 million non-cash impairment associated with those assets, held within the discontinued operation. As a result, the group net profit after tax decreased 20.5% to 26.4 million.

Speaker #1: Earnings per share for the year was 98.64 cents, after careful consideration the board determined a final dividend for FY26 of 20 cents per share, resulting in full-year dividends of 76 cents per share, which is a payout ratio of 77%.

Speaker #1: Now, the dividend decision reflects the need to maintain financial flexibility as we manage the superannuation exit process. Ongoing litigation associated with the shield and first guardian master funds and potential sale of the business associated with the superannuation trustee business.

Speaker #1: I want to quickly just refocus the attention on which parts of the business are the future-looking and continuing elements. The components classified as held for sale or discontinued.

Speaker #1: The slide shows that the overall structure of the business hasn't changed from previous periods, with the key business units being trustee wealth services, corporate trustee services, and super trustee services.

Speaker #1: However, as mentioned, the decision to exit the superannuation trustee business has resulted in that business becoming discontinued. There's a small proportion of the revenue and funds that are currently allocated to that business, which will remain in the business post the exit.

[Company Representative] (Equity Trustees): Integration of the AET business. While the continuing business produced one of its strongest performances in recent years, the group statutory result reflects the impact of discontinued superannuation operations and the associated impairment of that. The statutory result includes a AUD 13.1 million non-cash impairment associated with those assets held within the discontinued operation. As a result, the group net profit after tax decreased 20.5% to AUD 26.4 million. Earnings per share for the year was AUD 0.9864. After careful consideration, the board determined the final dividend for FY26 of AUD 0.20 per share, resulting in full year dividends of AUD 0.76 per share, which is a payout ratio of 77%.

Mick O'Brien: Integration of the AET business. While the continuing business produced one of its strongest performances in recent years, the group statutory result reflects the impact of discontinued superannuation operations and the associated impairment of that. The statutory result includes a AUD 13.1 million non-cash impairment associated with those assets held within the discontinued operation. As a result, the group net profit after tax decreased 20.5% to AUD 26.4 million. Earnings per share for the year was AUD 0.9864. After careful consideration, the board determined the final dividend for FY26 of AUD 0.20 per share, resulting in full year dividends of AUD 0.76 per share, which is a payout ratio of 77%.

Speaker #1: Integration of the AET business. While we're continuing, business produced one of its strongest performances in recent years. The group's statutory result reflects the impact of discontinued superannuation operations and the associated impairment effect.

Speaker #1: There are also a significant proportion of costs that are currently allocated to the superannuation business that will remain with us in the continuing operations.

Speaker #1: Now, this slide shows revenue and EBITDA margins over each of the last 4 years, and includes the continuing and discontinuing operations. The impacts of interest and amortization from the operational risk financial reserve, or ORFR, in the super business, and the impairment in that business, respectively, are excluded from this view to show the true picture.

Speaker #1: The statutory result includes a $13.1 million non-cash impairment associated with those assets, held within the discontinued operation. As a result, the group net profit after tax decreased 20.5% to $26.4 million.

Speaker #1: Earnings per share for the year was 98.64 cents. After careful consideration, the Board determined the final dividend for FY26 of 20 cents per share, resulting in full-year dividends of 76 cents per share, which is a payout ratio of 77%.

Speaker #1: The revenue growth continues at pace with compound revenue growth over the last 3 years being 14% per annum. Margin has been impacted over time by the AET integration, other major projects in FY24, and startup FY25, and has been impacted by the heightened regulatory activity in FY26.

[Company Representative] (Equity Trustees): The dividend decision reflects the need to maintain financial flexibility as we manage the superannuation exit process, ongoing litigation associated with the Shield and First Guardian Master Funds, and the potential sale of the business associated with the superannuation trustee business. I want to quickly just refocus the attention on which parts of the business are the future looking and continuing elements, the components classified as held for sale or discontinued. The slide shows that the overall structure of the business hasn't changed from previous periods, with the key business units being Trustee Wealth Services, Corporate Trustee Services, and Superannuation Trustee Services. However, as mentioned, the decision to exit the superannuation trustee business has resulted in that business becoming discontinued. There is a small proportion of the revenue and funds that are currently allocated to that business, which will remain in the business post the exit.

Speaker #1: The dividend decision reflects the need to maintain financial flexibility as we manage the superannuation exit process, ongoing litigation associated with the Shield & First Guardian Master Funds, and the potential sale of the business associated with the superannuation trustee business.

Mick O'Brien: The dividend decision reflects the need to maintain financial flexibility as we manage the superannuation exit process, ongoing litigation associated with the Shield and First Guardian Master Funds, and the potential sale of the business associated with the superannuation trustee business. I want to quickly just refocus the attention on which parts of the business are the future looking and continuing elements, the components classified as held for sale or discontinued. The slide shows that the overall structure of the business hasn't changed from previous periods, with the key business units being Trustee Wealth Services, Corporate Trustee Services, and Superannuation Trustee Services. However, as mentioned, the decision to exit the superannuation trustee business has resulted in that business becoming discontinued. There is a small proportion of the revenue and funds that are currently allocated to that business, which will remain in the business post the exit.

Speaker #1: Nevertheless, the margin increased from 30.6% to 33% in the year, excluding the cost for shield and first guardian and regulator activity in discontinued operations for FY26 margin would have been 36% otherwise.

Speaker #1: I want to quickly just refocus the attention on which parts of the business are the future-looking and continuing elements—the components classified as held-for-sale or discontinued.

Speaker #1: The long-term outlook for TWS remains compelling. Australia is in the early stages of one of the largest intergenerational wealth transfers. In its history, an equity trustee remains uniquely positioned to support families and beneficiaries through that transition.

Speaker #1: The slide shows that the overall structure of the business hasn't changed from previous periods, with the key business units being Trustee Wealth Services, Corporate Trustee Services, and Super Trustee Services.

Speaker #1: However, as mentioned, the decision to exit the superannuation trustee business has resulted in that business becoming discontinued. There's a small proportion of the revenue and funds that are currently allocated to that business, which will remain in the business post-exit.

Speaker #1: The strength of our market position, combined with our specialist expertise and trusted brand, provides a significant platform for continued growth. This has led to a third year of significant revenue growth and a 3-year CAGR of 9.7%.

Speaker #1: There are also significant proportions of costs that are currently allocated to the superannuation business that will remain with us in the continuing operations. Now, this slide shows revenue and EBITDA margins for each of the last four years, and includes both the continuing and discontinuing operations. The impacts of interest and amortization from the Operational Risk Financial Reserve, or ORFR, in the super business, and the impairment in that business, respectively, are excluded from this view to show the true picture.

[Company Representative] (Equity Trustees): There are also a significant proportion of costs that are currently allocated to the superannuation business that will remain with us in the continuing operations. This slide shows revenue and EBITDA margins over each of the last four years and includes the continuing and discontinuing operations. The impacts of interest and amortization from the Operational Risk Financial Requirement, or ORFR, in the super business and the impairment in that business, respectively, are excluded from this view to show the true picture. The revenue growth continues at pace with compound revenue growth over the last three years being 14% per annum. Margin has been impacted over time by the AET integration, other major projects in FY24, and start of FY25, and has been impacted by the heightened regulatory activity in FY26. Nevertheless, the margin increased from 30.6% to 33% in the year.

Mick O'Brien: There are also a significant proportion of costs that are currently allocated to the superannuation business that will remain with us in the continuing operations. This slide shows revenue and EBITDA margins over each of the last four years and includes the continuing and discontinuing operations. The impacts of interest and amortization from the Operational Risk Financial Requirement, or ORFR, in the super business and the impairment in that business, respectively, are excluded from this view to show the true picture. The revenue growth continues at pace with compound revenue growth over the last three years being 14% per annum. Margin has been impacted over time by the AET integration, other major projects in FY24, and start of FY25, and has been impacted by the heightened regulatory activity in FY26. Nevertheless, the margin increased from 30.6% to 33% in the year.

Speaker #1: This revenue in FY23 is influenced by the AET integration occurring partway through that year, but even so, the growth since that point in time has been significant, especially for a business that has long-term sticky revenue.

Speaker #1: The acceleration of the timing to revenue recognition in estate management has helped the revenue growth in FY26, along with the higher value of estates being managed.

Speaker #1: Health and personal injury also continued to provide double-digit revenue growth of 12%, and material growth in funds. There was loss of one native title community trust for approximately 250 million of funds late in FY26, and this will have an impact on FY27 revenue.

Speaker #1: Revenue growth continues at pace, with compound revenue growth over the last three years being 14% per annum. Margin has been impacted over time by the AET integration, other major projects in FY24 and the start of FY25, and has also been impacted by heightened regulatory activity in FY26.

Speaker #1: Although the new business pipeline remains strong across the various TWS business units. CTS continues to be one of the most attractive growth platforms within the group.

Speaker #1: Nevertheless, the margin increased from 30.6% to 33% in the year. Excluding the cost for Shield & First Guardian and regulator activity in discontinued operations, the FY26 margin would have been 36% otherwise.

Speaker #1: Demand for independent trustee and governance services continues to increase as markets become larger, more complex, and more heavily regulated. Our leadership position in this market continues to strengthen, new business, existing client net flows, and market benefits have all contributed to the ongoing growth in revenue, and funds under supervision in CTS over the last 3 years.

[Company Representative] (Equity Trustees): Excluding the cost for Shield and First Guardian and regulator activity in discontinued operations, the FY26 margin would have been 36% otherwise. The long-term outlook for TWS remains compelling. Australia is in the early stages of one of the largest intergenerational wealth transfers in its history, and Equity Trustees remains uniquely positioned to support families and beneficiaries through that transition. The strength of our market position, combined with our specialist expertise and trusted brand, provides a significant platform for continued growth. This has led to a third year of significant revenue growth and a three-year CAGR of 9.7%. This revenue in FY23 is influenced by the AET integration occurring partway through that year, but even so, the growth since that point in time has been significant, especially for a business that has long-term sticky revenue.

Mick O'Brien: Excluding the cost for Shield and First Guardian and regulator activity in discontinued operations, the FY26 margin would have been 36% otherwise. The long-term outlook for TWS remains compelling. Australia is in the early stages of one of the largest intergenerational wealth transfers in its history, and Equity Trustees remains uniquely positioned to support families and beneficiaries through that transition. The strength of our market position, combined with our specialist expertise and trusted brand, provides a significant platform for continued growth. This has led to a third year of significant revenue growth and a three-year CAGR of 9.7%. This revenue in FY23 is influenced by the AET integration occurring partway through that year, but even so, the growth since that point in time has been significant, especially for a business that has long-term sticky revenue.

Speaker #1: The long-term outlook for TWS remains compelling. Australia is in the early stages of one of the largest intergenerational wealth transfers in its history, and Equity Trustees remains uniquely positioned to support families and beneficiaries through that transition.

Speaker #1: Within FY26, we've onboarded 104 new schemes and new custody appointments, including a further 9 listed schemes. Our expertise in listed schemes continues to grow, and we are the clear market leader in providing RE services or responsibility services for listed schemes, both active ETFs, closed-ended, managed investment schemes, and as no trustee for listed notes.

Speaker #1: The strength of our market position, combined with our specialist expertise and trusted brand, provides a significant platform for continued growth. This has led to a third year of significant revenue growth and a three-year CAGR of 9.7%.

Speaker #1: This revenue in FY23 is influenced by the AET integration occurring partway through that year. Even so, the growth since that point in time has been significant, especially for a business that has long-term, sticky revenue.

Speaker #1: The split of market-related and non-market-related revenue is very important for this business because it can distort results due to the size of some of our accounts.

Speaker #1: Typically, non-market-related fee arrangements are at lower levels, often because they may have they may involve directed roles, or just the sheer scale of the funds.

Speaker #1: The acceleration of the timing for revenue recognition in estate management has helped drive revenue growth in FY26, along with the higher value of estates being managed.

[Company Representative] (Equity Trustees): The acceleration of the timing to revenue recognition in estate management has helped the revenue growth in FY26, along with the higher value of estates being managed. Health and personal injury also continued to provide double-digit revenue growth of 12% and material growth in funds. There was loss of one native title community trust for approximately AUD 250 million of funds late in FY26, and this will have an impact on FY27 revenue. Although the new business pipeline remains strong across the various TWS business units. CTS continues to be one of the most attractive growth platforms within the group. Demand for independent trustee and governance services continue to increase as markets become larger, more complex, and more heavily regulated. Our leadership position in this market continues to strengthen.

Mick O'Brien: The acceleration of the timing to revenue recognition in estate management has helped the revenue growth in FY26, along with the higher value of estates being managed. Health and personal injury also continued to provide double-digit revenue growth of 12% and material growth in funds. There was loss of one native title community trust for approximately AUD 250 million of funds late in FY26, and this will have an impact on FY27 revenue. Although the new business pipeline remains strong across the various TWS business units. CTS continues to be one of the most attractive growth platforms within the group. Demand for independent trustee and governance services continue to increase as markets become larger, more complex, and more heavily regulated. Our leadership position in this market continues to strengthen.

Speaker #1: Health and personal injury also continued to provide double-digit revenue growth of 12%, and material growth in funds. There was loss of one native title community trust for approximately $250 million of funds late in FY26, and this will have an impact on FY27 revenue.

Speaker #1: You can see the 26 billion in funds growth there, about half was attributable to market-related fee arrangements, and half to non-market-related. The pipelines remain strong for the start of than financial outcomes.

Speaker #1: Sustainable growth requires engaged employees, satisfied clients, strong shareholder returns, and meaningful community impact. Pleasingly, FY26 delivered positive progress across each of these dimensions. We've seen significant improvements in scores for client satisfaction, and employee enablement.

Speaker #1: Although the new business pipeline remains strong across the various TWS business units, CTS continues to be one of the most attractive growth platforms within the group.

Speaker #1: Demand for independent trustee and governance services continues to increase as markets become larger, more complex, and more heavily regulated. Our leadership position in this market continues to strengthen. New business, existing client net flows, and market benefits have all contributed to the ongoing growth in revenue and funds under supervision in CTS over the last three years.

Speaker #1: We believe this is further evidence of the success of our recent integration and technology projects, and indicates that ongoing regulatory activity is not impacting satisfaction of our clients in this business.

[Company Representative] (Equity Trustees): New business, existing client net flows, and market benefits have all contributed to the ongoing growth in revenue and funds under supervision in CTS over the last three years. Within FY26, we have onboarded 104 new schemes and new custody appointments, including a further nine listed schemes. Our expertise in listed schemes continues to grow, and we are the clear market leader in providing RE services or responsible entity services for listed schemes, both active ETFs, closed-ended managed investment schemes, and as note trustee to listed notes. The split of market-related and non-market-related revenue is very important for this business because it can distort results due to the size of some of our accounts. Typically, non-market related fee arrangements are at lower levels, often because they may involve directed roles or just the sheer scale of the funds. You can see the AUD 26 billion in funds growth there.

Mick O'Brien: New business, existing client net flows, and market benefits have all contributed to the ongoing growth in revenue and funds under supervision in CTS over the last three years. Within FY26, we have onboarded 104 new schemes and new custody appointments, including a further nine listed schemes. Our expertise in listed schemes continues to grow, and we are the clear market leader in providing RE services or responsible entity services for listed schemes, both active ETFs, closed-ended managed investment schemes, and as note trustee to listed notes. The split of market-related and non-market-related revenue is very important for this business because it can distort results due to the size of some of our accounts. Typically, non-market related fee arrangements are at lower levels, often because they may involve directed roles or just the sheer scale of the funds. You can see the AUD 26 billion in funds growth there.

Speaker #1: We're really pleased that the satisfaction score increased to 85%, and we're looking forward to driving that higher in FY27. At Q2, our employee engagement result held steady at 72%, above the financial services benchmark, demonstrating the resilience of our most important asset, our people.

Speaker #1: Within FY26, we’ve onboarded 104 new schemes and new custody appointments, including a further 9 listed schemes. Our expertise in listed schemes continues to grow, and we are the clear market leader in providing RE services, or responsibility services, for listed schemes—both active ETFs, closed-ended managed investment schemes, and as note trustee for listed notes.

Speaker #1: Our community impact has accelerated in FY26, up 23.6% to 210 million dollars of charitable giving for the year, of which 140 million dollars of that was philanthropic distributions.

Speaker #1: The split of market-related and non-market-related revenue is very important for this business because it can distort results, due to the size of some of our accounts.

Speaker #1: One of the most significant strategic decisions taken during FY26 was the decision to exit the superannuation trustee services business. This decision simplifies the group, sharpens management focus, and increases our ability to deploy capital toward higher returning growth opportunities.

Speaker #1: Typically, non-market-related fee arrangements are at lower levels, often because they may involve directed roles, or just the sheer scale of the funds.

Speaker #1: We believe that this position's equity trustees for a stronger future. At this point in time, the expectation is that the exit will occur during FY27, and we'll include a transfer of the hub 24 super fund trustee entity to hub 24 through an exercise of a call option by them.

Speaker #1: You can see the $26 billion in funds growth there. About half was attributable to market-related fee arrangements, and half to non-market-related. The pipelines remain strong for the start of FY27.

[Company Representative] (Equity Trustees): About half was attributable to market-related fee arrangements and half to non-market related. The pipelines remain strong for the start of FY27. We measure success through more than financial outcomes. Sustainable growth requires engaged employees, satisfied clients, strong shareholder returns, and meaningful community impact. Pleasingly, FY26 delivered positive progress across each of these dimensions. We are seeing significant improvements in scores for client satisfaction and employee enablement. We believe this is further evidence of the success of our recent integration and technology projects, and indicates that ongoing regulatory activity is not impacting satisfaction of our clients in this business. We are really pleased that the satisfaction score increased to 85%, and we are looking forward to driving that higher in FY27. At Q2, our employee engagement result held steady at 72% above the financial services benchmark, demonstrating the resilience of our most important asset, our people.

Mick O'Brien: About half was attributable to market-related fee arrangements and half to non-market related. The pipelines remain strong for the start of FY27. We measure success through more than financial outcomes. Sustainable growth requires engaged employees, satisfied clients, strong shareholder returns, and meaningful community impact. Pleasingly, FY26 delivered positive progress across each of these dimensions. We are seeing significant improvements in scores for client satisfaction and employee enablement. We believe this is further evidence of the success of our recent integration and technology projects, and indicates that ongoing regulatory activity is not impacting satisfaction of our clients in this business. We are really pleased that the satisfaction score increased to 85%, and we are looking forward to driving that higher in FY27. At Q2, our employee engagement result held steady at 72% above the financial services benchmark, demonstrating the resilience of our most important asset, our people.

Speaker #1: Now, we measure success through more than financial outcomes. Sustainable growth requires engaged employees, satisfied clients, strong shareholder returns, and meaningful community impact. Pleasingly, FY26 delivered positive progress across each of these dimensions.

Speaker #1: Consideration of the options by equity trustee superannuation women ETSL on the transition of the other funds under their trusteeship, including the fund promoted by the future group.

Speaker #1: We've seen significant improvements in scores for client satisfaction and employee enablement. We believe this is further evidence of the success of our recent integration and technology projects, and it indicates that the ongoing regulatory activity is not impacting satisfaction among our clients in this business.

Speaker #1: At the point in time, the super fund's transfer from ETSL trusteeship via a retirement appointment process, the loans in place to facilitate the ORFR arrangements will be repayable by EQT holdings.

Speaker #1: This amounts to 35.8 million across all those clients. We'll continue to update the market on our progress in exiting this business, which includes the possible sale of a related servicing business.

Speaker #1: We're really pleased that the satisfaction score increased to 85%, and we're looking forward to driving that higher in FY27. T2, our employee engagement result, held steady at 72%, above the financial services benchmark, demonstrating the resilience of our most important asset—our people.

Speaker #1: This slide is busy. My apologies. I'll step through the key messages on the slide. The Minister for Financial Services and the Assistant Treasurer made a speech to the National Press Club last week, and with Treasury, issued a statement regarding protecting consumers and the promise of superannuation in an evolving financial ecosystem.

Speaker #1: Our community impact has accelerated in FY26, up 23.6% to $210 million of charitable giving for the year, of which $140 million was philanthropic distributions.

[Company Representative] (Equity Trustees): Our community impact has accelerated in FY26, up 23.6% to AUD 210 million of charitable giving for the year, of which AUD 140 million of that was philanthropic distributions. One of the most significant strategic decisions taken during FY26 was the decision to exit the Superannuation Trustee Services business. This decision simplifies the group, sharpens management focus, and increases our ability to deploy capital toward higher returning growth opportunities. We believe that this positions Equity Trustees for a stronger future. At this point in time, the expectation is that the exit will occur during FY27, and will include a transfer of the HUB24 Super Fund trustee entity to HUB24 through the exercise of a call option by them. Consideration of the options by Equity Trustees Superannuation Limited, ETSL, on the transition of the other funds under their trusteeship, including the fund promoted by the Future Group.

Mick O'Brien: Our community impact has accelerated in FY26, up 23.6% to AUD 210 million of charitable giving for the year, of which AUD 140 million of that was philanthropic distributions. One of the most significant strategic decisions taken during FY26 was the decision to exit the Superannuation Trustee Services business. This decision simplifies the group, sharpens management focus, and increases our ability to deploy capital toward higher returning growth opportunities. We believe that this positions Equity Trustees for a stronger future. At this point in time, the expectation is that the exit will occur during FY27, and will include a transfer of the HUB24 Super Fund trustee entity to HUB24 through the exercise of a call option by them. Consideration of the options by Equity Trustees Superannuation Limited, ETSL, on the transition of the other funds under their trusteeship, including the fund promoted by the Future Group.

Speaker #1: Firstly, can I say that we welcome the government measures and enhanced confidence, transparency, and consumer outcomes across the financial services system. These reforms are consistent with our focus on governance, accountability, and protecting investors.

Speaker #1: One of the most significant strategic decisions taken during FY26 was the decision to exit the superannuation trustee services business. This decision simplifies the group, sharpens management focus, and increases our ability to deploy capital toward higher-returning growth opportunities.

Speaker #1: Equity trustees have been active in making submissions to Treasury and ASIC in relation to the reforms, and all our submissions are available on our website.

Speaker #1: We believe that this position's Equity Trustees for a stronger future. At this point in time, the expectation is that the exit will occur during FY27, and will include a transfer of the HUB24 Super Fund trustee entity to HUB24 through the exercise of a call option by them.

Speaker #1: From our perspective, we believe there is also an opportunity to further strengthen the managed investment scheme framework through greater independence between responsible entities and investment managers.

Speaker #1: Recent market events, including the Shield and First Guardian, have reinforced the importance of clearly separated oversight and investment management functions. Independent governance remains a critical safeguard for investors and is a core feature of equity trustees' operating model.

Speaker #1: Consideration of the options by Equity Trustees Superannuation Limited (ETSL) on the transition of the other funds under their trusteeship, including the fund promoted by the Future Group.

Speaker #1: We will continue to engage constructively with the government and regulators and industry participants as these proposals are developed and implemented. Now, turning to the Shield and First Guardian matters, while these matters continue through the court process, our focus remains clear: we will continue to meet our obligations as trustee, support regulatory processes, and protect the interests of both members and shareholders.

Speaker #1: At that point in time, the super fund's transfer from ETSL trusteeship, via a retirement appointment process, will mean the loans in place to facilitate the ORFR arrangements will be repayable by EQT Holdings.

[Company Representative] (Equity Trustees): At the point in time, the super fund's transfer from ETSL trusteeship via a retirement appointment process, the loans in place to facilitate the ORFR arrangements will be repayable by EQT Holdings. This amounts to AUD 35.8 million across those clients. We will continue to update the market on our progress in exiting this business, which includes possible sale of a related servicing business. This slide is busy. My apologies. I will step through the key messages on the slide. The Minister for Financial Services and the Assistant Treasurer made a speech to the National Press Club last week, and with The Treasury, issued a statement regarding protecting consumers and the promise of superannuation in an evolving financial ecosystem. Firstly, can I say that we welcome the government measures and enhance confidence, transparency, and consumer outcomes across the financial services system. These reforms are consistent with our focus on governance, accountability, and protecting investors.

Mick O'Brien: At the point in time, the super fund's transfer from ETSL trusteeship via a retirement appointment process, the loans in place to facilitate the ORFR arrangements will be repayable by EQT Holdings. This amounts to AUD 35.8 million across those clients. We will continue to update the market on our progress in exiting this business, which includes possible sale of a related servicing business. This slide is busy. My apologies. I will step through the key messages on the slide. The Minister for Financial Services and the Assistant Treasurer made a speech to the National Press Club last week, and with The Treasury, issued a statement regarding protecting consumers and the promise of superannuation in an evolving financial ecosystem. Firstly, can I say that we welcome the government measures and enhance confidence, transparency, and consumer outcomes across the financial services system. These reforms are consistent with our focus on governance, accountability, and protecting investors.

Speaker #1: This amounts to $35.8 million across those clients. We'll continue to update the market on our progress in exiting this business, which includes the possible sale of a related servicing business.

Speaker #1: Equity trustee superannuation limited continues to defend its position in relation to both those matters. We can inform the market the defenses have been launched in respect of both proceedings and the matters will now progress through the court process.

Speaker #1: This slide is busy. My apologies. I'll step through the key messages on the slide. The Minister for Financial Services and the Assistant Treasurer made a speech to the National Press Club last week, and with Treasury, issued a statement regarding protecting consumers and the promise of superannuation in an evolving financial ecosystem.

Speaker #1: Based on information currently available, the estimated net investment losses to members are approximately 74 million for Shield and 70 million for First Guardian. These estimates relate to investor losses and should not be interpreted as any determination of liability, which remains subject to the court processes.

Speaker #1: Firstly, can I say that we welcome the government measures to enhance confidence, transparency, and consumer outcomes across the financial services system. These reforms are consistent with our focus on governance, accountability, and protecting investors.

Speaker #1: We have also notified our professional indemnity insurers the insurance claim related to Shield has been accepted, while First Guardian claim remains under consideration by the insurers.

Speaker #1: Equity Trustees have been active in making submissions to Treasury and ASIC in relation to the reforms, and all our submissions are available on our website.

[Company Representative] (Equity Trustees): Equity Trustees has been active in making submissions to The Treasury and ASIC in relation to the reforms, and all our submissions are available on our website. From our perspective, we believe there is also an opportunity to further strengthen the managed investment scheme framework through greater independence between responsible entities and investment managers. Recent market events, including Shield and First Guardian, have reinforced the importance of clearly separated oversight and investment management functions. Independent governance remains a critical safeguard for investors and is a core feature of Equity Trustees' operating model. We will continue to engage constructively with the government, regulators, and industry participants as these proposals are developed and implemented. Turning to the Shield and First Guardian matters. While these matters continue through the court process, our focus remains clear.

Mick O'Brien: Equity Trustees has been active in making submissions to The Treasury and ASIC in relation to the reforms, and all our submissions are available on our website. From our perspective, we believe there is also an opportunity to further strengthen the managed investment scheme framework through greater independence between responsible entities and investment managers. Recent market events, including Shield and First Guardian, have reinforced the importance of clearly separated oversight and investment management functions. Independent governance remains a critical safeguard for investors and is a core feature of Equity Trustees' operating model. We will continue to engage constructively with the government, regulators, and industry participants as these proposals are developed and implemented. Turning to the Shield and First Guardian matters. While these matters continue through the court process, our focus remains clear.

Speaker #1: Importantly, we remain focused on supporting regulatory processes, fulfilling our obligations as trustee, and protecting the interests of members and shareholders while the legal proceedings continue.

Speaker #1: From our perspective, we believe there is also an opportunity to further strengthen the managed investment scheme framework through greater independence between responsible entities and investment managers.

Speaker #1: The board has declared a final deal of end for FY26 of 20 cents per share, fully franked, taking the full year dividend to 76 cents per share.

Speaker #1: Recent market events, including the Shear and First Guardian, have reinforced the importance of clearly separated oversight and investment management functions. Independent governance remains a critical safeguard for investors, and is a core feature of Equity Trustees' operating model.

Speaker #1: This represents a payout ratio of 77% of FY26 group net profit after tax, which sits comfortably within the board's stated target range of 70 to 90 percent.

Speaker #1: We will continue to engage constructively with the government, regulators, and industry participants as these proposals are developed and implemented. Now, turning to the Shear and First Guardian matters, while these matters continue through the court process, our focus remains clear.

Speaker #1: It's important to note that the payout ratio is calculated on statutory group net profit after tax, and therefore includes the impact of the 13.1 million non-cash impairment recognized during FY26.

Speaker #1: In determining the dividend, the board considered both the significant improvement in earnings of the continuing operations and the group's capital position. At 30 June 26, the balance sheet remained stable, with capital and solvency metrics continuing to support the current operations.

Speaker #1: We will continue to meet our obligations as trustee, support regulatory processes, and protect the interests of both members and shareholders. Equity Trustees Superannuation Limited continues to defend its position in relation to both those matters.

[Company Representative] (Equity Trustees): We will continue to meet our obligations as trustee, support regulatory processes, and protect the interests of both members and shareholders. Equity Trustees Superannuation Limited continues to defend its position in relation to both those matters. We have informed the market that defenses have been lodged in respect of both proceedings, and the matters will now progress through the court process. Based on information currently available, the estimated net investment losses to members are approximately AUD 74 million for Shield and AUD 17 million for First Guardian. These estimates relate to investor losses and should not be interpreted as any determination of liability which remains subject to the court processes. We have also notified our professional indemnity insurers. The insurance claim related to Shield has been accepted, while First Guardian claim remains under consideration by the insurers.

Mick O'Brien: We will continue to meet our obligations as trustee, support regulatory processes, and protect the interests of both members and shareholders. Equity Trustees Superannuation Limited continues to defend its position in relation to both those matters. We have informed the market that defenses have been lodged in respect of both proceedings, and the matters will now progress through the court process. Based on information currently available, the estimated net investment losses to members are approximately AUD 74 million for Shield and AUD 17 million for First Guardian. These estimates relate to investor losses and should not be interpreted as any determination of liability which remains subject to the court processes. We have also notified our professional indemnity insurers. The insurance claim related to Shield has been accepted, while First Guardian claim remains under consideration by the insurers.

Speaker #1: On net profit after tax from continuing operations, increased by 33% during the year, the board has elected to retain a portion of earnings to maintain capital flexibility as we progress through the completion of the superannuation exit and while ongoing regulatory matters progress.

Speaker #1: We can inform the market that the defenses have been launched in respect of both proceedings, and the matters will now progress through the court process.

Speaker #1: Based on information currently available, the estimated net investment losses to members are approximately $74 million for Sheer and $70 million for First Guardian. These estimates relate to investor losses and should not be interpreted as any determination of liability, which remains subject to the core processes.

Speaker #1: This reflects a prudent and balanced approach to capital management during a period of transition. The board's objective is to deliver attractive shareholder returns while ensuring the group retains sufficient financial flexibility to manage strategic priorities and regulatory developments.

Speaker #1: We have also notified our professional indemnity insurers. The insurance claim related to Sheer has been accepted, while the First Guarding claim remains under consideration by the insurers.

Speaker #1: Overall, the dividend outcome demonstrates confidence in the underlying strength of the business while recognizing the importance of preserving capital and maintaining balance sheet resilience at this stage of the group's evolution.

Speaker #1: Importantly, we remain focused on supporting regulatory processes, fulfilling our obligations as trustee, and protecting the interests of members and shareholders while the legal proceedings continue.

[Company Representative] (Equity Trustees): Importantly, we remain focused on supporting regulatory processes, fulfilling our obligations as trustee, and protecting the interests of members and shareholders while the proceedings continue. The board has declared a final dividend for FY26 of AUD 0.20 per share, fully franked, taking the full-year dividend to AUD 0.76 per share. This represents a payout ratio of 77% of FY26 group net profit after tax, which sits comfortably in the board's stated target range of 70% to 90%. It is important to note that the payout ratio is calculated on statutory group net profit after tax, and therefore includes the impact of the AUD 13.1 million non-cash impairment recognized during FY26. In determining the dividend, the board considered both the significant improvement in earnings of the continuing operations and the group's capital position. At 30 June 2026, the balance sheet remained stable, with capital and solvency metrics continuing to support the current operations.

Mick O'Brien: Importantly, we remain focused on supporting regulatory processes, fulfilling our obligations as trustee, and protecting the interests of members and shareholders while the proceedings continue. The board has declared a final dividend for FY26 of AUD 0.20 per share, fully franked, taking the full-year dividend to AUD 0.76 per share. This represents a payout ratio of 77% of FY26 group net profit after tax, which sits comfortably in the board's stated target range of 70% to 90%. It is important to note that the payout ratio is calculated on statutory group net profit after tax, and therefore includes the impact of the AUD 13.1 million non-cash impairment recognized during FY26. In determining the dividend, the board considered both the significant improvement in earnings of the continuing operations and the group's capital position. At 30 June 2026, the balance sheet remained stable, with capital and solvency metrics continuing to support the current operations.

Speaker #1: Now, let me hand over to Joe to take you through the financial results.

Speaker #2: Good morning to everyone, and I'm pleased to present to you today the financial results for EQT for FY26. Given the decision by the board to exit the STS business, it is reported as held for sale and a discontinued operation.

Speaker #1: The board has declared a final dividend for FY26 of 20 cents per share, fully franked, taking the full-year dividend to 76 cents per share.

Speaker #1: This represents a payout ratio of 77% of FY26 group net profit after tax, which sits comfortably within the Board's stated target range of 70% to 90%.

Speaker #2: This page sets out how the business segments of the group are mapped in today's results compared to our legacy reporting. The group results on the left-hand side is presented on a business-as-usual basis, and on the right-hand side is the split of the group between continuing and discontinuing operations.

Speaker #1: It's important to note that the payout ratio is calculated on statutory group net profit after tax, and therefore includes the impact of the $13.1 million non-cash impairment recognized during FY26.

Speaker #2: It's important to note that the financials of discontinued operations do not equal that of the STS segment. The difference being that portion of the STS segment that is considered continuing relating mostly to allocated corporate overheads, which are retained.

Speaker #1: In determining the dividend, the Board considered both the significant improvement in earnings of the continuing operations and the Group's capital position. At 30 June 2026, the balance sheet remained stable, with capital and solvency metrics continuing to support the current operations.

Speaker #2: I will provide some further commentary on the TWS and CTS business units shortly, for now highlighting their strong profit and margin performance. Focusing on the STS segment result, it was a net profit before tax loss of 12.7 million dollars.

Speaker #1: While net profit after tax from continuing operations increased by 33% during the year, the board has elected to retain a portion of earnings to maintain capital flexibility as we progress through the completion of the superannuation exit and as ongoing regulatory matters progress.

[Company Representative] (Equity Trustees): While net profit after tax from continuing operations increased by 33% during the year, the board has elected to retain a portion of earnings to maintain capital flexibility as we progress through the completion of the superannuation exit and while ongoing regulatory matters progress. This reflects a prudent and balanced approach to capital management during a period of transition. The board's objective is to deliver attractive shareholder returns while ensuring the group retains sufficient financial flexibility to manage strategic priorities and regulatory developments. Overall, the dividend outcome demonstrates confidence in the underlying strength of the business, while recognizing the importance of preserving capital and maintaining balance sheet resilience at this stage of the group's evolution. Now let me hand over to Jo to take you through the financial results.

Mick O'Brien: While net profit after tax from continuing operations increased by 33% during the year, the board has elected to retain a portion of earnings to maintain capital flexibility as we progress through the completion of the superannuation exit and while ongoing regulatory matters progress. This reflects a prudent and balanced approach to capital management during a period of transition. The board's objective is to deliver attractive shareholder returns while ensuring the group retains sufficient financial flexibility to manage strategic priorities and regulatory developments. Overall, the dividend outcome demonstrates confidence in the underlying strength of the business, while recognizing the importance of preserving capital and maintaining balance sheet resilience at this stage of the group's evolution. Now let me hand over to Jo to take you through the financial results.

Speaker #1: This reflects a prudent and balanced approach to capital management during a period of transition. The Board's objective is to deliver attractive shareholder returns while ensuring that the Group retains sufficient financial flexibility to manage strategic priorities and regulatory developments.

Speaker #2: This was due to the combined impact of approximately 6 million dollars of advisor and legal costs to support regulatory and litigation activity, and the 13.1 million dollar impairment of goodwill.

Speaker #2: The discontinued operation is that portion of the STS segment revenue and costs that will be exited. This equates to the trustee revenue and offer income relating to the trustee appointments of Hub 24 and Etsil.

Speaker #1: Overall, the dividend outcome demonstrates confidence in the underlying strength of the business, while recognizing the importance of preserving capital and maintaining balance sheet resilience at this stage of the Group's evolution.

Speaker #1: Now, let me hand over to Joe to take you through the financial results.

Speaker #2: A minor portion of STS segment revenue and expense will be retained. Retained revenue is over 3.7 million dollars, representing a share of interest income generated from capital held in cash for the group, and an investment mandate attributed to a current STS client.

Speaker #2: Good morning, everyone. I'm pleased to present to you today the financial results for EQT for FY26. Given the decision by the Board to exit the STS business, it is reported as held for sale and as a discontinued operation.

[Company Representative] (Equity Trustees): Good morning to everyone, and I am pleased to present to you today the financial results for EQT for FY26. Given the decision by the board to exit the STS business, it is reported as held for sale and a discontinued operation. This page sets out how the business segments of the group are mapped in today's results compared to our legacy reporting. The group result on the left-hand side is presented on a business as usual basis, and on the right-hand side is the split of the group between continuing and discontinuing operations. It is important to note that the financials of discontinued operations does not equal that of the STS segment. The difference being that portion of the STS segment that is considered continuing, relating mostly to allocated corporate overheads, which are retained.

Johanna Platt: Good morning to everyone, and I am pleased to present to you today the financial results for EQT for FY26. Given the decision by the board to exit the STS business, it is reported as held for sale and a discontinued operation. This page sets out how the business segments of the group are mapped in today's results compared to our legacy reporting. The group result on the left-hand side is presented on a business as usual basis, and on the right-hand side is the split of the group between continuing and discontinuing operations. It is important to note that the financials of discontinued operations does not equal that of the STS segment. The difference being that portion of the STS segment that is considered continuing, relating mostly to allocated corporate overheads, which are retained.

Speaker #2: Retained expenses total 12.4 million dollars, and are made up of corporate overheads that are currently attributed to the STS business, including corporate functions such as risk, finance, and people, and corporate technology costs, as well as a portion of shared people costs in the CSTS organization.

Speaker #2: This page sets out how the business segments of the group are mapped in today’s results, compared to our legacy reporting. The group results on the left-hand side are presented on a business-as-usual basis, and on the right-hand side is the split of the group between continuing and discontinuing operations.

Speaker #2: There is an expectation that the total level of spend on corporate overheads will be reduced in future years, with the main benefits starting to be realized in FY28.

Speaker #2: It's important to note that the financials of discontinued operations do not equal those of the STS segment. The difference is the portion of the STS segment that is considered continuing, relating mostly to allocated corporate overheads, which are retained.

Speaker #2: Upon the exit of the STS business, the retained costs formerly allocated to STS will be shared across TWS and CTS. Turning to the group result, this page sets out the summary P&L based on continuing operations, noting that the FY25 result has also been restated on the same basis.

Speaker #2: I will provide some further commentary on the TWS and CTS business units shortly, for now highlighting their strong profit and margin performance. Focusing on the STS segment result, it was a net profit before tax loss of $12.7 million.

[Company Representative] (Equity Trustees): I will provide some further commentary on the TWS and CTS business units shortly, for now highlighting their strong profit and margin performance. Focusing on the STS segment result, it was a net profit before tax loss of AUD 12.7 million. This was due to the combined impact of approximately AUD 6 million of advisor and legal costs to support regulatory and litigation activity and the AUD 13.1 million impairment of goodwill. The discontinued operation is that portion of the STS segment revenue and costs that will be exited. This equates to the trustee revenue and author income relating to the trustee appointments of HUB24 and ETSL. A minor portion of STS segment revenue and expense will be retained. Retained revenue is circa AUD 3.7 million, representing a share of interest income generated from capital held in cash for the group and an investment mandate attributable to a current STS client.

Johanna Platt: I will provide some further commentary on the TWS and CTS business units shortly, for now highlighting their strong profit and margin performance. Focusing on the STS segment result, it was a net profit before tax loss of AUD 12.7 million. This was due to the combined impact of approximately AUD 6 million of advisor and legal costs to support regulatory and litigation activity and the AUD 13.1 million impairment of goodwill. The discontinued operation is that portion of the STS segment revenue and costs that will be exited. This equates to the trustee revenue and author income relating to the trustee appointments of HUB24 and ETSL. A minor portion of STS segment revenue and expense will be retained. Retained revenue is circa AUD 3.7 million, representing a share of interest income generated from capital held in cash for the group and an investment mandate attributable to a current STS client.

Speaker #2: This was due to the combined impact of approximately $6 million of advisor and legal costs to support regulatory and litigation activity, and the $13.1 million impairment of goodwill.

Speaker #2: Continuing operations have delivered strong results with farmers, revenue, before tax profit, and percentage margins all increasing over prior year. As Mick has mentioned, group NPAT was down versus prior year, due to the impact of the discontinued STS business.

Speaker #2: The discontinued operation is that portion of the STS segment revenue and costs that will be exited. This equates to the trustee revenue and offer income relating to the trustee appointments of HUB24 and Etsil.

Speaker #2: Revenue for continued operations for FY26 grew 14.3 million dollars, or 9.4 percent, to reach 167 million dollars. This growth was delivered by both business units TWS and CTS, contributing an additional 7.8 and 6.5 million of revenue, respectively.

Speaker #2: A minor portion of STS segment revenue and expense will be retained. Retained revenue is circa $3.7 million, representing a share of interest income generated from capital held in cash for the group, and an investment mandate attributable to a current STS client.

Speaker #2: Total expenses from continuing operations increased by 1 percent over prior comparable period, noting that 4.9 million of non-operating expenses were incurred in FY25 as part of the completion of the AET integration, and technology transformation projects.

Speaker #2: Retained expenses total $12.4 million and are made up of corporate overheads that are currently attributed to the STS business, including corporate functions such as Risk, Finance, and People, and corporate technology costs, as well as a portion of shared People costs in the CSTS organization.

[Company Representative] (Equity Trustees): Retained expenses total AUD 12.4 million and are made up of corporate overheads that are currently attributed to the STS business, including corporate functions such as risk, finance, and people, and corporate technology costs, as well as a portion of shared people costs in the CSTS organization. There is an expectation that the total level of spend on corporate overheads will be reduced in future years, with the main benefits starting to be realized in FY28. Upon the exit of the STS business, the retained costs formerly allocated to CSTS will be shared across TWS and CTS. Turning to the group result. This page sets out the summary P&L based on continuing operations, noting that the FY25 result has also been restated on the same basis. Continuing operations have delivered strong results, with summers, revenues before tax profit and percentage margins all increasing over prior year.

Johanna Platt: Retained expenses total AUD 12.4 million and are made up of corporate overheads that are currently attributed to the STS business, including corporate functions such as risk, finance, and people, and corporate technology costs, as well as a portion of shared people costs in the CSTS organization. There is an expectation that the total level of spend on corporate overheads will be reduced in future years, with the main benefits starting to be realized in FY28. Upon the exit of the STS business, the retained costs formerly allocated to CSTS will be shared across TWS and CTS. Turning to the group result. This page sets out the summary P&L based on continuing operations, noting that the FY25 result has also been restated on the same basis. Continuing operations have delivered strong results, with summers, revenues before tax profit and percentage margins all increasing over prior year.

Speaker #2: On both the total expense and operating expense basis, the group achieved a positive jaws result. Notable changes in operating expenses are 2.1 million dollar reduction and employee costs due to a reduction in headcount that occurred in TWS in November 25 and reduced incentive costs.

Speaker #2: There is an expectation that the total level of spend on corporate overheads will be reduced in future years, with the main benefits starting to be realized in FY28.

Speaker #2: Upon the exit of the STS business, the retained costs formerly allocated to STS will be shared across TWS and CTS. Turning to the group result, this page sets out the summary P&L based on continuing operations, noting that the FY25 result has also been restated on the same basis.

Speaker #2: This was offset by increased legal and consulting fees of circa 6.5 million dollars due to 3.9 million dollars of net costs incurred relating to the shield and first guardian matters, and 2.6 million dollars of regulatory notice activity.

Speaker #2: Net profit before tax is 49.9 million dollars, a 35.8 percent increase in margins, and margins were at 29.9 percent, inclusive of the stranded costs of STS.

Speaker #2: Continuing operations have delivered strong results, with farmers, revenue, before-tax profit, and percentage margins all increasing over the prior year. As Mick has mentioned, group NPAT was down versus the prior year due to the impact of the discontinued STS business.

[Company Representative] (Equity Trustees): As Mick has mentioned, group NPAT was down versus prior year due to the impact of the discontinued STS business. Revenue for continued operations for FY2026 grew AUD 14.3 million or 9.4% to reach AUD 167 million. This growth was delivered by both business units, TWS and CTS, contributing an additional AUD 7.8 million and AUD 6.5 million of revenue respectively. Total expenses from continuing operations increased by 1% over prior comparable period, noting that AUD 4.9 million of non-operating expenses were incurred in FY2025 as part of the completion of the AET integration and technology transformation projects. On both the total expense and operating expense basis, the group achieved a positive jaws result. Notable changes in operating expenses are a AUD 2.1 million reduction in employee costs due to a reduction in headcount that occurred in TWS in November 2025 and reduced incentive costs.

Johanna Platt: As Mick has mentioned, group NPAT was down versus prior year due to the impact of the discontinued STS business. Revenue for continued operations for FY2026 grew AUD 14.3 million or 9.4% to reach AUD 167 million. This growth was delivered by both business units, TWS and CTS, contributing an additional AUD 7.8 million and AUD 6.5 million of revenue respectively. Total expenses from continuing operations increased by 1% over prior comparable period, noting that AUD 4.9 million of non-operating expenses were incurred in FY2025 as part of the completion of the AET integration and technology transformation projects. On both the total expense and operating expense basis, the group achieved a positive jaws result. Notable changes in operating expenses are a AUD 2.1 million reduction in employee costs due to a reduction in headcount that occurred in TWS in November 2025 and reduced incentive costs.

Speaker #2: NPAT adjustments relating to the discontinued STS business were the loss of 7.5 million dollars, inclusive of the 3.13.1 million dollar impairment of goodwill. Turning to the group performance of the business half over half, whilst revenue was more modest growth half over half at 1.4 percent, this was due to the elevated result of revenue for TWS in the first half, where one of the state management and health and personal injury revenue events occurred.

Speaker #2: Revenue for continued operations for FY26 grew by $14.3 million, or 9.4 percent, to reach $167 million. This growth was delivered by both business units, TWS and CTS, contributing an additional $7.8 million and $6.5 million of revenue, respectively.

Speaker #2: Total expenses from continuing operations increased by 1 percent over the prior comparable period, noting that $4.9 million of non-operating expenses were incurred in FY25 as part of the completion of the AET integration and technology transformation projects.

Speaker #2: Importantly, CTS revenue continued to deliver strong growth due to both organic and new business. Expenses were broadly flat between the halves. This was a result of a decreased in people expenses due to a lower employee incentive provision offset by increased consulting and legal fees relating to shield and first guardian, and an increase in a provision for TWS client rectification costs, which we are confident will be partially recovered in FY27.

Speaker #2: On both the total expense and operating expense basis, the group achieved a positive jaws result. Notable changes in operating expenses are a $2.1 million reduction in employee costs due to a reduction in headcount that occurred in TWS in November 25 and reduced incentive costs.

Speaker #2: Importantly, profit margins for the continuing operations were maintained at 30 percent half over half. NPAT declined by 15 million half over half due to the increased level of advisor spend previously mentioned, and the impacts of the goodwill impairment charge.

Speaker #2: This was offset by increased legal and consulting fees of approximately $6.5 million, due to $3.9 million of net costs incurred relating to the Shield and First Guardian matters, and $2.6 million of regulatory notice activity.

[Company Representative] (Equity Trustees): This was offset by increased legal and consulting fees of circa AUD 6.5 million due to AUD 3.9 million of net costs incurred relating to the Shield and First Guardian matters and AUD 2.6 million of regulatory notice activity. Net profit before tax is AUD 49.9 million, a 35.8% increase in margins, and margins were at 29.9%, inclusive of the stranded costs of STS. NPAT adjustments relating to the discontinued STS business was a loss of AUD 7.5 million, inclusive of the AUD 13.1 million impairment of goodwill. Turning to the group performance of the business H1 over H2. Whilst revenue was more modest growth H1 over H2 at 1.4%, this was due to the elevated result of revenue for TWS in H1, where one of the state management and health and personal injury revenue events occurred. Importantly, CTS revenue continued to deliver strong growth due to both organic and new business.

Johanna Platt: This was offset by increased legal and consulting fees of circa AUD 6.5 million due to AUD 3.9 million of net costs incurred relating to the Shield and First Guardian matters and AUD 2.6 million of regulatory notice activity. Net profit before tax is AUD 49.9 million, a 35.8% increase in margins, and margins were at 29.9%, inclusive of the stranded costs of STS. NPAT adjustments relating to the discontinued STS business was a loss of AUD 7.5 million, inclusive of the AUD 13.1 million impairment of goodwill. Turning to the group performance of the business H1 over H2. Whilst revenue was more modest growth H1 over H2 at 1.4%, this was due to the elevated result of revenue for TWS in H1, where one of the state management and health and personal injury revenue events occurred. Importantly, CTS revenue continued to deliver strong growth due to both organic and new business.

Speaker #2: This waterfall sets out the continuing operations expenses year over year. The FY25 expense base was 115.9 million dollars, which includes the 4.9 million dollars of non-operating expenses incurred in the closing phase of AET integration and business transformation.

Speaker #2: Net profit before tax is $49.9 million, a 35.8 percent increase in margins, and margins were at 29.9 percent, inclusive of the stranded costs of STS.

Speaker #2: NPAT adjustments relating to the discontinued STS business were the loss of $7.5 million, inclusive of the $3.1 million impairment of goodwill. Turning to the group performance of the business half over half, whilst revenue was more modest growth half over half at 1.4 percent, this was due to the elevated result of revenue for TWS in the first half, where one-off state management and health and personal injury revenue events occurred.

Speaker #2: The group incurred net costs of 3.9 million dollars of legal and advisor fees relating to shield and first guardian. 2.3 million dollars of consulting fees were incurred in CTS to support uplifts in regulatory oversight and additional and compliance and regulatory notice activity.

Speaker #2: There was an increase of 1.1 million dollars in people costs in CTS, as we invest in additional employee headcount and expertise to support this fast-growing business.

Speaker #2: Importantly, CTS revenue continued to deliver strong growth due to both organic and new business. Expenses were broadly flat between the halves. This was a result of a decrease in people expenses due to a lower employee incentive provision, offset by increased consulting and legal fees relating to Shield and First Guardian, and an increase in a provision for TWS client rectification costs, which we are confident will be partially recovered in FY27.

Speaker #2: TWS incurred increased costs relating to the 1.5 million dollar client recompense matter I've heard too earlier, which we expect will be partially recovered in FY27.

[Company Representative] (Equity Trustees): Expenses were broadly flat between the halves. This was a result of a decrease in people expenses due to a lower employee incentive provision, offset by increased consulting and legal fees relating to Shield and First Guardian, and an increase in a provision for a TWS client rectification cost, which we are confident will be partially recovered in FY2027. Importantly, profit margins for the continuing operations were maintained at 30% H1 over H2. NPAT declined by AUD 15 million H1 over H2 due to the increased level of advisor spend previously mentioned and the impact of the goodwill impairment charge. This waterfall sets out the continuing operations expenses year over year. The FY2025 expense base was AUD 115.9 million, which includes the AUD 4.9 million of non-operating expenses incurred in the closing phase of AET integration and business transformation.

Johanna Platt: Expenses were broadly flat between the halves. This was a result of a decrease in people expenses due to a lower employee incentive provision, offset by increased consulting and legal fees relating to Shield and First Guardian, and an increase in a provision for a TWS client rectification cost, which we are confident will be partially recovered in FY2027. Importantly, profit margins for the continuing operations were maintained at 30% H1 over H2. NPAT declined by AUD 15 million H1 over H2 due to the increased level of advisor spend previously mentioned and the impact of the goodwill impairment charge. This waterfall sets out the continuing operations expenses year over year. The FY2025 expense base was AUD 115.9 million, which includes the AUD 4.9 million of non-operating expenses incurred in the closing phase of AET integration and business transformation.

Speaker #2: Importantly, the TWS cost base excluding that matter reduced by 2.9 million dollars, recognizing the benefit of an employee count reduction that was achieved in November 25.

Speaker #2: The lower incentive costs are documented in the remuneration report and reflect a 40 percent pool, and the decision by the MD to forego an STI.

Speaker #2: Importantly, profit margins for the continuing operations were maintained at 30 percent half over half. NPAT declined by $15 million half over half due to the increased level of advisor spend previously mentioned and the impact of the goodwill impairment charge.

Speaker #2: Turning to our employee count and our investing for future growth, this chart sets out our headcount performance or changes over the financial year. Total employee headcount has increased by 27 to reach 487 at 30th of June 26.

Speaker #2: This waterfall sets out the continuing operations expenses year over year. The FY25 expense base was $115.9 million, which includes the $4.9 million of non-operating expenses incurred in the closing phase of AET integration and business transformation.

Speaker #2: Additional resources have been focused to support our fast-growing CTS business, post the completion of the integration of the AET result, our AET in November 25, the TWS headcount flat, with some minor changes of roles to support the growing health and personal injury business.

Speaker #2: The group incurred net costs of $3.9 million in legal and advisor fees relating to Shield and First Guardian. $2.3 million in consulting fees were incurred in CTS to support uplifts in regulatory oversight, and additional compliance and regulatory notice activity.

[Company Representative] (Equity Trustees): The group incurred net costs of AUD 3.9 million of legal and advisor fees relating to Shield and First Guardian. AUD 2.3 million of consulting fees were incurred in CTS to support uplifts in regulatory oversight and additional and compliance and regulatory notice activity. There was an increase of AUD 1.1 million in people costs in CTS as we invest in additional employee headcount and expertise to support this fast-growing business. TWS incurred increased costs relating to the AUD 1.5 million client recompense matter I referred to earlier, which we expect will be partially recovered in FY2027. Importantly, the TWS cost base, excluding that matter, reduced by AUD 2.9 million, recognizing the benefit of the employee count reduction that was achieved in November 2025. The lower incentive costs are documented in the remuneration report and reflect a 40% pool and the decision by the MD to forego an STI.

Johanna Platt: The group incurred net costs of AUD 3.9 million of legal and advisor fees relating to Shield and First Guardian. AUD 2.3 million of consulting fees were incurred in CTS to support uplifts in regulatory oversight and additional and compliance and regulatory notice activity. There was an increase of AUD 1.1 million in people costs in CTS as we invest in additional employee headcount and expertise to support this fast-growing business. TWS incurred increased costs relating to the AUD 1.5 million client recompense matter I referred to earlier, which we expect will be partially recovered in FY2027. Importantly, the TWS cost base, excluding that matter, reduced by AUD 2.9 million, recognizing the benefit of the employee count reduction that was achieved in November 2025. The lower incentive costs are documented in the remuneration report and reflect a 40% pool and the decision by the MD to forego an STI.

Speaker #2: As I mentioned, our growth has been focused in the CTS business, where employee count increased by 21. We also increased our resourcing in our enterprise risk team by around 4 headcount.

Speaker #2: There was an increase of $1.1 million in people costs in CTS, as we invest in additional employee headcount and expertise to support this fast-growing business.

Speaker #2: The STS business has 41 staff dedicated to service delivery, I'll turn now to TWS performance. We have called out the above trend revenue growth for the business due to a 2.5 million dollar notable event driven by appointments and state management and health and personal injury.

Speaker #2: TWS incurred increased costs relating to the $1.5 million client recompense matter I've referred to earlier, which we expect will be partially recovered in FY27.

Speaker #2: Importantly, the TWS cost base, excluding that matter, reduced by $2.9 million, recognizing the benefit of an employee count reduction that was achieved in November '25.

Speaker #2: In addition, improvements in the process and cycle time to reach probate and the associated revenue recognition milestone delivered a one-time 2 million dollar uplift in revenue for the year.

Speaker #2: But the lower incentive costs are documented in the Remuneration Report and reflect a 40% pool, and the decision by the MD to forego an STI.

Speaker #2: Other revenue increased by 3.4 million dollars due to growth in charitable and personal and community trust and philanthropy. Operating expenses increased by 0.8 decreased by 1.9 million dollars over the prior year due to the reduction in headcount experienced in November 25.

Speaker #2: Turning to our employee count and our investing for future growth, this chart sets out our headcount performance, or changes, over the financial year. Total employee headcount has increased by 27 to reach 487 at 30 June '26.

[Company Representative] (Equity Trustees): Turning to our employee count and our investing for future growth. This chart sets out our headcount performance or changes over the financial year. Total employee headcount has increased by 27 to reach 487 at 30 June 2026. Additional resources have been focused to support our fast-growing CTS business. Post the completion of the integration of the AET results, our AET in November 2025, the TWS business has held employee headcount flat, with some minor changes of roles to support the growing health and personal injury business. As I mentioned, our growth has been focused in the CTS business, where employee count increased by 21. We also increased our resourcing in our enterprise risk team by around four headcount. The STS business has 41 staff dedicated to service delivery. I will turn now to TWS performance.

Johanna Platt: Turning to our employee count and our investing for future growth. This chart sets out our headcount performance or changes over the financial year. Total employee headcount has increased by 27 to reach 487 at 30 June 2026. Additional resources have been focused to support our fast-growing CTS business. Post the completion of the integration of the AET results, our AET in November 2025, the TWS business has held employee headcount flat, with some minor changes of roles to support the growing health and personal injury business. As I mentioned, our growth has been focused in the CTS business, where employee count increased by 21. We also increased our resourcing in our enterprise risk team by around four headcount. The STS business has 41 staff dedicated to service delivery. I will turn now to TWS performance.

Speaker #2: This was offset by the 1.5 million dollar increase in client rectification provisions relating to a matter which we believe will be resolved in FY27.

Speaker #2: Additional resources have been focused to support our fast-growing CTS business. Post the completion of the integration of the AET—resulting from our AET in November 25—the TWS business has held employee headcount flat, with some minor changes of roles to support the growing health and personal injury business.

Speaker #2: Margins improved materially to reach 33.3 percent as the business realized the benefits of an integrated operating model and single technology platform. Turning to CTS performance, CTS was driven by performance was driven by top line growth of 13.8 percent.

Speaker #2: As I mentioned, our growth has been focused in the CTS business, where employee count increased by 21, and we also increased our resourcing in our enterprise risk team by around four headcount.

Speaker #2: Driven both by the strongly dominant RE business, which delivered 7.4 million of new business, offset by 1.9 million dollar reduction from terminated appointments. The fast-growing but small service line of custody and real assets contributed 1.5 million of additional revenue in the year.

Speaker #2: The STS business has 41 staff dedicated to service delivery. I'll turn now to TWS performance. We have called out the above-trend revenue growth for the business due to a $2.5 million notable event driven by appointments and state management in health and personal injury.

Speaker #2: Operating expenses increased by 12.8 percent due to additional consulting and advisory fees incurred to mobilize our transformation program and to address additional regulatory notice activity.

[Company Representative] (Equity Trustees): We have called out the above-trend revenue growth of the business due to a AUD 2.5 million notable event driven by appointments in state management and health and personal injury. In addition, improvements in the process and cycle time to reach probate and the associated revenue recognition milestone delivered a one-time AUD 2 million uplift in revenues for the year. Other revenue increased by AUD 3.4 million due to growth in charitable and personal and community trust and philanthropy. Operating expenses increased by 0.8%. People costs actually decreased by AUD 1.9 million over the prior year due to the reduction in headcount experienced in November 2025. This was offset by the AUD 1.5 million increase in client rectification provisions relating to a matter which we believe will be resolved in FY27. Margins improved materially to reach 33.3% as the business realized the benefits of an integrated operating model and single technology platform.

Johanna Platt: We have called out the above-trend revenue growth of the business due to a AUD 2.5 million notable event driven by appointments in state management and health and personal injury. In addition, improvements in the process and cycle time to reach probate and the associated revenue recognition milestone delivered a one-time AUD 2 million uplift in revenues for the year. Other revenue increased by AUD 3.4 million due to growth in charitable and personal and community trust and philanthropy. Operating expenses increased by 0.8%. People costs actually decreased by AUD 1.9 million over the prior year due to the reduction in headcount experienced in November 2025. This was offset by the AUD 1.5 million increase in client rectification provisions relating to a matter which we believe will be resolved in FY27. Margins improved materially to reach 33.3% as the business realized the benefits of an integrated operating model and single technology platform.

Speaker #2: People costs increased by 1.1 million dollars due to the impact of additional employees previously discussed. Turning to the group cash flows, group cash increased by 13.4 million dollars over the year to reach 159.9 million dollars at the close.

Speaker #2: In addition, improvements in the process and cycle time to reach probate, and the associated revenue recognition milestone, delivered a one-time $2 million uplift in revenue for the year.

Speaker #2: Other than the revenue increase by $3.4 million due to growth in Charitable, Personal and Community Trust, and Philanthropy, operating expenses increased by 0.8 percent.

Speaker #2: However, it's important to note there were material movements relating to author cash, which I'll now walk through. The group after-tax operating cash flow was 54.9 million dollars, an increase of 14.6 million dollars over prior year due to the impact of increased receipts and revenue growth, lower tax payments due to the offsetting of capital losses from the exited UK business.

Speaker #2: People costs actually decreased by $1.9 million over the prior year due to the reduction in headcount experienced in November ’25. This was offset by the $1.5 million increase in client rectification provisions relating to a matter which we believe will be resolved in FY27.

Speaker #2: Investing cash flow of 6.3 million dollars was driven by interest income offset by minor capex. I need seen cash flow of nearly 30 million dollars was driven by a 30 million dollar outflow of dividend payments and the receipt of 77 million dollars of author cash relating to 24, and it's dedicated RSC entity HTFS.

Speaker #2: Margins improved materially to reach 33.3 percent as the business realized the benefits of an integrated operating model and a single technology platform. Turning to CTS performance, CTS was driven by top-line growth of 13.8 percent.

[Company Representative] (Equity Trustees): Turning to CTS performance. CTS performance was driven by top line growth of 13.8%, driven both by the strongly dominant RE business, which delivered AUD 7.4 million of new business, offset by AUD 1.9 million reduction from terminated appointments. The fast-growing but small service line of custody and real assets contributed AUD 1.5 million of additional revenue in the year. Operating expenses increased by 12.8% due to additional consulting and advisory fees incurred to mobilize our transformation program and to address additional regulatory notice activity. People costs increased by AUD 1.1 million due to the impact of additional employees previously discussed. Turning to the group cash flow. Group cash increased by AUD 13.4 million over the year to reach AUD 159.9 million at the close. However, it is important to note there were material movements relating to ORFR cash, which I will now walk through.

Johanna Platt: Turning to CTS performance. CTS performance was driven by top line growth of 13.8%, driven both by the strongly dominant RE business, which delivered AUD 7.4 million of new business, offset by AUD 1.9 million reduction from terminated appointments. The fast-growing but small service line of custody and real assets contributed AUD 1.5 million of additional revenue in the year. Operating expenses increased by 12.8% due to additional consulting and advisory fees incurred to mobilize our transformation program and to address additional regulatory notice activity. People costs increased by AUD 1.1 million due to the impact of additional employees previously discussed. Turning to the group cash flow. Group cash increased by AUD 13.4 million over the year to reach AUD 159.9 million at the close. However, it is important to note there were material movements relating to ORFR cash, which I will now walk through.

Speaker #2: Driven both by the strongly dominant RE business, which delivered $7.4 million of new business, offset by a $1.9 million reduction from terminated appointments. The fast-growing but small service line of Custody and Real Assets contributed $1.5 million of additional revenue in the year.

Speaker #2: As hub 24 has exercised their call option over this entity, the author capital is now classified as an asset health for sale and excluded in the year-end cash result of the group.

Speaker #2: A 30 June the cash balance provides coverage over regulatory cash requirement of the group's AFSL entities and this totals 92.6 million dollars. 39.7 million dollars of cash is held in ETSEL as part of its author cash reserves.

Speaker #2: Operating expenses increased by 12.8 percent due to additional consulting and advisory fees incurred to mobilize our transformation program and to address additional regulatory notice activity.

Speaker #2: People costs increased by $1.1 million due to the impact of additional employees previously discussed. Turning to the group cash flows, group cash increased by $13.4 million over the year to reach $159.9 million at the close.

Speaker #2: This results in 27.6 million dollars of available cash to the group. The group has two short-term sources of liquidity being a 10 million dollar investment in an EQT mortgage income fund and an additional 18 million dollars of debt headroom with AMZ.

Speaker #2: However, it's important to note there were material movements relating to author cash, which I'll now walk through. The group after-tax operating cash flow was $54.9 million, an increase of $14.6 million over the prior year due to the impact of increased receipts and revenue growth, and lower tax payments due to the offsetting of capital losses from the exited UK business.

Speaker #2: We note that there are potential proceeds from the exit of this STS business and that will contribute additional liquidity to the group. As Mick mentioned, the group's prioritizing building capital flexibility balancing our confidence in the underlying strength of the business while recognizing the importance of preserving capital and flexibility at this stage of the group's evolution.

[Company Representative] (Equity Trustees): The group after-tax operating cash flow was AUD 54.9 million, an increase of AUD 14.6 million over prior year due to the impact of increased receipts and revenue growth, lower tax payments due to the offsetting of capital losses from the exited UK business. Investing cash flow of AUD 6.3 million was driven by interest income offset by minor CapEx. Financing cash flow of nearly AUD 30 million was driven by a AUD 30 million outflow of dividend payments and the receipt of AUD 77 million of ORFR cash relating to HUB24 and its dedicated RSE entity, HTFS. As HUB24 have exercised their call option of this entity, the ORFR capital is now classified as an asset held for sale and excluded in the year-end cash result of the group. At 30 June, the cash balance provides coverage over regulatory cash requirements of the group's AFSL entities, and this totals AUD 92.6 million.

Johanna Platt: The group after-tax operating cash flow was AUD 54.9 million, an increase of AUD 14.6 million over prior year due to the impact of increased receipts and revenue growth, lower tax payments due to the offsetting of capital losses from the exited UK business. Investing cash flow of AUD 6.3 million was driven by interest income offset by minor CapEx. Financing cash flow of nearly AUD 30 million was driven by a AUD 30 million outflow of dividend payments and the receipt of AUD 77 million of ORFR cash relating to HUB24 and its dedicated RSE entity, HTFS. As HUB24 have exercised their call option of this entity, the ORFR capital is now classified as an asset held for sale and excluded in the year-end cash result of the group. At 30 June, the cash balance provides coverage over regulatory cash requirements of the group's AFSL entities, and this totals AUD 92.6 million.

Speaker #2: The capital requirements to support the exit of STS is a priority for FY27. As Mick mentioned, the exit of the ETSEL trustee appointments will trigger the repayment by EQT holdings of 35.8 million dollars of loan facilities undertaken to support the author capital requirements of its subsidiary ETSEL.

Speaker #2: Investing cash flow of $6.3 million was driven by interest income, offset by minor capex. Financing cash flow of nearly $30 million was driven by a $30 million outflow of dividend payments and the receipt of $77 million of auth cash relating to '24, and its dedicated ROC entity, HTFS.

Speaker #2: We continue to engage with prospective third parties regarding the potential sale of the business and as Mick mentioned, we expect the transition and the exit to be completed by the end of FY27.

Speaker #2: As HUB24 have exercised their call option over this entity, the Author Capital is now classified as an asset held for sale and excluded in the year-end cash result of the group.

Speaker #2: As these transitions occur, we will continue to assess group liquidity management options taking into account regulatory capital requirements and the timing of capital releases associated with the business exit.

Speaker #2: At 30 June, the cash balance provides coverage over regulatory cash requirements of the group's ASSL entities, and this totals $92.6 million. $39.7 million of cash is held in ETSIL as part of its author cash reserves.

Speaker #2: Regulatory capital to support our AFSL entities is another key priority area for the group. As CTS continues to expand, we expect regulatory capital requirements to grow accordingly.

[Company Representative] (Equity Trustees): AUD 39.7 million of cash is held in ETSL as part of its ORFR cash reserves. This results in AUD 27.6 million of available cash to the group. The group has two short-term sources of liquidity, being a AUD 10 million investment in an EQT Mortgage Income Fund and an additional AUD 18 million of debt headroom with ANZ. We note that there are potential proceeds from the exit of the STS business and that will contribute additional liquidity to the group. As Mick mentioned, the group is prioritizing building capital flexibility, balancing our confidence in the underlying strength of the business while recognizing the importance of preserving capital and flexibility at this stage of the group's evolution. The capital requirements to support the exit of STS is a priority for FY27.

Johanna Platt: AUD 39.7 million of cash is held in ETSL as part of its ORFR cash reserves. This results in AUD 27.6 million of available cash to the group. The group has two short-term sources of liquidity, being a AUD 10 million investment in an EQT Mortgage Income Fund and an additional AUD 18 million of debt headroom with ANZ. We note that there are potential proceeds from the exit of the STS business and that will contribute additional liquidity to the group. As Mick mentioned, the group is prioritizing building capital flexibility, balancing our confidence in the underlying strength of the business while recognizing the importance of preserving capital and flexibility at this stage of the group's evolution. The capital requirements to support the exit of STS is a priority for FY27.

Speaker #2: This results in $27.6 million of available cash to the group. The group has two short-term sources of liquidity, being a $10 million investment in an EQT mortgage income fund and an additional $18 million of debt headroom with AMZ.

Speaker #2: We will be undertaking a pricing review of CTS in order to optimize return on investment on this regulatory capital. More broadly, we continue to evaluate opportunities to enhance capital flexibility and funding capacity including refinancing options where appropriate.

Speaker #2: We note that there are potential proceeds from the exit of the STS business, and that will contribute additional liquidity to the group. As Mick mentioned, the group is prioritizing building capital flexibility, balancing our confidence in the underlying strength of the business while recognizing the importance of preserving capital and flexibility at this stage of the group's evolution.

Speaker #2: Overall, the focus remains on maintaining a strong balance sheet supporting profitable growth and preserving flexibility as the business transitions through this period of change.

Speaker #2: The board will continue to monitor the group's dividend capacity over this time. I will now hand over back to Mick to focus upon our future strategy and outlook.

Speaker #1: Thanks very much, Jo. Looking ahead, we believe equity trustees is exceptionally well positioned. We operate in markets supported by powerful structural tailwinds, hold leadership positions across our core businesses, generate highly recurring revenue streams and continue to benefit from growing demand for independent governance and trustee services.

Speaker #2: The capital requirements to support the exit of STS is a priority for FY27. As Mick mentioned, the exit of the ETSIL trustee appointments will trigger the repayment by EQT Holdings of $35.8 million of loan facilities undertaken to support the authorisation capital requirements of its subsidiary, ETSIL.

[Company Representative] (Equity Trustees): As Mick mentioned, the exit of the ETSL trustee appointments will trigger the repayment by EQT Holdings of AUD 35.8 million of loan facilities undertaken to support the ORFR capital requirements of its subsidiary, ETSL. We continue to engage with prospective third parties regarding the potential sale of the business, and as Mick mentioned, we expect the transition and the exit to be completed by the end of FY27. As these transitions occur, we will continue to assess group liquidity management options, taking into account regulatory capital requirements and the timing of capital releases associated with the business exit. Regulatory capital to support our AFSL entities is another key priority area for the group. As CTS continues to expand, we expect regulatory capital requirements to grow accordingly. We will be undertaking a pricing review of CTS in order to optimize return on investment on this regulatory capital.

Johanna Platt: As Mick mentioned, the exit of the ETSL trustee appointments will trigger the repayment by EQT Holdings of AUD 35.8 million of loan facilities undertaken to support the ORFR capital requirements of its subsidiary, ETSL. We continue to engage with prospective third parties regarding the potential sale of the business, and as Mick mentioned, we expect the transition and the exit to be completed by the end of FY27. As these transitions occur, we will continue to assess group liquidity management options, taking into account regulatory capital requirements and the timing of capital releases associated with the business exit. Regulatory capital to support our AFSL entities is another key priority area for the group. As CTS continues to expand, we expect regulatory capital requirements to grow accordingly. We will be undertaking a pricing review of CTS in order to optimize return on investment on this regulatory capital.

Speaker #1: Importantly, we now have a clear strategic focus, a stronger operating platform and significant opportunities to leverage technology and AI across the business. The tailwinds of increasing intergenerational wealth transfer, estimated to be between 3.5 to 5.3 trillion over the next 20 years, and the mandated growth in superannuation is driving demand for an increasing range of investment schemes.

Speaker #2: We continue to engage with prospective third parties regarding the potential sale of the business and, as Mick mentioned, we expect the transition and the exit to be completed by the end of FY27.

Speaker #2: As these transitions occur, we will continue to assess group liquidity management options, taking into account regulatory capital requirements and the timing of capital releases associated with the business exit.

Speaker #1: The enduring income profile of our business is attractive. Trustee appointments are generally long-term in nature with considerable certainty and revenue is positively correlated to market movements.

Speaker #2: Regulatory capital to support our AFSL entities is another key priority area for the group. As CTS continues to expand, we expect regulatory capital requirements to grow accordingly.

Speaker #1: Our highly experienced team is now refocusing and doubling down on the continuing operations and is supported by talent and engaged team. Looking ahead to FY27, our focus is on executing against a clear set of strategic priorities while maintaining the financial and operational discipline that's underpinned in the business's performance.

Speaker #2: We will be undertaking a pricing review of CTS in order to optimize return on investment on this regulatory capital. More broadly, we continue to evaluate opportunities to enhance capital flexibility and funding capacity, including refinancing options where appropriate.

[Company Representative] (Equity Trustees): More broadly, we continue to evaluate opportunities to enhance capital flexibility and funding capacity, including refinancing options where appropriate. Overall, the focus remains on maintaining a strong balance sheet, supporting profitable growth, and preserving flexibility as the business transitions through this period of change. The board will continue to monitor the group's dividend capacity over this time. I will now hand over back to Mick to focus upon our future strategy and outlook.

Johanna Platt: More broadly, we continue to evaluate opportunities to enhance capital flexibility and funding capacity, including refinancing options where appropriate. Overall, the focus remains on maintaining a strong balance sheet, supporting profitable growth, and preserving flexibility as the business transitions through this period of change. The board will continue to monitor the group's dividend capacity over this time. I will now hand over back to Mick to focus upon our future strategy and outlook.

Speaker #1: We'll continue to leverage our market positions and in particular in corporate trustee services where the market regulatory and industry dynamics continue to support long-term growth.

Speaker #2: Overall, the focus remains on maintaining a strong balance sheet, supporting profitable growth, and preserving flexibility as the business transitions through this period of change.

Speaker #2: The board will continue to monitor the group's dividend capacity over this time. I will now hand back to Mick to focus on our future strategy and outlook.

Speaker #1: The second key priority is digital transformation. We're looking forward to the design and deployment of digital solutions that improve the client experience, enhance risk management, automate manual processes, and drive greater operational leverage across the group.

Speaker #1: Thanks very much, Jo. Looking ahead, we believe Equity Trustees is exceptionally well positioned. We operate in markets supported by powerful structural tailwinds, hold leadership positions across our core businesses, generate highly recurring revenue streams, and continue to benefit from growing demand for independent governance and trustee services.

[Company Representative] (Equity Trustees): Thanks very much, Jo. Looking ahead, we believe Equity Trustees is exceptionally well-positioned. We operate in markets supported by powerful structural tailwinds, hold leadership positions across our core businesses, generate highly recurring revenue streams, and continue to benefit from growing demand for independent governance and trustee services. Importantly, we now have a clear strategic focus, a stronger operating platform, and significant opportunities to leverage technology and AI across the business. The tailwinds of increasing intergenerational wealth transfer, estimated to be between AUD 3.5 trillion to AUD 5.3 trillion over the next 20 years, and the mandated growth in superannuation is driving demand for an increasing range of investment schemes. The enduring income profile of our business is attractive. Trustee appointments are generally long-term in nature with considerable certainty, and revenue is positively correlated to market movements.

Mick O'Brien: Thanks very much, Jo. Looking ahead, we believe Equity Trustees is exceptionally well-positioned. We operate in markets supported by powerful structural tailwinds, hold leadership positions across our core businesses, generate highly recurring revenue streams, and continue to benefit from growing demand for independent governance and trustee services. Importantly, we now have a clear strategic focus, a stronger operating platform, and significant opportunities to leverage technology and AI across the business. The tailwinds of increasing intergenerational wealth transfer, estimated to be between AUD 3.5 trillion to AUD 5.3 trillion over the next 20 years, and the mandated growth in superannuation is driving demand for an increasing range of investment schemes. The enduring income profile of our business is attractive. Trustee appointments are generally long-term in nature with considerable certainty, and revenue is positively correlated to market movements.

Speaker #1: Importantly, our digital focus will expand further into the estate planning and estate management businesses during FY27 where we see opportunities to improve client outcomes, increase efficiency, and support scalable growth.

Speaker #1: We've also got a number of important deliverables associated with the superannuation exit. This includes continuing to manage the Shield and First Guardian matters. We're ensuring the orderly and successful execution of the exit program.

Speaker #1: Importantly, we now have a clear strategic focus, a stronger operating platform, and significant opportunities to leverage technology and AI across the business. The tailwinds of increasing intergenerational wealth transfer, estimated to be between three and a half to five point three trillion over the next 20 years, and the mandated growth in superannuation is driving demand for an increasing range of investment schemes.

Speaker #1: Our priority is to achieve a smooth transition for all stakeholders while maintaining strong governance and operational oversight throughout that process. As Jo outlined earlier, capital management will remain a key focus we're committed to maintaining balance sheet strength and capital flexibility as we progress the exit and support the growth of our core businesses.

Speaker #1: The enduring income profile of our business is attractive. Trustee appointments are generally long term in nature, with considerable certainty, and revenue is positively correlated to market movements.

Speaker #1: The ongoing management of the Shield and First Guardian litigation remains important priority. Equity trustee superannuation will continue to fend its position, engage constructively with the legal and regulatory processes, and ensure that matters are managed appropriately while remaining focused on servicing the clients.

Speaker #1: Our highly experienced team is now refocusing and doubling down on the continuing operations, and they're supported by talented and engaged team members. Looking ahead to FY27, our focus is on executing against a clear set of strategic priorities while maintaining the financial and operational discipline that's underpinned the business's performance.

[Company Representative] (Equity Trustees): Our highly experienced team is now refocusing and doubling down on the continuing operations, and they are supported by a talented and engaged team. Looking ahead to FY27, our focus is on executing against a clear set of strategic priorities while maintaining the financial and operational discipline that is underpinning the business's performance. We will continue to leverage our market leading positions, and in particular in Corporate Trustee Services, where the market, regulatory, and industry dynamics continue to support long-term growth. The second key priority is digital transformation. We are looking forward to the design and deployment of digital solutions that improve the client experience, enhance risk management, automate manual processes, and drive greater operational leverage across the group. Importantly, our digital focus will expand further into the estate planning and estate management businesses during FY27, where we see opportunities to improve client outcomes, increase efficiency, and support scalable growth.

Mick O'Brien: Our highly experienced team is now refocusing and doubling down on the continuing operations, and they are supported by a talented and engaged team. Looking ahead to FY27, our focus is on executing against a clear set of strategic priorities while maintaining the financial and operational discipline that is underpinning the business's performance. We will continue to leverage our market leading positions, and in particular in Corporate Trustee Services, where the market, regulatory, and industry dynamics continue to support long-term growth. The second key priority is digital transformation. We are looking forward to the design and deployment of digital solutions that improve the client experience, enhance risk management, automate manual processes, and drive greater operational leverage across the group. Importantly, our digital focus will expand further into the estate planning and estate management businesses during FY27, where we see opportunities to improve client outcomes, increase efficiency, and support scalable growth.

Speaker #1: Overall, FY27 will be a year focused on growth, execution, and transition, positioning equity trustees for its next stage of development. Together, these initiatives are designed to deliver a sustainable earnings growth, strong operating leverage, and enhanced shareholder over medium term.

Speaker #1: We'll continue to leverage our market-leading positions and, in particular, incorporate trustee services where the market, regulatory, and industry dynamics continue to support long-term growth.

Speaker #1: So we enter the year with confidence. Our continuing businesses have strong momentum, attractive market positions, and healthy pipelines. The benefits of recent transformation and issues are continuing to emerge.

Speaker #1: The second key priority is digital transformation. We're looking forward to the design and deployment of digital solutions that improve the client experience, enhance risk management, automate manual processes, and drive greater operational leverage across the Group.

Speaker #1: While the planned exit of superannuation is expected to further simplify the group and sharpen our strategic focus. Important to recognize our expectations assume broadly normal investment market conditions known material deterioration in sentiment for our services and our continued ability to successfully navigate changes in the regulatory environment.

Speaker #1: Importantly, our digital focus will expand further into the estate planning and estate management businesses during FY27, where we see opportunities to improve client outcomes, increase efficiency, and support scalable growth.

Speaker #1: We've also got a number of important deliverables associated with the superannuation exit. This includes continuing to manage the Shield and First Guardian matters. We're ensuring the orderly and successful execution of the exit program.

[Company Representative] (Equity Trustees): We have also got a number of important deliverables associated with the superannuation exit. This includes continuing to manage Shield and First Guardian matters while ensuring the orderly and successful execution of the exit program. Our priority is to achieve a smooth transition for all stakeholders while maintaining strong governance and operational oversight throughout that process. As Jo outlined earlier, capital management will remain a key focus. We are committed to maintaining balance sheet strength and capital flexibility as we progress the exit and support the growth of our core businesses. The ongoing management of the Shield and First Guardian litigation remains an important priority. Equity Trustees Superannuation Limited will continue to defend its position, engage constructively with the legal and regulatory processes, and ensure that matters are managed appropriately while remaining focused on servicing the clients.

Mick O'Brien: We have also got a number of important deliverables associated with the superannuation exit. This includes continuing to manage Shield and First Guardian matters while ensuring the orderly and successful execution of the exit program. Our priority is to achieve a smooth transition for all stakeholders while maintaining strong governance and operational oversight throughout that process. As Jo outlined earlier, capital management will remain a key focus. We are committed to maintaining balance sheet strength and capital flexibility as we progress the exit and support the growth of our core businesses. The ongoing management of the Shield and First Guardian litigation remains an important priority. Equity Trustees Superannuation Limited will continue to defend its position, engage constructively with the legal and regulatory processes, and ensure that matters are managed appropriately while remaining focused on servicing the clients.

Speaker #1: Subject to those assumptions, we expect strong momentum in the continuing businesses through FY27. In TWS and CTS, the underlying drivers of growth remain favorable.

Speaker #1: Our priority is to achieve a smooth transition for all stakeholders while maintaining strong governance and operational oversight throughout that process. As Jo outlined earlier, capital management will remain a key focus. We're committed to maintaining balance sheet strength and capital flexibility as we progress the exit and support the growth of our core businesses.

Speaker #1: Continue to benefit from strong market positions and growing demand for those services and a robust pipeline of opportunities across both businesses. A key milestone will be the completion of the exit of the superannuation business, marks the final stage of a significant transition that will allow management and capital to be increasingly focused on our core growth businesses.

Speaker #1: The ongoing management of the Shield and First Guardian litigation remains an important priority. Equity Trustees Superannuation will continue to defend its position, engage constructively with the legal and regulatory processes, and ensure that matters are managed appropriately while remaining focused on servicing clients.

Speaker #1: At the same time, we'll continue investing for growth. We expect approximately 5 million of transformation-related investment during the year focused on CTS, operational capability, digitized risk monitoring, enhanced digital customer experiences, and strengthening risk and governance resources across the group.

Speaker #1: Overall, FY27 will be a year focused on growth, execution, and transition, positioning Equity Trustees for its next stage of development. Together, these initiatives are designed to deliver sustainable earnings growth, strong operating leverage, and enhanced shareholder value over the medium term.

[Company Representative] (Equity Trustees): Overall, FY27 will be a year focused on growth, execution, and transition, positioning Equity Trustees for its next stage of development. Together, these initiatives are designed to deliver a sustainable earnings growth, strong operating leverage, and enhance shareholder value over the medium term. We enter the year with confidence. Our continuing businesses have strong momentum, attractive market positions, and healthy pipelines. The benefits of recent transformation initiatives are continuing to emerge, while the planned exit of superannuation is expected to further simplify the group and sharpen our strategic focus. Important to recognize our expectations assume broadly normal investment market conditions, no material deterioration in sentiment for our services, and our continued ability to successfully navigate changes in the regulatory environment. Subject to those assumptions, we expect strong momentum in the continuing businesses through FY27.

Mick O'Brien: Overall, FY27 will be a year focused on growth, execution, and transition, positioning Equity Trustees for its next stage of development. Together, these initiatives are designed to deliver a sustainable earnings growth, strong operating leverage, and enhance shareholder value over the medium term. We enter the year with confidence. Our continuing businesses have strong momentum, attractive market positions, and healthy pipelines. The benefits of recent transformation initiatives are continuing to emerge, while the planned exit of superannuation is expected to further simplify the group and sharpen our strategic focus. Important to recognize our expectations assume broadly normal investment market conditions, no material deterioration in sentiment for our services, and our continued ability to successfully navigate changes in the regulatory environment. Subject to those assumptions, we expect strong momentum in the continuing businesses through FY27.

Speaker #1: See these investments as important enablers for the future scale, efficiency, and client service, while supporting the increasingly complex regulatory environment in which we operate.

Speaker #1: So, we enter the year with confidence. Our continuing businesses have strong momentum, attractive market positions, and healthy pipelines. The benefits of recent transformation initiatives are continuing to emerge.

Speaker #1: While the superannuation exit simplifies the business, we expect continuing current costs associated with that litigation matters during FY27 as those proceedings progress. So FY27 will be a defining year for equity trustees.

Speaker #1: While the planned exit of superannuation is expected to further simplify the group and sharpen our strategic focus, it's important to recognize that our expectations assume broadly normal investment market conditions, no material deterioration in sentiment for our services, and our continued ability to successfully navigate changes in the regulatory environment.

Speaker #1: Evolution as we complete the exit, continue investing in our growth platforms and leverage the strength of our market positions we believe the group is increasingly well placed to deliver sustainable long-term value for clients, employees, and shareholders.

Speaker #1: We have a clear strategy, strong momentum, and exciting future ahead. So thank you and I'll now have you to open up for questions and if people can use the chat function in the meeting.

Speaker #1: Subject to those assumptions, we expect strong momentum in the continuing businesses through FY27. In TWS and CTS, the underlying drivers of growth remain favorable, continue to benefit from strong market positions and growing demand for those services, and a robust pipeline of opportunities across both businesses.

[Company Representative] (Equity Trustees): In TWS and CTS, the underlying drivers of growth remain favorable, continue to benefit from strong market positions and growing demand for those services, and a robust pipeline of opportunities across both businesses. A key milestone will be the completion of the exit of the superannuation business marks the final stage of a significant transition that will allow management capital to be increasingly focused on our core growth businesses. At the same time, we will continue investing for growth. We expect approximately AUD 5 million of transformation-related investment during the year focused on CTS, operational capability, digitized risk monitoring, enhanced digital customer experiences, and strengthening risk and governance resources across the group. See these investments as important enablers for future scale, efficiency, and client service, while supporting the increasingly complex regulatory environment in which we operate.

Mick O'Brien: In TWS and CTS, the underlying drivers of growth remain favorable, continue to benefit from strong market positions and growing demand for those services, and a robust pipeline of opportunities across both businesses. A key milestone will be the completion of the exit of the superannuation business marks the final stage of a significant transition that will allow management capital to be increasingly focused on our core growth businesses. At the same time, we will continue investing for growth. We expect approximately AUD 5 million of transformation-related investment during the year focused on CTS, operational capability, digitized risk monitoring, enhanced digital customer experiences, and strengthening risk and governance resources across the group. See these investments as important enablers for future scale, efficiency, and client service, while supporting the increasingly complex regulatory environment in which we operate.

Speaker #1: So if you can pass us any questions. So the first one we have is can you talk through the organic growth in TWS and CTS reclient wins?

Speaker #1: A key milestone will be the completion of the exit of the superannuation business. This marks the final stage of a significant transition that will allow management capital to be increasingly focused on our core growth businesses.

Speaker #1: Sure, perhaps I'll take that, Jo. We continue to see that our position in trustee above services is particularly in the health and personal injury sector, but also all previous estate planning that we've done and the wills that we have in our will bank generating significant wins in estate management and also other testamentary trusts.

Speaker #1: At the same time, we'll continue investing for growth. We expect approximately $5 million of transformation-related investment during the year, focused on CTS, operational capability, digitized risk monitoring, enhanced digital customer experiences, and strengthening risk and governance resources.

Speaker #1: So there's been no change in momentum in that business in the last couple of years and the acquisition of AT some three years ago has just strengthened our position in all the states for our trustee above services business.

Speaker #1: Across the group, we see these investments as important enablers for future scale, efficiency, and client service, while supporting the increasingly complex regulatory environment in which we operate.

Speaker #1: In CTS, the growth is coming really from two areas. It's RE appointments for schemes and it's also custody appointments. Custody has been a smaller business for us that we didn't have a strong position in.

Speaker #1: While the superannuation exit simplifies the business, we expect to continue incurring costs associated with those litigation matters during FY27 as those proceedings progress. So, FY27 will be a defining year for Equity Trustees’ evolution as we complete the exit, continue investing in our growth platforms, and leverage the strength of our market positions. We believe the group is increasingly well placed to deliver sustainable long-term value for clients, employees, and shareholders.

[Company Representative] (Equity Trustees): While the superannuation exit simplifies the business, we expect continuing costs associated with that litigation matters during FY27 as those proceedings progress. FY27 will be a defining year for Equity Trustees' evolution as we complete the exit, continue investing in our growth platforms, and leverage the strength of our market positions. We believe the group is increasingly well-placed to deliver sustainable long-term value for clients, employees, and shareholders. We have a clear strategy, strong momentum, and exciting future ahead. Thank you, and I will now hand it to open up for questions. If people can use the chat function in the meeting. If you can ask us any questions. The first one we have is, "Can you talk through the organic growth in TWS and CTS re-client wins?" Sure. Perhaps I will take that, Jo.

Mick O'Brien: While the superannuation exit simplifies the business, we expect continuing costs associated with that litigation matters during FY27 as those proceedings progress. FY27 will be a defining year for Equity Trustees' evolution as we complete the exit, continue investing in our growth platforms, and leverage the strength of our market positions. We believe the group is increasingly well-placed to deliver sustainable long-term value for clients, employees, and shareholders. We have a clear strategy, strong momentum, and exciting future ahead. Thank you, and I will now hand it to open up for questions. If people can use the chat function in the meeting. If you can ask us any questions. The first one we have is, "Can you talk through the organic growth in TWS and CTS re-client wins?" Sure. Perhaps I will take that, Jo.

Speaker #1: If you go back a number of years, but it's had really strong growth as Jo pointed out in those numbers. And often those appointments go hand in hand.

Speaker #1: We don't want to do custody of large transaction-heavy type portfolios, but any other types of arrangements were very capable and comfortable to do and that's providing significant growth.

Speaker #1: The next question is in relation to the takeover proposals from TPG and VGH. Are the indicative proposals predicted predicated on retaining the superannuation business?

Speaker #1: We have a clear strategy, strong momentum, and an exciting future ahead. So thank you, and I'll now open it up for questions. If people can use the chat function in the meeting, that would be great.

Speaker #1: Do the proposals assume the acquirer will take over the potential liabilities in relation to Shield and First Guardian? Well, both the proposals are indicative non-binding proposals.

Speaker #1: So if you can pass us any questions. So the first one we have is: Can you talk through the organic growth in TWS and CTS, and recent client wins?

Speaker #1: And they are cognizant of the fact that we are exiting the superannuation business. They do basically take account of that there will be potential liabilities in relation to Shield and First Guardian and they are covered in the proposals.

Speaker #1: Sure, perhaps I'll take that, Jo. We continue to see that our position in trustee wealth services, particularly in the health and personal injury sector, but also all previous estate planning that we've done and the wills that we have in our will bank, are generating significant wins in estate management and also other testamentary trusts.

[Company Representative] (Equity Trustees): We continue to see that our position in Trustee Wealth Services, particularly in the health and personal injury sector, but also all previous estate planning that we have done and the wills that we have in our will bank generating significant wins in estate management and also other testamentary trusts. There has been no change of momentum in that business in the last couple of years. The acquisition of AET some three years ago has just strengthened our position in all the states for our Trustee Wealth Services business. In CTS, the growth is coming really from two areas. It is RE appointments for schemes, and it is also custody appointments. Custody has been a small business for us that we did not have a strong position in if you go back a number of years, but it has had really strong growth, as Jo pointed out in those numbers.

Mick O'Brien: We continue to see that our position in Trustee Wealth Services, particularly in the health and personal injury sector, but also all previous estate planning that we have done and the wills that we have in our will bank generating significant wins in estate management and also other testamentary trusts. There has been no change of momentum in that business in the last couple of years. The acquisition of AET some three years ago has just strengthened our position in all the states for our Trustee Wealth Services business. In CTS, the growth is coming really from two areas. It is RE appointments for schemes, and it is also custody appointments. Custody has been a small business for us that we did not have a strong position in if you go back a number of years, but it has had really strong growth, as Jo pointed out in those numbers.

Speaker #2: We've mentioned before that our exit plans for STS assume that we retain the SO entity and therefore our courage of the litigation matter.

Speaker #1: So, there's been no change in momentum in that business in the last couple of years, and the acquisition of AET, some three years ago, has just strengthened our position in all the states for our Trustee Wealth Services business.

Speaker #1: Thanks, Jo. Next question is what's the longer-term plan on the stranded costs of 11 to 12 million? What can this come down to? Why is this so high?

Speaker #1: In CTS, the growth is really coming from two areas. It's RE appointments for schemes, and it's also custody appointments. Custody has been a smaller business for us, where we didn't have a strong position.

Speaker #1: Does this imply proportion of corporate overhead allocation in trustee above services and corporate trustee services? Jo, do you want to have a go at that?

Speaker #2: Yes. Not quite sure of the last part of the question. In terms of our allocation methodology, like many corporates, we do a high-level scoping of time and proportionately split across our three segments.

Speaker #1: If you go back a number of years, it's had really strong growth, as Jo pointed out in those numbers. And often, those appointments go hand in hand.

[Company Representative] (Equity Trustees): Often those appointments go hand in hand. We do not want to do custody of large, transaction-heavy type portfolios, but any other types of arrangements we are very capable and comfortable to do, and that is providing significant growth. The next question is, "In relation to the takeover proposals from TPG and BGH Capital, are these indicative proposals predicated on retaining the superannuation business? Do the proposals assume the involved will takeover potential liabilities in relation to Shield and First Guardian?" Well, both the proposals are indicative of non-binding proposals. They are cognizant of the fact that we are exiting the superannuation business. They do basically take account of that there will be potential liabilities in relation to Shield and First Guardian, and they are covered in the proposals.

Mick O'Brien: Often those appointments go hand in hand. We do not want to do custody of large, transaction-heavy type portfolios, but any other types of arrangements we are very capable and comfortable to do, and that is providing significant growth. The next question is, "In relation to the takeover proposals from TPG and BGH Capital, are these indicative proposals predicated on retaining the superannuation business? Do the proposals assume the involved will takeover potential liabilities in relation to Shield and First Guardian?" Well, both the proposals are indicative of non-binding proposals. They are cognizant of the fact that we are exiting the superannuation business. They do basically take account of that there will be potential liabilities in relation to Shield and First Guardian, and they are covered in the proposals.

Speaker #1: We don't want to do custody of large, transaction-heavy type portfolios, but any other types of arrangements we're very capable and comfortable to do, and that's providing significant growth.

Speaker #2: We will post the exit of STS, be doing a review of our corporate functions to understand what costs can be reduced we would hope to have some further comments during FY27 on that matter as I mentioned the costs that the $12 million will be reallocated to TWS.

Speaker #1: The next question is: In relation to the takeover proposals from TPG and VGH, are these indicative proposals predicated on retaining the superannuation business?

Speaker #2: And CTS post the exit of STS.

Speaker #1: Thanks, Jo. The next question is a little technical question. Why has the trustee above services funds changed almost every half year for the last two years at first half?

Speaker #1: Do the proposals assume the acquirer will take over the potential liabilities in relation to Shield and First Guardian? Well, both the proposals are indicative, non-binding proposals, and they are cognizant of the fact that we are exiting the superannuation business.

Speaker #1: It was 18 billion, now 16.9 billion.

Speaker #2: Yes, I think we've had to restate this on a couple of times. Part of the little bugs we've had in terms of transitioning to the number one platform and change of reporting.

Speaker #1: They do basically take account of the fact that there will be potential liabilities in relation to Shield and First Guardian, and they are covered in the proposals.

Speaker #2: Hierarchies happy to clarify that at a further

Speaker #2: We've mentioned before that our exit plans for STS assume that we retain the SO entity, and therefore, carriage of the litigation matter.

Speaker #1: Next question is what are the key moving parts to think about on the continuing business profit of 33 million? You mentioned 5 million in CTS costs.

[Company Representative] (Equity Trustees): We have mentioned before that our exit plans for STS assume that we retain the ETSL entity and therefore carriage of the litigation matter.

Johanna Platt: We have mentioned before that our exit plans for STS assume that we retain the ETSL entity and therefore carriage of the litigation matter.

Speaker #1: Does the 33 million embed the stranded costs of the superannuation business? Are underlying TWS and CTS costs expected to grow alongside the higher governance uplift costs?

Speaker #1: Yes, Jo. Next question is, what's the longer-term plan on the stranded costs with the $11 to $12 million? What can this come down to?

[Company Representative] (Equity Trustees): Thanks, Jo. Next question is, "What is the longer-term plan on the stranded costs of AUD 11 to 12 million? What can this come down to? Why was it so high? Does this imply a proportion of corporate overhead allocation in Trustee Wealth Services and Corporate Trustee Services?" Jo, do you want to have a go at that?

Mick O'Brien: Thanks, Jo. Next question is, "What is the longer-term plan on the stranded costs of AUD 11 to 12 million? What can this come down to? Why was it so high? Does this imply a proportion of corporate overhead allocation in Trustee Wealth Services and Corporate Trustee Services?" Jo, do you want to have a go at that?

Speaker #1: Why was it so high? Does this imply a proportion of corporate overhead allocation in Trustee Wealth Services and Corporate Trustee Services? Jo, do you want to go with that?

Speaker #1: Do you want to have a go at that?

Speaker #2: Yeah, you spoke to confirm the 33 million net profit before tax for continuing business includes the stranded costs for the STS business or the 12.5 million that was referred to earlier.

Speaker #2: Yes, I'm not quite sure about the last part of the question. In terms of our allocation methodology, like many corporates, we do a high-level scoping of time and proportionately split it across our three segments.

[Company Representative] (Equity Trustees): Not quite sure of the last part of the question.

Johanna Platt: Not quite sure of the last part of the question.

[Company Representative] (Equity Trustees): Yeah.

Mick O'Brien: Yeah.

[Company Representative] (Equity Trustees): In terms of our allocation methodology, like many corporates, we do a high-level scoping of time and proportionately split across our three segments. We will post the exit of STS, be doing a review of our corporate functions to understand what costs can be reduced. We would hope to have some further comments during FY27 on that matter. As I mentioned, the costs that the AUD 12 million will be reallocated to TWS and CTS post the exit of STS.

Johanna Platt: In terms of our allocation methodology, like many corporates, we do a high-level scoping of time and proportionately split across our three segments. We will post the exit of STS, be doing a review of our corporate functions to understand what costs can be reduced. We would hope to have some further comments during FY27 on that matter. As I mentioned, the costs that the AUD 12 million will be reallocated to TWS and CTS post the exit of STS.

Speaker #2: The there's not really a concept of underlying costs. So the operating costs for TWS and CTS continue we think margins can be maintained in those businesses with the top line growth particularly in CTS.

Speaker #2: We will post the exit of STS, and be doing a review of our corporate functions to understand what costs can be reduced. We would hope to have some further comments during FY27 on that matter.

Speaker #2: And to note your comment that yes, there is we've called out an uplift of around $5 million to support a CTS transformation and uplift in our enterprise risk resourcing.

Speaker #2: As I mentioned, the costs—that is, the $12 million—will be reallocated to TWS and CTS, post the exit of STS.

Speaker #1: Thanks, Jo. The next question is is there any update on the board's view of the takeover offers? When can we expect an update? The board's naturally been focused on the delivery of these results over the course of the last couple of weeks.

Speaker #1: Thanks, Jo. The next question is a little technical. Why have the trustee wealth services funds changed almost every half year for the last two years in the first half?

[Company Representative] (Equity Trustees): Thanks, Jo. Next question is a little technical question. "Why has the Trustee Wealth Services funds changed almost every H1 for the last two years? At H1 it was AUD 18 billion, now AUD 16.9 billion.

Mick O'Brien: Thanks, Jo. Next question is a little technical question. "Why has the Trustee Wealth Services funds changed almost every H1 for the last two years? At H1 it was AUD 18 billion, now AUD 16.9 billion.

Speaker #1: It was $18 billion, now $16.9 billion.

Speaker #1: And they've returned their mind to the two takeover offers where obviously doing considerable valuation work currently and the board will consider that. That's likely to be over the course of the next four weeks or so.

Speaker #2: Yes, I think we've had to restate this a couple of times. Part of the little bugs we've had, in terms of transitioning to the number one platform and change of reporting hierarchies. Happy to clarify that at a further update.

[Company Representative] (Equity Trustees): Yes. I think we've had to restate this one a couple of times. Part of the little bugs we've had in terms of transitioning to the Novar platform and change of reporting hierarchies. Happy to clarify that at a further update.

Johanna Platt: Yes. I think we've had to restate this one a couple of times. Part of the little bugs we've had in terms of transitioning to the Novar platform and change of reporting hierarchies. Happy to clarify that at a further update.

Speaker #1: We'll update the market as soon as the board has had an opportunity to consider those offers and has made a decision as to how it's going to move forward from that point.

Speaker #1: Next question is: What are the key moving parts to think about on the continuing business profit of $33 million? You mentioned $5 million in CTS costs.

[Company Representative] (Equity Trustees): The next question is, "What are the key moving parts to think about on the continuing business profit of AUD 33 million? You mentioned AUD 5 million in CTS costs. Does the AUD 33 million embed the stranded costs of the superannuation business? Are underlying TWS and CTS costs expected to grow alongside the higher governance uplift costs?" Do you want to have a go at that, Jo?

Mick O'Brien: The next question is, "What are the key moving parts to think about on the continuing business profit of AUD 33 million? You mentioned AUD 5 million in CTS costs. Does the AUD 33 million embed the stranded costs of the superannuation business? Are underlying TWS and CTS costs expected to grow alongside the higher governance uplift costs?" Do you want to have a go at that, Jo?

Speaker #1: I think we might be out of questions.

Speaker #1: Does the $33 million include the stranded costs of the superannuation business? Are underlying TWS and CTS costs expected to grow alongside the higher governance uplift costs?

Speaker #2: I think there was a question at the top of the page I think regarding I think the TWS revenue. The growth half one to half two I don't have the restated number in front of me.

Speaker #2: However, at the half, we did call out in our investor presentation what was considered non-recurring. So refer you to that to help determine a normalized result for that half.

Speaker #1: Do you want to have a go at that?

Speaker #2: Yeah, I'm happy to. You spoke to confirm that the $33 million net profit before tax for continuing business includes the stranded costs for the STS business, or the $12.5 million that was referred to earlier.

[Company Representative] (Equity Trustees): Yeah.

Johanna Platt: Yeah.

[Company Representative] (Equity Trustees): Yes.

Mick O'Brien: Yes.

[Company Representative] (Equity Trustees): To confirm, the AUD 33 million net profit before tax for continuing business includes the stranded costs for the STS business or the AUD 12.5 million that was referred to earlier. There's not really a concept of underlying costs. The operating costs for TWS and CTS continue. We think margins can be maintained in those businesses with the top line growth, particularly in CTS. To note your comment that, yes, we've called out an uplift of around AUD 5 million to support a CTS transformation and uplift in our enterprise risk resourcing.

Johanna Platt: To confirm, the AUD 33 million net profit before tax for continuing business includes the stranded costs for the STS business or the AUD 12.5 million that was referred to earlier. There's not really a concept of underlying costs. The operating costs for TWS and CTS continue. We think margins can be maintained in those businesses with the top line growth, particularly in CTS. To note your comment that, yes, we've called out an uplift of around AUD 5 million to support a CTS transformation and uplift in our enterprise risk resourcing.

Speaker #1: All right. Thank you. The next. We do have some more questions. The next question is based on the margin holding and revenue growing, are you saying expect we would expect continuing business most to grow in FY27 versus FY26?

Speaker #2: There’s not really a concept of underlying costs. So the operating costs for TWS and CTS continue. We think margins can be maintained in those businesses with the top-line growth, particularly in CTS.

Speaker #2: And to note your comment that yes, we've called out an uplift of around $5 million to support a CTS transformation, and uplift in our enterprise risk resourcing.

Speaker #2: I think what we're saying I think we're saying there do we see profit and margin growth for the continuing operations if I interpret the question correctly.

Speaker #2: As I mentioned, we do see margin percentage margins for continuing operations being stable in the forward view subject to the normal caveats. And that we would have top line growth still in the continuing operations business.

Speaker #1: Thanks, Jo. The next question is: Is there any update on the board's view of the takeover offers? When can we expect an update? The board's naturally been focused on the delivery of these results over the course of the last couple of weeks.

[Company Representative] (Equity Trustees): Sure. The next question is: Is there any update on the board's view of the takeover offers? When can we expect an update? The board's naturally been focused on the delivery of these results over the course of the last couple of weeks, and they can turn their mind to the two takeover offers. We're obviously doing considerable valuation work currently, and the board will consider that. That's likely to be over the course of the next four weeks or so. We'll update the market as soon as the board has had an opportunity to consider those offers and has made a decision as to how it's going to move forward from that point. I think we might be out of questions.

Mick O'Brien: Sure. The next question is: Is there any update on the board's view of the takeover offers? When can we expect an update? The board's naturally been focused on the delivery of these results over the course of the last couple of weeks, and they can turn their mind to the two takeover offers. We're obviously doing considerable valuation work currently, and the board will consider that. That's likely to be over the course of the next four weeks or so. We'll update the market as soon as the board has had an opportunity to consider those offers and has made a decision as to how it's going to move forward from that point. I think we might be out of questions.

Speaker #1: And they've turned their mind to the two takeover offers. We're obviously doing considerable valuation work currently, and the board will consider that. That's likely to be over the course of the next four weeks or so.

Speaker #1: Thanks, Jo. Are you able to talk more about.

Speaker #2: We've answered those.

Speaker #1: Oh, we did. That's all we did. We did that one. Sorry. Great. All right. I think we might have answered all the questions. So if there's I'll wave it.

Speaker #1: We'll update the market as soon as the Board has had an opportunity to consider those offers and has made a decision as to how it's going to move forward from that point.

Speaker #1: 10, 20 seconds. If there's no more coming on board. Don't think there is.

Speaker #2: You've got a new post. Let me just looking.

Speaker #1: I think we might be out of questions.

Speaker #1: Let's try and find us a new post.

Speaker #2: I think there was a question at the top of the page regarding— I think it was TWS revenue, the growth from half one to half two.

Speaker #2: It's just now top one. Yeah.

Speaker #1: Okay. You see that, Jo?

[Company Representative] (Equity Trustees): I think there was a question at the top of the page.

Johanna Platt: I think there was a question at the top of the page.

[Company Representative] (Equity Trustees): Oh, sorry.

Mick O'Brien: Oh, sorry.

[Company Representative] (Equity Trustees): Regarding, I think it was TWS revenue, the growth H1 to H2. I do not have the restated number in front of me. However, at the half we did call out in our investor presentation what was considered non-recurring. So refer you to that to help determine a normalized result for that half.

Johanna Platt: Regarding, I think it was TWS revenue, the growth H1 to H2. I do not have the restated number in front of me. However, at the half we did call out in our investor presentation what was considered non-recurring. So refer you to that to help determine a normalized result for that half.

Speaker #2: I think that's the next one we've already answered, so.

Speaker #2: I don't have the restated number in front of me. However, at the half year, we did call out in our investor presentation what was considered non-recurring.

Speaker #1: Yeah. No, I think we've I think we've answered all the questions, so. So look forward to over the course of the next week getting out to see brokers and shareholders across both Melbourne and Sydney.

Speaker #2: So I refer you to that to help determine a normalized result for that half.

Speaker #1: All right, thank you. The next—we do have some more questions. The next question is: Based on the margin holding and revenue growing, are you saying we would expect continuing business most to grow in FY27 versus FY26?

[Company Representative] (Equity Trustees): Right. Thank you. We do have some more questions. The next question is: Based on the margin folding and revenue growing, are you saying we would expect continuing business at most to grow in FY27 versus FY26?

Mick O'Brien: Right. Thank you. We do have some more questions. The next question is: Based on the margin folding and revenue growing, are you saying we would expect continuing business at most to grow in FY27 versus FY26?

Speaker #2: I think what we're saying—I think we're saying there, do we see profit and margin growth for the continuing operations? Am I interpreting the question correctly?

[Company Representative] (Equity Trustees): I think what we are saying there is do we see profit and margin growth for continuing operations, if I interpret the question correctly. As I mentioned, we do see percentage margins for continuing operations being stable in the forward view, subject to the normal caveats, and that we would have top-line growth still in the continuing operations business.

Johanna Platt: I think what we are saying there is do we see profit and margin growth for continuing operations, if I interpret the question correctly. As I mentioned, we do see percentage margins for continuing operations being stable in the forward view, subject to the normal caveats, and that we would have top-line growth still in the continuing operations business.

Speaker #2: As I mentioned, we do see margin percentages for continuing operations being stable in the forward view, subject to the normal caveats, and we would expect to see top-line growth still in the continuing operations business.

Speaker #1: Thanks, Jo. Are you able to talk more? Oh, we did. That's what we did then—we did that one, sorry. Right, all right. I think we might have answered all the questions.

[Company Representative] (Equity Trustees): Sure. Are you able to talk more about-

Mick O'Brien: Sure. Are you able to talk more about-

[Company Representative] (Equity Trustees): We have answered that one.

Johanna Platt: We have answered that one.

[Company Representative] (Equity Trustees): Oh, we did?

Mick O'Brien: Oh, we did?

[Company Representative] (Equity Trustees): Yeah.

Johanna Platt: Yeah.

[Company Representative] (Equity Trustees): Sorry, we did that one. Sorry. Great. All right. I think we might have answered all the questions. I will wait 10, 20 seconds, if there is no more coming on board. Do not think there is.

Mick O'Brien: Sorry, we did that one. Sorry. Great. All right. I think we might have answered all the questions. I will wait 10, 20 seconds, if there is no more coming on board. Do not think there is.

Speaker #1: So first, I'll wait 10 or 20 seconds if there's no more coming on board. I don't think there is.

Speaker #2: You've got a new post.

Speaker #1: Oh, new post. So.

Speaker #2: I'm just smirking.

[Company Representative] (Equity Trustees): No, I think that is it.

Johanna Platt: No, I think that is it.

[Company Representative] (Equity Trustees): Nice.

Mick O'Brien: Nice.

[Company Representative] (Equity Trustees): I am just looking. Just trying to find it somewhere just now, top one. Yeah.

Johanna Platt: I am just looking. Just trying to find it somewhere just now, top one. Yeah.

Speaker #1: Just trying to find us a new post.

Speaker #2: Just now, top one. Yeah.

Speaker #1: Okay. You see that, Jo?

[Company Representative] (Equity Trustees): Okay. You seen that, Jo?

Mick O'Brien: Okay. You seen that, Jo?

Speaker #2: I think that's the next one we've already answered, so.

[Company Representative] (Equity Trustees): I think that is the one we have already answered.

Johanna Platt: I think that is the one we have already answered.

Speaker #1: Yeah, no, I think we've answered all the questions. So we look forward to, over the course of the next week, getting out to see brokers and shareholders across both Melbourne and Sydney. Thank you for attending this morning's presentation.

[Company Representative] (Equity Trustees): No, I think we have answered all the questions. We look forward to, over the course of next week, Dean, to see brokers and shareholders across both Melbourne and Sydney. Thank you for attending this morning's presentation, and I hope you have a lovely day. Thank you.

Mick O'Brien: No, I think we have answered all the questions. We look forward to, over the course of next week, Dean, to see brokers and shareholders across both Melbourne and Sydney. Thank you for attending this morning's presentation, and I hope you have a lovely day. Thank you.

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