Full Year 2026 Generation Development Group Ltd Earnings Call

August 26, 2026

Speaker #2: Thank you for standing by, and welcome to the Generation Development Group Limited FY26 results presentation. All participants are in a listen-only mode. There will be a presentation, followed by a question-and-answer session.

Operator 2: Thank you for standing by, and welcome to the Generation Development Group Limited FY2026 results presentation. All participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand over the conference to Mr. Grant Hackett, Group Chief Executive Officer. Please go ahead.

Operator: Thank you for standing by, and welcome to the Generation Development Group Limited FY2026 results presentation. All participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand over the conference to Mr. Grant Hackett, Group Chief Executive Officer. Please go ahead.

Speaker #2: If you wish to ask a question, you will need to press the star key, followed by the number 1 on your telephone keypad. I would now like to hand over the conference to Mr. Grant Hackett, Group Executive Officer.

Speaker #2: Please go ahead.

Speaker #3: Hello, and good morning to everyone. First, thank you very much for joining us for Generation Development Group’s FY26 results. We’ll be moving through the slide pack today.

Grant Hackett: Hello, and good morning to everyone. Firstly, thank you very much for joining us for Generation Development Group's FY2026 results. Moving through the slide pack today, we are going to start on our vision on slide 3. The vision for us in terms of GDG's outlook and the way that we view our business is that we want to be one of the most admired financial services companies, recognized for performance, innovation, and customer outcomes. It is certainly been the underlying DNA of our business and the values that really underpin that is around clarity. Just being clear in terms of what we want to achieve, how we want to achieve it, and how we communicate with our customers. Innovation, we very much innovated on the product side, whether it is through our managed account business or our tax optimized or with Lonsec Research. And certainly the integrity.

Speaker #3: We're going to start on our vision on slide 3. So the vision for us, in terms of GDG's outlook and the way that we view our business, is that we want to be one of the most admired financial services companies, recognized for performance, innovation, and customer outcomes.

Speaker #3: It's certainly been the underlying DNA of our business. The values that really underpin that are around clarity—just being clear in terms of what we want to achieve, how we want to achieve it, and how we communicate with our customers—and innovation.

Speaker #3: We very much innovated on the product side, whether it's through our managed account business or our tax-optimized, or with OneSec research. And certainly, the integrity—the way in which we win—is very important.

Grant Hackett: The way in which we win is very important, and we want to make sure that these values guide us in terms of what we deliver for all our customers, shareholders, and our people. The way we win really matters. Turning on to slide 4. For those of you who are new to the GDG story, the group holds market leading positions across three very strong brands across financial services. The first being Generation Life, with the investment bond and lifetime annuity business. Evidentia Group managed accounts, one of the fastest growing parts of financial services, with over a 20% CAGR for the past 10 years in terms of sector growth. And then, of course, Lonsec Research and Ratings. Group FUM increased to 37% or AUD 46.5 billion, supported by record net inflows of AUD 9.7 billion for the year for FY2026.

Speaker #3: And we want to make sure that these values guide us in terms of what we deliver for all our customers, shareholders, and our people.

Speaker #3: The way we win really matters. Turning to slide 4, for those of you who are new to the GDG story, the Group holds a market-leading position across three very strong brands in financial services.

Speaker #3: The first being Generation Life, with the investment bond and lifetime annuity business; Evidentia Group managed accounts, one of the fastest-growing parts of financial services, with over a 20% CAGR for the past 10 years in terms of sector growth.

Speaker #3: And then, of course, Lonsec Research and Ratings. Group funds under management increased by 37% to $46.5 billion, supported by record net inflows of $9.7 billion for the year, for FY26.

Speaker #3: So, a massive year for the group, and congratulations to all the team that produced such an outstanding result. That drove total revenue growth of 23%, and underlying NPAC growth of 21% on a pro forma basis.

Grant Hackett: So a massive year for the group, and congratulations to all the team that produced such an outstanding result. That drove total revenue growth of 23% and underlying NPAT growth of 21% on a pro forma basis, as you can see. Andrew Mellor, our new Chief Financial Officer, will take you through the detailed financial analysis in the slides to come. Moving through to slide number 5. You can see here, just in terms of the growth, or slide number 6, sorry. You can see the growth in execution of our group has been extremely strong over the course of FY26, and we maintained very strong positions, the number one position, in fact, across our three key segments. We have made a lot of progress in terms of our key strategic priorities. We have continued with disciplined investment in distribution products, people, technology to support this scale.

Speaker #3: As you can see, Andrew Meller, our new Chief Financial Officer, will take you through the detailed financial analysis in the slides to come.

Speaker #3: Moving through to slide number 5—you can see here, just in terms of the growth—or slide number 6, sorry—you can see the growth in execution of our group has been extremely strong over the course of FY26.

Speaker #3: And we maintained very strong positions—the number one position, in fact—across our three key segments. And we made a lot of progress in terms of our key strategic priorities.

Speaker #3: We've continued with disciplined investment in distribution, products, people, and technology to support this scale. This is particularly important as we look to capitalize on the very structural tailwinds in managed accounts, which are quite significant.

Grant Hackett: This is particularly important as we look to capitalize on the very structural tailwinds that we see in managed accounts, which are quite significant. I have already touched on the sector growth there. We have been taking significantly more than our natural market share. We have, of course, got the legislative tailwinds of the investment bonds and the tax reforms that were announced in the May budget. Also, prior to that, we saw the changes in superannuation around the Division 296, which affects large super balances come into effect. Moving on to slide 7, looking at some of the key operating metrics across our business. You can see Generation Life, a significant uplift. In fact, over the past couple of years, we have gone from FY24 sales numbers of just over AUD 650 million of gross inflows to now over AUD 1.5 billion of total gross inflows.

Speaker #3: And I've already touched on the sector growth there. We've been taking significantly more than our natural market share. We've, of course, got the legislative tailwinds of the investment bonds and the tax reforms that were announced in the May Budget.

Speaker #3: And also, prior to that, we saw the changes in superannuation around Division 296, which affects large super balances, come into effect. Moving on to slide 7, looking at some of the key operating metrics across our business.

Speaker #3: You can see Generation Life has had significant uplift; in fact, over the past couple of years, we've gone from FY24 sales numbers of just over $650 million of gross inflows to now over $1.5 billion of total gross inflows.

Speaker #3: And we've really expanded across our active advising client base to almost 3,000 active advisors for the year. That's based on a 12-month rolling average.

Grant Hackett: We have really expanded across our active advising client base to almost 3,000 active advisers for the year. That is based on a 12-month rolling average. An investment maturity profile of over 15 years, you can see for the investment bonds. So it is a very high margin product. We have got very strong market position and we have continued to grow at record rates. Evidentia generated another incredible year of net inflows of AUD 8.4 billion. Continue to grow materially faster than its natural market share of 1.8 times. That has been over the past couple of years that we have been able to sustain that. We have grown the team materially and integrated the two businesses over the last 12 months with Lonsec Investment Solutions and Evidentia Managed accounts.

Speaker #3: And an investment maturity profile of over 15 years—you can see this for the investment bond. So, it's a very high-margin product. We've got a very strong market position.

Speaker #3: And we've continued to grow at record rates. Evidentia generated another incredible year of net inflows of $8.4 billion, continuing to grow materially faster than its natural market share, at 1.8 times.

Speaker #3: And that's been over the past couple of years that we've been able to sustain that. We've grown the team materially and integrated the two businesses over the last 12 months, with Lonsec Investment Solution and Evidentia managed accounts.

Speaker #3: Lonsec also expanded both product coverage and subscribers in another record year, demonstrating continued demand for its research and ratings capability. It certainly has the strongest brand in the marketplace.

Grant Hackett: Lonsec also expanded both product coverage and subscribers in another record year, demonstrating continued demand for its research and ratings capability, and certainly has the strongest brand in the marketplace. Looking now on slide 8. Again, some of the earnings growth that we are seeing across the group and each of the businesses. Strong firm growth and revenue growth of AUD 178 million, or up 23%. EBITDA of AUD 59.2 million, up 18% on a pro forma basis. Underlying NPAT increased 21% to almost AUD 41 million, reflecting earnings growth across each of the operating businesses. You can see slide 9 really talks about the trajectory of the business over its three core areas in terms of firm growth, revenue growth, and underlying EBITDA growth. See 77% CAGR there in group firm to the AUD 46.5 billion that I have already touched on.

Speaker #3: Looking now at slide 8, again, some of the earnings growth that we're seeing across the group and each of the businesses. Strong firm growth, and revenue growth of $178 million, or up 23%.

Speaker #3: EBITDA of $59.2 million, up 18% on a pro forma basis. Underlying NPAC increased 21% to almost $41 million, reflecting earnings growth across each of the operating businesses.

Speaker #3: You can see slide 9 really talks about the trajectory of the business over its three core areas, in terms of firm growth, revenue growth, and underlying EBITDA growth.

Speaker #3: We see 70% to 77% CAGR there in group FUM, to the $46.5 billion that I've already touched on. There's 23% CAGR revenue growth to close at $178 million for FY26.

Grant Hackett: 23% CAGR in revenue growth to close at AUD 178 million for FY26, then underlying EBITDA growth from FY22 through to FY26 of 37%. Moving on to slide 10, just talking about the strategic priorities across Generation Development Group and each of the businesses. We have some great assets. We have done a lot of investment in these assets, and we continue to get more structural and legislative tailwinds. We believe we are really in a strong position to be able to benefit from those tailwinds, both in retirement advice and the platform adoption. Across the group, our priorities really are to, and we are going to talk in a little bit more detail around this as we get through the presentation today, but deepen client relationships, expand our distribution, and continue our product innovation.

Speaker #3: And then, underlying EBITDA growth from FY22 through to FY26 of 37%. Moving on to slide 10, just talking about the strategic priorities across Generation Development Group and each of the businesses.

Speaker #3: We've got some great assets. We've done a lot of investment in these assets, and we continue to get more structural and legislative tailwinds. So we believe we're really in a strong position to be able to benefit from those tailwinds, both in retirement advice and in the platform adoption.

Speaker #3: Across the group, our priorities really are to—and we're going to talk in a little bit more detail around this as we get through the presentation today.

Speaker #3: But deepen client relationships, expand our distribution, and continue our product innovation. This will allow us to deepen our competitive moat. We have a very good track record around execution and bringing new products to market that have been successful.

Grant Hackett: This will allow us to deepen our competitive moat, which we have a very good track record around execution and bringing new products to market that have been successful. We have several other initiatives that we think is going to create a lot more value, both for our customers and for our shareholders. What is really important to note around all of this, when we are looking at any sort of investment, we remain very disciplined and proportionate to the opportunity. That is a really important part. Anything that we are looking at, we know we have a lot of long-term tailwinds that are on our side, but we are very focused on making sure that any investment is disciplined and proportionate to the opportunity with selective acquisitions assessed against the strategic fit and long-term value creation.

Speaker #3: And we've got several other initiatives that we think are going to create a lot more value, both for our customers and for our shareholders.

Speaker #3: What's really important to note around all of this is that, when we're looking at any sort of investment, we remain very disciplined and proportionate to the opportunity.

Speaker #3: That's a really important part. Anything that we're looking at, we know we've got a lot of long-term tailwinds that are on our side, but we're very, very focused on making sure that any investment is disciplined and proportionate to the opportunity, with selective acquisitions assessed against the strategic fit and long-term value creation.

Speaker #3: Moving on to slide 12 and deep diving a little bit more into the Generation Life business and the investment bond market, we can see here we’re operating in probably what is one of the most attractive long-term growth environments that we’ve seen in financial services.

Grant Hackett: Moving on to slide 12 and deep diving a little bit more into the Generation Life business and the investment bond market. We can see here we are operating in probably what is one of the most attractive long-term growth environments that we have seen in financial services, and this is supported by retirement, this huge amount of wealth transfer that we are going to see over the next 30 or 40 years, and the legislative tailwinds that continue to expand the demand for tax effective wealth solutions like investment bonds. The investment bond market, and we have done a lot of building around the model for this, is expected to exceed approximately AUD 60 billion in FUM by 2035. Some pretty exciting numbers there. That is, of course, driven off three core factors. One is the change we have seen to superannuation and the large super balances with Division 296.

Speaker #3: And this is supported by retirement, this huge amount of wealth transfer that we're going to see over the next 30 or 40 years, and the legislative tailwinds that continue to expand the demand for tax-effective wealth solutions like investment bonds.

Speaker #3: The investment bond market, and we've done a lot of building around the model for this, is expected to exceed approximately $60 billion in funds under management by 2035.

Speaker #3: So, some pretty exciting numbers there. And that's, of course, driven by three core factors. One is the change we've seen to superannuation, and the large super balances with Division 296.

Speaker #3: We're seeing this significant wealth transfer, and it can be structured as a non-estate asset. So that's the second part. And obviously, we saw in the May Budget the significant tax reforms, particularly the removal of the CGT discount.

Grant Hackett: We are seeing this significant wealth transfer, and it can be structured as a non-estate asset. That is the second part. Obviously, we saw in the May budget the significant tax reforms, particularly removal of the CGT discount. Again, investors, particularly wealthy investors, looking for more tax effective homes to be able to grow and take care of their wealth. Generation Life has been the market leader in this market for some time, capturing 59% of annual inflows to the end of March 2026. Turning to slide 13, talking about that, I guess, total addressable market opportunity. We really plan to extend this through a few key focuses, but really what we want to do is evolve from a product provider into a broader wealth solutions partner. A lot of our investments will focus on outcomes to improve both advisor and clients' experience.

Speaker #3: So again, investors, particularly wealthy investors, are looking for more tax-effective homes to be able to grow and take care of their wealth. Generation Life has been the market leader in this market for some time, capturing 59% of annual inflows to the end of March 26.

Speaker #3: Turning to slide 13, talking about that, I guess, total addressable market opportunity. We really plan to extend this through a few key focuses, but really what we want to do is evolve from a product provider into a broader wealth solutions partner.

Speaker #3: So, a lot of our investments will focus on outcomes to improve both advisor and client experience. This is through digital transformation, scalability, and new products that we plan to bring to market that are, of course, tax-optimized in the investment bond space.

Grant Hackett: This is through digital transformation, through scalability, and new products that we plan to bring to market that are, of course, tax optimized in the investment bond space. A lot of the automation and AI that we are investing in at the moment will support a lot of this efficiency and scale, and we are making sure that each of our investments are tied to measurable outcomes. Moving on to slide 14, to take a bit more of a closer look at Evidentia Managed Accounts. Again, it has been another incredible year for that business, delivering record FUM and net flows while maintaining its lead as the largest provider of managed accounts, significantly bigger than its nearest competitor and growing significantly faster. The business continues to have more advisors, more practices supporting it.

Speaker #3: A lot of the automation and AI that we're investing in at the moment will support a lot of this efficiency and scale, and we're making sure that each of our investments is tied to measurable outcomes.

Speaker #3: Moving on to slide 14, we'll take a bit more of a closer look at Evidentia Managed Accounts. Again, it's been another incredible year for that business, delivering record firm and net flows while maintaining its lead as the largest provider of managed accounts—significantly bigger than its nearest competitor and growing significantly faster. The business continues to have more advisors and more practices supporting it.

Speaker #3: It was a record year of new clients that adopted the Evidentia managed accounts, and we continue to deepen and strengthen those relationships. The scale, the product breadth, the partnership position—we think Evidentia is going to continue to benefit from not just the market growth and the sector growth that we're seeing in managed accounts, but also the asset industry-wide compliance review, given the scale, the investment, the technology, and the risk management overlay that we have within the business.

Grant Hackett: It was a record year of new clients that adopted the Evidentia Managed Accounts, and we continue to deepen and strengthen those relationships. The scale, the product breadth, the partnership position, we think Evidentia is going to continue to benefit from not just the market growth and the sector growth that we are seeing in managed accounts, but also the ASIC industry-wide compliance review. Given the scale, the investment, the technology, the risk management overlay that we have within the business, we think we are going to be a big beneficiary of any changes that we see moving forward as scale will play a more important front and center place as managed accounts continues to grow. Moving on to slide 15, executing and the focus of us moving forward for our managed account business. We spoke about deepening those advisor relationships. It is not just for us being an outsource CIO.

Speaker #3: We think we're going to be a big beneficiary of any changes that we see moving forward, as scale will play a more important, front-and-center place as managed accounts continue to grow.

Speaker #3: Moving on to slide 15, executing and the focus for us moving forward for our managed account business. We spoke about deepening those advisor relationships.

Speaker #3: It's not just about us being an outsourced CIO. That's not what our managed accounts are. Of course, we are an asset consultant first and foremost, but it's more that we're an integrated partner that helps drive and create value for the advice practices that we do business with.

Grant Hackett: That is not what our managed accounts just is. Of course, we are an asset consultant first and foremost, but it is more so that we are an integrated partner that helps drive and create value for the advice practices that we do business with. We look at their efficiency. We want to be able to convert that fee to FUM as a business, and we want to help these practices grow out their businesses. We help them look at M&A. We did the acquisition of Encore Consultancy last year, again, to be able to help offer more services to our clients. So the scale, the operational discipline are expected to support the operational leverage in that business over the medium term. We should really see that start to kick in probably more from FY28 onwards.

Speaker #3: We look at their efficiency. We want to be able to convert that fluid to fund as a business, and we want to help these practices grow out their businesses.

Speaker #3: We help them look at M&A. We did the acquisition of Encore Consultancy last year, again to be able to help offer more services to our clients.

Speaker #3: So the scale and the operational discipline are expected to support the operational leverage in that business over the medium term. We should really see that start to kick in, probably more from FY28 onwards.

Speaker #3: The integration on slide 16, talking about the integration of both of our managed account businesses, was a huge piece of work that we took on, bringing together two very, very good assets.

Grant Hackett: The integration on slide 16, talking about the integration of both of our managed account business, which was a huge piece of work that we took on bringing together two very, very good assets. The number 1 and the number 2, or equal number 1, we will call it for the sake of it, managed account businesses out in the market. We saw that integration completed on time and on budget in June 2026. The combined platform, broader distribution, advisor reach, the implementation capability that we have got there, and of course, I touched on Encore Advisory that further extends the consulting and practice transformation capabilities and really starts to increase the competitive moat that we have around that business. On slide 17, we are moving through to Lonsec Research and Ratings. Lonsec is a very well-known, very strong, and trusted brand out in the marketplace. Had an incredible year of growth.

Speaker #3: The number one and the number two, or equal number one—we'll call it for the sake of it—managed account businesses out in the market.

Speaker #3: We saw that integration completed on time and on budget. In June 2026, the combined platform brought a distribution of advisor reach, the implementation capability that we've got there, and of course, I touched on Encore Advisory that further extends the consulting and practice transformation capabilities, and really starts to increase the competitive moat that we have around that business.

Speaker #3: On slide 17, we're moving through to Lonsec Research and Ratings. Lonsec is a very well-known, very strong, and trusted brand out in the marketplace.

Speaker #3: Had an incredible year of growth. We saw Lonsec products researched up 9%. A big goal for us was actually to get to that 2,000 mark, and we just got there with 2,001 products researched.

Grant Hackett: We saw Lonsec products researched up 9%. A big goal for us was actually to get to that 2,000 mark, and we just got there with 2,001 products researched. This is, of course, across various funds, ETFs, SMAs for the first time, given that we moved Lonsec Investment Solutions away from the research business and obviously moved that over to Evidentia. Of course, there are superannuation options that are researched as part of that. Its core research and ratings business continues to generate strong cash flow and maintain high margins. In fact, looking at the business, and Andy Mellor will talk to it in the financials, it has close to 50% EBITDA margins and mid-teens in terms of EBITDA performance. So it is a very, very good business, a great asset for GDG. We also saw some innovations there with Lonsec Governance Solutions, which was launched just last week.

Speaker #3: And this is, of course, across various funds, ETFs, and SMAs for the first time, given that we moved Lonsec Investment Solutions away from the research business and, obviously, moved that over to Evidentia.

Speaker #3: And of course, there are superannuation options that are researched as part of that. Its core research and ratings business continues to generate strong cash flow and maintain high margins.

Speaker #3: In fact, looking at the business—and Andy will talk to it in the financials—it’s got close to 50% EBITDA margins and mid-teens in terms of EBITDA performance.

Speaker #3: So, it's a very, very good business—a great asset for GDG. We also saw some innovations there with Lonsec Governance Solutions, which was launched just last week.

Speaker #3: It's a product we've been talking about for some time, and this extends the business into specialist governance and investment oversight. In terms of the growth strategy, you can see there on slide 18 for Lonsec.

Grant Hackett: It is a product we have been talking about for some time, and this extends the business into specialist governance and investment oversight. In terms of the growth strategy, you can see there on slide 18 for Lonsec, it is very much a trusted provider in the marketplace. We are looking at new services to be able to diversify the revenue away from its core business, the research business, and looking at governance solutions and deepening these client relationships that we have, and operating differentiated retirement and analytic capabilities. The technology and data will further deepen insights, and also faster product innovation and greater operating efficiency within that business. So Lonsec has been around close to four decades now, and it has a lot of data and research and capability in there and things that we certainly plan to leverage from here on, moving forward.

Speaker #3: It's very much a trusted provider in the marketplace. We're looking at new services to be able to diversify the revenue away from its core business—the research business—and looking at governance solutions, deepening these client relationships that we have, and operating differentiated retirement and analytic capabilities.

Speaker #3: The technology and data will further deepen insights and also enable faster product innovation and greater operating efficiency within that business. So, Lonsec has been around for close to four decades now, and it's got a lot of data, research, and capability in there—things that we certainly plan to leverage from here on, moving forward.

Speaker #3: Moving to slides 19 and 20, adoption. At the half-year results in February, we did talk about our approach to AI, and we've certainly moved away from the sort of planning phase into a controlled deployment across the group. A board-endorsed governance framework, clear accountability, and risk controls are now in place for the group and across each of our businesses. Targeted initiatives are progressing across both research, portfolio analytics, reporting, retirement modeling, compliance, and a lot of our workflows across the group.

Grant Hackett: Moving to slides 19 and 20 that I will cover off just around our AI adoption. At the H1 results in February, we did talk about our approach to AI. We have certainly moved away from the planning phase into a controlled deployment across the group. A board-endorsed governance framework, clear accountability, risk controls are now in place for the group and across each of our businesses, and targeted initiatives are progressing across both research, portfolio analytics, reporting, retirement modeling, compliance, and a lot of our workflows across the group. Our approach around AI remains capital light and partnership-led. Partnerships like in Lonsec with AWS is an example of that, and we are focused on measurable productivity and scalability, and obviously getting the operational benefits out of any AI that we continue to implement within the business or any of the businesses that we have.

Speaker #3: Our approach around AI remains capitalized and partnership-led. Partnerships like in Lonsec with AWS are an example of that. And we're focused on measurable productivity and scalability.

Speaker #3: And obviously, getting the operational benefits out of any AI that we continue to implement within the business, or any of the businesses that we have.

Speaker #3: Turning to slide 21, this really talks about the value creation framework. As I said, everything that we've discussed today—and Andy will go through—ultimately comes back to one objective: converting strong market positions and growing scale into sustainable earnings growth and long-term shareholder value.

Grant Hackett: Turning to slide 21, this really talks about the value creation framework. I said everything that we have said today, and Andy Mellor will go through, ultimately comes back to one objective: converting strong market positions and growing scale into sustainable earnings growth and long-term shareholder value. Our distribution reach, adviser relationships, and platform capabilities drive net inflows, fund growth, and most importantly, reoccurring revenue. Capital will be allocated between organic investment, balance sheet flexibility, and selective strategic acquisitions. The objective for us is obviously to have sustainable EPS growth, improving returns, and long-term shareholder value while maintaining financial discipline.

Speaker #3: Our distribution reach, advisor relationships, and platform capabilities drive net inflows, fund growth, and, most importantly, recurring revenue. Capital will be allocated between organic investment, balance sheet flexibility, and selective strategic acquisitions.

Speaker #3: The objective for us is obviously to have sustainable EPS growth, improving returns, and long-term shareholder value while maintaining financial discipline. You can see, just by highlighting the bottom of slide 21 there, when we're talking about potential acquisitions—because we do get a lot of questions around M&A, particularly with the success of Evidentia and Lonsec—we're looking at businesses that either fit within the existing assets and expand the economic moat that we have within those assets to further our competitive advantage, or we're looking at new verticals where we see sustainable earnings of 15% to 20% growth.

Grant Hackett: And you can see if I just highlight the bottom of slide 21 there, when we are talking around potential acquisitions, because we do get a lot of questions around M&A, particularly with the success of Evidentia and Lonsec, is we are looking at businesses that either fit within the existing assets and expand the economic moat that we have within those assets and further our competitive advantage. Or we are looking at new verticals where we see sustainable earnings of 15% to 20% growth. They have got those regulatory and structural tailwinds that I have spoken a lot throughout the course of this presentation, or they are leaders or disruptors in a new vertical and have got some scale in there. Obviously, it needs to be earnings accretive, and the potential for synergies for any of our preexisting assets that we have. It has been a phenomenal year, FY2026, for the group.

Speaker #3: They've got those regulatory and structural tailwinds that I've spoken a lot about throughout the course of this presentation, or they're leaders or disruptors in a new vertical and have got some scale in there.

Speaker #3: Obviously, it needs to be earnings accretive, and there is potential for synergies with any of our pre-existing assets. It's been a phenomenal year, FY26, for the group.

Speaker #3: The staff have done a great job in adapting to a lot of change, with the integration of our two large managed account assets and a new group operating model.

Grant Hackett: The staff have done a great job in adapting to a lot of change with the integration of our two large managed account assets, a new group operating model. I will now pass it over to Andy Mellor, who is the new Group Chief Financial Officer, to go through the group and each of our businesses. Thank you.

Speaker #3: And I'll now pass it over to Andy Mallor, who's the new Group CFO, to go through the Group and each of our businesses. Thank you.

Speaker #1: All right. Thank you, Grant, and good morning to everyone. Just before I walk through the FY26 results, I'd like to cover a few housekeeping matters regarding the basis of the FY26 full-year presentation.

Andrew Mellor: Thank you, Grant, and good morning to everyone. Just before I walk through the FY2026 results, I would like to cover a few housekeeping matters regarding the basis of the FY2026 full-year presentation. The results I will discuss today are presented on an underlying basis, unless otherwise stated, prior year comparisons are against FY2025 pro forma results, reflecting the corporate structure that became effective on 1 July 2025. Our underlying result excludes the benefit funds and a reconciliation between underlying NPAT and statutory profit is provided in the appendix. As a reminder, the restructure resulted in three key reporting changes. Generation Life and Corporate previously reported as a single segment and now reported separately. Lonsec Investment Solutions and Implemented Portfolios previously reported as part of Lonsec Group are now reported within the Evidentia Group segment as part of our managed account business.

Speaker #1: The results I'll discuss today are presented on an underlying basis. Unless otherwise stated, prior-year comparisons are against FY25 pro forma results, reflecting the corporate structure that became effective on the 1st of July, 2025.

Speaker #1: Our underlying result excludes the benefit funds, and a reconciliation between underlying NPAT and statutory profit is provided in the appendix. As a reminder, the restructure resulted in three key reporting changes.

Speaker #1: Generation Life and Corporate, previously reported as a single segment, are now reported separately. Lonsec Investment Solutions and implemented portfolios, previously reported as part of Lonsec Group, are now reported within the Evidentia Group segment as part of our managed account business.

Speaker #1: And lastly, Lonsec Research and Ratings is reported as a standalone business. To provide meaningful period-on-period comparisons, we've included in the appendix pro forma segment reporting for FY25, as well as separate H1 and H2 segment disclosures for both FY25 and FY26.

Andrew Mellor: Lastly, Lonsec Research and Ratings is reported as a standalone business. To provide meaningful period-on-period comparisons, we have included in the appendix pro forma segment reporting for FY2025, as well as separate H1 and H2 segment disclosures for both FY2025 and FY2026. The H1 FY2026 segment disclosures are unchanged from those presented at the interim results in February. We have also provided a reconciliation of the FY2025 pro forma financial result to the reported FY2025 financial result on Slide 33. The pro forma financials include the 8 and a half months of Evidentia operations in FY2025 prior to the acquisition. We have maintained consistency with prior reporting periods by presenting the Generation Life income tax rebate within segment revenue. For segment presentation purposes, this item also now appears within revenue rather than below EBIT as it did at the half to be consistent across the reporting framework.

Speaker #1: The H1 FY26 segment disclosures are unchanged from those presented at the interim results in February. We've also provided a reconciliation of the FY25 pro forma financial result to the reported FY25 financial result on slide 33.

Speaker #1: The pro forma financials include the eight and a half months of Evidentia operations in FY25 prior to the acquisition. We have maintained consistency with prior reporting periods by presenting the Generation Life income tax rebate within segment revenue.

Speaker #1: For segment presentation purposes, this item also now appears within revenue rather than below EBIT, as it did at the half, to be consistent across the reporting framework.

Speaker #1: We've also completed a review of segment cost allocations. Eighteen months ago, we didn't report any segments, and given the growth of the businesses, we now report three operating business segments and corporate.

Andrew Mellor: We have also completed a review of segment cost allocations, given that 18 months ago, we did not report any segments. Given the growth of the businesses, we now report three operating business segments in Corporate, and I will discuss the impact of those changes shortly. Now turning to slide 23 and the group financial results. As Grant highlighted earlier, FY2026 was another year of strong performance for the group across key financial measures. Group total revenue increased 23% to AUD 178.7 million. EBITDA was up 18% to AUD 59.2 million. Profit before tax of AUD 54.2 million was ahead of market expectations, and underlying net profit after tax increased 21% to AUD 40.7 million. Slightly below market expectations, not due to the operating performance though, rather due to a significantly higher income tax expense in the H2, and I will have more to say about tax later on. Total expenses increased 26% to AUD 119.5 million.

Speaker #1: And I'll discuss the impact of those changes shortly. Now, turning to slide 23 and the group financial results. As Grant highlighted earlier, FY26 was another year of strong performance for the group across key financial measures.

Speaker #1: Group total revenue increased 23% to $178.7 million. EBITDA was up 18% to $59.2 million. Profit before tax of $54.2 million was ahead of market expectations, and underlying net profit after tax increased 21% to $40.7 million.

Speaker #1: Slightly below market expectations—not due to operating performance, though, but rather due to a significantly higher income tax expense in the second half. I'll have more to say about tax later on.

Speaker #1: Total expenses increased 26% to $119.5 million. On this, there are two points worth highlighting. Firstly, group expense growth slightly exceeded group revenue growth during FY26, as we strategically invested in people and technology capability, particularly across Generation Life and Evidentia, to support future scale and growth.

Andrew Mellor: On this, there are two points worth highlighting. Firstly, group expense growth slightly exceeded group revenue growth during FY2026, as we strategically increased investment in people and technology capability, particularly across Generation Life and Evidentia, to support future scale and growth. Please note, Lonsec expenses were flat versus the pro forma. Secondly, given the significant structural tailwinds and TAM opportunities in front of us, we remain confident that these investments will lead to future growth and deliver operating leverage over the medium term. It is also worth highlighting just here that we have given some guidance on slide 29, which Grant will speak to in a moment, in relation to operating expense growth in FY2027. We have said that FY2027 group underlying operating expense growth rate expected to remain broadly in line with the growth rate in FY2026, which was 26%.

Speaker #1: Please note that Lonsec expenses were flat versus the pro forma. Secondly, given the significant structural tailwinds and TAM opportunities in front of us, we remain confident that these investments will lead to future growth and deliver operating leverage over the medium term.

Speaker #1: It's also worth highlighting here that we've provided some guidance on slide 29, which Grant will speak to in a moment, regarding operating expense growth in FY27.

Speaker #1: We've said that FY27 group underlying operating expense growth rate is expected to remain broadly in line with the growth rate in FY26, which was 26%.

Speaker #1: Importantly, FY26 included a significant amount of organizational work associated with establishing our new segment structure, creating a standalone corporate segment, and integrating managed accounts within Evidentia.

Andrew Mellor: Importantly, FY2026 included a significant amount of organizational work associated with establishing our new segment structure, creating a standalone corporate segment, and integrating managed accounts within Evidentia. Much of that foundational work has now been completed. The group's effective tax rate for FY2026 was 17%, compared with 18% on a pro forma basis in FY2025. The H2 tax expense was materially higher than the H1, reflecting a number of items that were finalized at year-end. Over the medium term, Generation Development Group's effective tax rate, sorry. Over the medium term, Generation Life's effective tax rate is expected to be broadly consistent with FY2026. Evidentia, Lonsec, and corporate effective tax rate are expected to be in line with the statutory corporate tax rate.

Speaker #1: Much of that foundational work has now been completed. The group's effective tax rate for FY26 was 17%, compared with 18% on a pro forma basis.

Speaker #1: In FY25, the second-half tax expense was materially higher than the first half, reflecting a number of items that were finalized at year-end. Over the medium term, Generation Development Group's effective tax rate—sorry, over the medium term, Generation Life's effective tax rate—is expected to be broadly consistent with FY26.

Speaker #1: Evidentia, Lonsec, and corporate effective tax rates are expected to be in line with the statutory corporate tax rate. I would also like to note that we did have investment in the corporate segment over '26, and we believe that corporate is now broadly right-sized to support the operating businesses.

Andrew Mellor: I would also like to note that we did have investment in corporate segment over 2026, and we believe that corporate is now broadly right-sized to support the operating businesses. Accordingly, while we expect some ongoing investment, future growth in corporate costs will be moderate. Underlying earnings per share was unchanged at AUD 0.102, as underlying profit growth was offset by the increase in the weighted average number of shares on issue, primarily reflecting acquisition-related share issuance in 2025. Finally, the board declared a fully franked dividend of AUD 0.01 per share, bringing the full-year dividend to AUD 0.02 per share. Now turning to Generation Life on slide 24. FY2026 was an exceptional year for the business, characterized by record sales, net inflows, continued market share gains, and strong earnings growth. Total revenue increased 34% versus the FY2025 pro forma results.

Speaker #1: Accordingly, while we expect some ongoing investment, future growth in corporate costs will be moderate. Underlying earnings per share were unchanged at 10.2 cents, as underlying profit growth was offset by the increase in the weighted average number of shares on issue, primarily reflecting acquisition-related share issuance in 2025.

Speaker #1: Finally, the Board declared a fully franked dividend of 1 cent per share, bringing the full-year dividend to 2 cents per share. Now turning to Generation Life on slide 24.

Speaker #1: FY26 was an exceptional year for the business, characterized by record sales, net inflows, continued market share gains, and strong earnings growth. Total revenue increased 34% versus the FY25 pro forma results.

Speaker #1: The income tax rebate, included in total revenue, was $13.5 million, and we would expect this to increase broadly in line with Generation Life's expense growth going forward.

Andrew Mellor: The income tax rebate included in total revenue was AUD 13.5 million, and we would expect this to increase broadly in line with Generation Life's expense growth going forward. Expenses increased 25%, reflecting continued investment in people and technology capability, together with FUM-related operating costs. Generation Life expense growth rate in FY27 is expected to be modestly higher than the group average FY27 expense growth rate, which I just referenced of 26%. Grant will detail Generation Life CapEx plans as part of the outlook section later in this presentation. Given the significant structural tailwinds and TAM opportunities in front of us, we remain confident that these investments will lead to future growth. EBITDA increased 57% to AUD 23.3 million, with the EBITDA margin increasing by 5 percentage points to 32%. Please note footnotes 3 and 4 on this slide.

Speaker #1: Expenses increased 25%, reflecting continued investment in people and technology capability, together with fund-related operating costs. Generation Life's expense growth rate in FY27 is expected to be modestly higher than the group average FY27 expense growth rate, which I just referenced at 26%.

Speaker #1: In addition, Grant will detail Generation Life capex planned as part of the Outlook section later in this presentation. Given the significant structural tailwinds and TAM opportunities in front of us, we remain confident that these investments will lead to future growth.

Speaker #1: EBITDA increased 57% to $23.3 million, with the EBITDA margin increasing by 5 percentage points to 32%. Please note footnotes three and four on this slide.

Speaker #1: When calculating the income tax rebate on a pro-forma basis for FY25, that amount is lower than the actual rebate received, given corporate is no longer within Generation Life under the new operating structure.

Andrew Mellor: When calculating the income tax rebate on a pro forma basis for FY25, that amount is lower than the actual rebate received, given corporate is no longer within Generation Life under the new operating structure. This does lead to a relatively higher EBITDA growth pro forma versus FY26 of 57%. Therefore, in the footnotes, we have calculated the EBITDA growth using the actual income tax rebate received to provide an alternative EBITDA growth perspective for you. We also completed a segment cost allocation review between the corporate segment and Generation Life in the second half as we finalized the new structure. This resulted in a reallocation of certain full-year expenses from corporate to Generation Life in H2, which results in H2 Generation Life expenses being higher than H1. For modeling purposes, I would suggest assuming a more balanced H1, H2 allocation on a go-forward basis.

Speaker #1: This does lead to a relatively higher EBITDA growth pro forma versus FY26 of 57%. Therefore, in the footnote, we have calculated the EBITDA growth using the actual income tax rebate received to provide an alternative EBITDA growth perspective for you.

Speaker #1: We also completed a segment cost allocation review between the Corporate segment and Generation Life in the second half, as we finalized the new structure.

Speaker #1: This resulted in a reallocation of certain full-year expenses from Corporate to Generation Life in H2, which results in H2 Generation Life expenses being higher than in H1.

Speaker #1: For modeling purposes, I would suggest assuming a more balanced H1/H2 allocation on a go-forward basis. Generation Life continues to expect improving operating leverage over the medium term.

Andrew Mellor: Generation Life continues to expect improving operating leverage over the medium term. Now turning to Evidentia Group on slide 25. As Grant has spoken to, it was a stellar year for the Evidentia Group team, completing the integration of LIS and Implemented Portfolios, as well as delivering 37% FUM growth and stable margins. Revenue increased 26% to AUD 58.8 million, noting the FY26 FUM inflows were significantly Q4 weighted. These outcomes reflect the benefits following the merger, broader distribution capability, strong market positioning, and this bodes well for the future. Expenses increased 30% to AUD 33.7 million, driven mainly by investment in people during the year. FTEs increased from 87 to 109 across the year, and in FY27 we expect FTE growth to fall significantly. Expense growth rate in FY27 for Evidentia Group expected to be modestly higher than the group average FY27 expense growth rate, which I referenced earlier of 26%.

Speaker #1: Now turning to Evidentia Group on slide 25. As Grant has spoken to, it was a stellar year from the Evidentia Group team, completing the integration of LIS and implemented portfolios, as well as delivering 37% fund growth and stable margins.

Speaker #1: Revenue increased 26% to $58.8 million, noting that FY26 fund inflows were significantly Q4-weighted. These outcomes reflect the benefits following the merger, broader distribution capability, strong market positioning, and dispose well for the future.

Speaker #1: Expenses increased 30% to $33.7 million, driven mainly by investment in people during the year. FTEs increased from 87 to 109 across the year, and in FY27, we expect FTE growth to fall significantly.

Speaker #1: Expense growth rate in FY27 for Evidentia Group is expected to be modestly higher than the group average FY27 expense growth rate, which I referenced earlier as 26%.

Speaker #1: Given the significant structural tailwinds and TAM opportunities in front of us, we remain confident that these investments will lead to future growth. EBITDA increased 22% to $25.1 million, while the EBITDA margin was 43%, compared to 44% in the FY25 pro forma.

Andrew Mellor: Given the significant structural tailwinds and TAM opportunities in front of us, we remain confident that these investments will lead to future growth. EBITDA increased 22% to AUD 25.1 million, while the EBITDA margin was 43% compared to 44% in the FY25 pro forma. Similar to Generation Life, Evidentia Group expects to see improving operating leverage over the medium term. Now turning to slide 26 for Lonsec Research and Ratings. Revenue increased 7% to AUD 45.8 million, reflecting continued demand across research, SuperRatings, and iRate product categories. Importantly, expenses held flat year on year, demonstrating disciplined cost management. As a result, EBITDA increased 15% to AUD 22.8 million, and the EBITDA margin increased by 3 percentage points to a record 50%. The operating result was supported by a 9% increase in products research and 13% growth in iRate subscribers.

Speaker #1: Similar to Generation Life, Evidentia Group expects to see improving operating leverage over the medium term. Now, turning to slide 26 for Lonsec Research and Ratings.

Speaker #1: Revenue increased 7% to $45.8 million, reflecting continued demand across Research SuperRatings and iRate product categories. Importantly, expenses held flat year-on-year, demonstrating disciplined cost management.

Speaker #1: As a result, EBITDA increased 15% to $22.8 million, and the EBITDA margin increased by 3 percentage points to a record 50%. The operating result was supported by a 9% increase in Products Research and 13% growth in iRate subscribers.

Speaker #1: Lonsec remains a high-quality franchise, characterized by its market-leading position, high recurring revenues, substantial cash generation, and attractive operating leverage. As a result, it continues to make an important contribution to the Group's overall earnings profile.

Andrew Mellor: Lonsec remains a high-quality franchise characterized by its market-leading position, high recurring revenues, substantial cash generation, and attractive operating leverage. As a result, it continues to make an important contribution to the group's overall earnings profile. Turning to the balance sheet on Slide 27. The group ended FY26 with cash and cash equivalents, excluding unallocated client application redemption funds held in trust of AUD 97.5 million and a net cash position of AUD 57.5 million. During the year, the group entered into a AUD 50 million debt facility with NAB, of which AUD 40 million was drawn during the year to fund the majority of the Lonsec earn-out payment. The group therefore retains a strong balance sheet and financial flexibility to support its strategic priorities. I will now hand back to Grant to discuss the outlook.

Speaker #1: Now turning to the balance sheet on slide 27. The group ended FY26 with cash and cash equivalents, excluding unallocated client application redemption funds held in trust, of $97.5 million and a net cash position of $57.5 million.

Speaker #1: During the year, the group entered into a $50 million debt facility with NAB, of which $40 million was drawn during the year to fund the majority of the Lonsec earn-out payment.

Speaker #1: The group, therefore, retained a strong balance sheet and financial flexibility to support its strategic priorities. I'll now hand back to Grant to discuss the outlook.

Speaker #2: Fantastic. Thanks very much, Andy. Moving to the outlook, before we throw it open to questions, we enter FY27 with strong momentum. Across each of our businesses, we see significant opportunities ahead, particularly in Generation Life, where the structural, demographic, and legislative tailwinds continue to expand the addressable market that we went through over the course of this presentation.

Grant Hackett: Fantastic. Thanks very much, Andy. Moving to the outlook before we throw it open to questions. We enter FY27 with strong momentum. Pardon me, across each of our businesses, we see significant opportunities here, particularly in Generation Life, where the structural and demographic and legislative tailwinds continue to expand the addressable market that we went through over the course of this presentation. Our investment in FY27 reflects that opportunity with capital being deployed in a disciplined manner and proportionate to the long-term growth opportunity we believe the business can deliver. This will be in the range of 5% to 15% of Generation Life's revenue for FY27. To break that down a little bit in terms of some of those areas of CapEx is what we are looking at is partner integration and scalability.

Speaker #2: Our investment in FY27 reflects that opportunity, with capital being deployed in a disciplined manner and proportionate to the long-term growth opportunity we believe the business can deliver.

Speaker #2: This will be in the range of 5 to 15 percent of Generation Life's revenue for FY27. To break that down a little bit, in terms of some of those areas of capex, what we're looking at is partner integration and scalability.

Speaker #2: So we're looking at modernizing our technology architecture and data layer to allow Generation Life to connect more easily with platforms, superannuation trustees, and other institutional partners.

Grant Hackett: Looking at modernizing our technology architecture and data layer to allow Generation Life to connect more easily with platforms and superannuation trustees and other institutional partners. Some adviser feedback in terms of our portal. We need a more contemporary and scalable experience with greater self-service functionality including enhanced reporting, transactional capabilities, and visibility that advisers do not have today. So it is certainly an area of investment that we are keen to commence and really start to improve that adviser experience and automate several pieces of functionality there. The operational efficiency internally within the business, including some STP across Generation Life. This is automating forms, connecting directly to each of our registry systems, and really eliminate a lot of the manual processing that we still have in the business today. So this allows us to scale a lot easier without increasing operational resources.

Speaker #2: Some advisor feedback in terms of our portal: we need a more contemporary and scalable experience, with greater self-service functionality, including enhanced reporting, transactional capabilities, and visibility that advisors don't have today.

Speaker #2: So it's certainly an area of investment that we're keen to commence and really start to improve that adviser experience and automate several pieces of functionality there.

Speaker #2: The operational efficiency internally within the business includes some STP across Generation Life. This involves automating forms, connecting directly to each of our registry systems, and really eliminating a lot of the manual processing that we still have in the business today.

Speaker #2: So this allows us to scale a lot easier without increasing operational resources, and a really important—and the last—bit I'll touch on around this is really future-proofing our technology architecture.

Grant Hackett: Really important, and the last bit I will touch on around this is really future-proofing our technology architecture. So moving more towards modular architecture where products, partners, technology providers can be added and change without significant redevelopment of the broader ecosystem. So allowing a lot more flexibility within the architecture. This also removes the concentration and dependency that we have with some of our partners today. Moving forward around the Evidentia business, we believe this is going to continue to grow beyond its natural market share with net inflows of between AUD 5 billion to AUD 7 billion excluding mandates and market movements over the course of FY27. It will continue to scale and also with Lonsec Research and Ratings will increase its range of products, as we have already stated, the launch of Lonsec Governance Solutions last week and other products and services within the research business.

Speaker #2: So, moving more towards modular architecture, where products, partners, and technology providers can be added and changed without significant redevelopment of the broader ecosystem. This allows for a lot more flexibility within the architecture.

Speaker #2: This also removes the concentration and dependency that we have with some of our partners today. Moving forward around the Evidentia business, we believe this is going to continue to grow beyond its natural market share, with net inflows of between $5 billion to $7 billion, excluding mandates and market movements, over the course of FY27.

Speaker #2: It will continue to scale, and also, with Lonsec Research and Ratings, we'll increase its range of products, as we've already stated with the launch of Lonsec Governance Solutions last week, and other products and services within the research business.

Speaker #2: Supported by a strong balance sheet, we remain very focused on executing our strategy and converting all of these opportunities into sustainable earnings and growth, and obviously, ultimately driving long-term shareholder value.

Grant Hackett: Supported by a strong balance sheet, we remain very focused on executing our strategy and converting all of these opportunities into sustainable earnings and growth and ultimately driving long-term shareholder value. A big thank you to all of our boards, all of the executives across the group, and most importantly all of the staff across each of our businesses that have executed FY26 as another very successful year for Generation Development Group in each of its businesses. We take a lot of pride in what we do and the customer relationships that we have, and we are looking forward to delivering yet another record result in FY27. I will now pass it back to the operator for questions.

Speaker #2: A big thank you to all of our boards, all of the executives across the group, and, most importantly, all of the staff across each of our businesses that have executed FY26 as another very, very successful year for Generation Development Group in each of its businesses.

Speaker #2: We take a lot of pride in what we do and the customer relationships that we have, and we're looking forward to delivering yet another record result in FY27.

Speaker #2: I'll now pass it back to the operator for questions.

Speaker #3: Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two.

Operator 2: Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you are on a speakerphone, please pick up the handset to ask your question. Your first question comes from Nick MacGillivray from Barrenjoey. Please go ahead.

Operator: Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you are on a speakerphone, please pick up the handset to ask your question. Your first question comes from Nick MacGillivray from Barrenjoey. Please go ahead.

Speaker #3: If you are on speakerphone, please pick up the handset to ask your question. Your first question comes from Nick McGergill from Barrenjoy. Please go ahead.

Speaker #4: Thanks for taking questions, guys. Just in terms of the outlook for investment bonds, with the investments that you've made in the last year, can you talk through how that pipeline's looking?

Nick McGillivray: Thanks for taking questions, guys. Just in terms of the outlook for investment bonds with the investments that you have made in the last year, can you talk through how that pipeline is looking? What kind of growth rates are you thinking you might be able to generate in those flows on investment bonds, given that pipeline? Then maybe how you think about the return on investment on that additional expense that you are putting in this year.

Speaker #4: What kind of growth rates are you thinking you might be able to generate in those flows on investment bonds, given that pipeline? And then maybe how do you think about the return on investment on that additional expense that you're putting in this year?

Speaker #2: In terms of the CapEx there, Nick, based on the FY27 financial profile on the revenue side, we expect that to be between 5% to 15%.

Grant Hackett: In terms of the CapEx there, Nick, based on the FY27 financial profile on the revenue side, we expect that between 5% to 15%. We know that is quite a wide range. The reason it is wide is because we want to invest at the speed that we see the opportunity pick up. To be totally honest, in terms of the performance of the business coming into this new financial year, it is probably outperformed, where we anticipated. The changes to the tax reforms, obviously the super changes, has definitely corresponded in flows, probably a little bit quicker than what we anticipated, which has been a good surprise. We made the investments last year that you touched on. That was around three core things. One was product, two was the registry system.

Speaker #2: We know that's quite a wide range. The reason it's wide is because we want to invest at the speed at which we see the opportunity pick up.

Speaker #2: To be totally honest, in terms of the performance of the business coming into this new financial year, it's probably outperformed where we anticipated. So the changes to the tax reforms—obviously the super changes—have definitely corresponded in flows probably a little bit quicker than what we anticipated, which has been a good surprise.

Speaker #2: We made the investments last year that you touched on. That was around sort of three core things. One was product, and two was the registry system.

Speaker #2: We found the registry system was becoming quite slow to do things like regular savings plans, which is a material amount of inflow each month, and it was taking eight or nine hours to do.

Grant Hackett: We found the registry system was becoming quite slow to do things like regular savings plan, which is a material amount of inflow each month and taking 8 or 9 hours to do. We've now done that where it takes 1 to 2 hours. Also in some of our other back-office operational side in terms of STP. What we've seen in FY26 was a 71% uplift in applications, so the corresponding growth to the investment was probably a little bit outsized. Look, we've commenced some of those investments that I've just touched on around those areas and the portal and we've scoped a lot of it out. Some of the STP we've commenced, some of the new product stuff we're looking at, we've already commenced as well. Have you got anything probably to add to that? No.

Speaker #2: We've now done that, where it takes one to two hours. And also, in some of our other sort of back office operational sides in terms of STP.

Speaker #2: So, what we've seen in FY26 was a 71 percent uplift in applications, so the corresponding growth to the investment was probably a little bit outsized.

Speaker #2: So look, we've commenced some of those investments that I've just touched on around those areas and the portal, and we've scoped a lot of it out.

Speaker #2: Some of the STP we've commenced. Some of the new product stuff we're looking at, we've already commenced as well. Have you got anything, probably, to add to that?

Speaker #4: Cool. And then maybe just a question on Evidentia. We've seen their platform results in the last couple of weeks, and they're reporting a slowdown in flows.

Nick McGillivray: Cool. Maybe just a question on Evidentia. We've seen the platform results in the last couple of weeks, and they're reporting a slowdown in flows just driven by a bit of rethinking around tax structures and investment strategies. Can you talk through what you're seeing in Evidentia? Hopefully those trends aren't the same in your business.

Speaker #4: Just remember, there's a bit of rethinking around tax structures and investment strategies. Can you talk through what you're seeing in Evidentia? Hopefully, those trends aren't the same in your business.

Speaker #2: Yeah, we wish we were completely insulated from the growth impacts and the changes at the moment going on in the market. So, I think we're definitely feeling those changes.

Grant Hackett: Yeah, we wish we were completely insulated from the macro impacts and the changes at the moment going on in the market. I think we're definitely feeling those changes. I don't think quite to the same extent as perhaps the platforms. Quarter on quarter, relative to market conditions, we've been happy with the flows. I guess where our business is a little bit different is, we've got diversified assets, Lonsec Research, I haven't touched on that yet, coming into this year has performed very well. Obviously, we've touched on the investment bond business. Again, that continues to outperform. So we're seeing good performance in Evidentia, but yeah, again, it's going to be impacted. I'm not sure to the same extent as the platforms.

Speaker #2: I don't think, quite to the same extent as perhaps the platforms. Quarter on quarter, relative to market conditions, we've been happy with the flows.

Speaker #2: I guess where our business is a little bit different is we've got diversified assets. Lonsec Research—I haven't touched on that yet—coming into this year has performed very well.

Speaker #2: Obviously, we've touched on the investment bond business. Again, that continues to outperform. So we're seeing good performance in Evidentia, but, yeah, again, it's going to be impacted.

Speaker #2: But I'm not sure to the same extent as the platforms.

Speaker #4: All right. Thanks for that. I might let someone else ask a question and hop back in the queue.

Nick McGillivray: All right. Thanks for that. I might let someone else ask a question and hop back in the queue.

Speaker #2: No worries. Thanks, Nick.

Grant Hackett: No worries. Thanks, Nick.

Speaker #3: Thank you. Your next question comes from Simon Fitzgerald from Jefferies. Please go ahead.

Operator 2: Thank you. Your next question comes from Simon Fitzgerald from Jefferies. Please go ahead.

Operator: Thank you. Your next question comes from Simon Fitzgerald from Jefferies. Please go ahead.

Speaker #5: Hi there. Thanks for taking my questions. Just firstly, on Evidentia, the $33.7 million you were talking about is an increase for FY27. It'll be slightly higher than the group rate that you're talking about, which is 26 percent.

Simon Fitzgerald: Hi there. Thanks for taking my questions. Just firstly on Evidentia, the AUD 33.7 million you were talking about, an increase for FY27, it will be slightly higher than the group rate that you are talking about, which is 26%. Is that really just, excuse me, a full run rate of additional people and so forth that you have put into the expense base in FY26, or is there something else that I might be missing there?

Speaker #5: Is that really just, excuse me, a full run-rate of additional people and so forth that you've put into the expense base in FY26, or is there something else that I might be missing there?

Speaker #2: Yeah, no, I think you pretty much hit that. Simon, the way we're sort of talking to modest growth in Evidentia and GenLife, just on that expense growth versus group, which I guess would make sense given that you don't have a lot of expense growth in our corporate and Lonsec.

Grant Hackett: Yeah. No, I think you pretty much hit that, Simon. The way we are sort of talking to modest growth in Evidentia-

Simon Fitzgerald: Yeah

Grant Hackett: and GenLife, just on that expense growth versus group, which I guess would make sense given that you do not have a lot of expense growth in corporate and Lonsec. But the hiring of those staff, I said up to 109, will flow through that cost base in FY27.

Speaker #2: But yeah, the hiring will—sort of those staff I said, up to 109—will flow through that cost base in FY27. But yeah, I'll also—please take note of my comment that FTE growth through '27 will pause a little bit.

Simon Fitzgerald: Yeah

Grant Hackett: will fall significantly.

Speaker #5: Yeah, good, good. And then again, just on Evidentia for a minute. We normally sort of think about from the existing client base in terms of or a level of inflows around about sort of five billion a year.

Simon Fitzgerald: Yep, good. And then, again, just on Evidentia for a minute. We normally sort of think about from the existing client base, a terms of or a level of inflows around about sort of AUD 5 billion a year and then mandate wins sort of on top of that. Do you still feel comfortable with that number, Grant, in terms of the AUD 5 billion for existing clients?

Speaker #5: And then mandate wins, sort of on top of that. Do you still feel comfortable with that number, Grant? In terms of the $5 billion for existing clients?

Speaker #2: Look, I think existing clients—and I'd include probably some new wins that we'd get at the start of this year, of RFPs that we'd be in—in terms of net flows.

Grant Hackett: Look, I think existing clients and I would include probably some new wins that we get at the start of this year of RFPs that we would be in terms of net flows. Because as you know, in the first 12 months, you do not really see you probably see a fifth of the total FUA.

Speaker #2: Because, as you know, in the first 12 months, you don't really see—you probably see a fifth of the total FUA in the first full 12 months.

Grant Hackett: in the first full 12 months. I think that 5 billion, like I said, that sort of AUD 5 billion to AUD 7 billion range of net flows, we believe is realistic with mandates and market movements on top of that. There's nothing indicating otherwise at this point in time.

Speaker #2: So, look, I think that $5 billion—and like I said, that sort of $5 to $7 billion range of net flows—we believe is realistic, with mandates and market movements on top of that.

Speaker #2: So there's nothing indicating otherwise at this point in time.

Speaker #5: Yeah, that's fair. And then just one final question on the tech spend related to GenLife, but particularly around investment bonds. Is there an issue with scaling the technology, or in terms of the size of the technology?

Simon Fitzgerald: Yeah, that's fair. Then just one final question on the tech spend related to Gen Life, but particularly around the investment bonds. Is there an issue with sort of scaling the technology or in terms of the size of the technology? I mean, I would imagine it had been built a long time ago, so maybe what level of sales was it sort of structured to be able to cope with?

Speaker #5: I mean, I would imagine it had been built a long time ago. So maybe, what level of sales was it sort of structured to be able to cope with?

Speaker #2: When I first joined, what we did in a full year in terms of applications, I think we do in less than a week now. So we certainly have invested along the way, and we've been able to scale up.

Grant Hackett: When I first joined, what we did in a full year in terms of applications, I think we do in less than a week now. So we have invested along the way, and we've been able to scale up. I think we've gotten to the point now where investment bonds was more of a fringe product. Now it's becoming more of a mainstream product. So the expectation from advisors, given we've got close to 3,000 active users, is it's not quite like a platform, but it's expected to have a bit more functionality, a bit more transactional capability. Again, that'll take the load off the back office as well. These growth rates allow us to do that investment, to be able to get that all up to speed.

Speaker #2: I think we've gotten to the point now where investment bonds were more of a fringe product. Now they're becoming more of a mainstream product.

Speaker #2: So, the expectation from advisers, given we’ve got close to 3,000 active users, is it’s not quite like a platform, but it’s expected to have a bit more functionality, a bit more transactional capability.

Speaker #2: And again, that'll take the load off the back office as well. And these growth rates allow us to do that investment to be able to get that all up to speed.

Speaker #2: Also, the other aspect of this is the ability to integrate with platforms and other technology providers with a bit more ease.

Grant Hackett: Also, the other aspect of this is the ability to be able to integrate with platforms and other technology providers with a bit more ease. That's not something that we probably foresaw within the next three or four years until these tax reforms came through recently. That's probably just come forward a bit to what we originally anticipated.

Speaker #2: So that's not something that we probably foresaw within the next three or four years, until these tax reforms came through recently. So that's probably just come forward a bit from what we originally anticipated.

Speaker #5: Hey, thank you.

Simon Fitzgerald: Okay, thank you.

Speaker #2: No worries. Thanks, Simon.

Grant Hackett: No worries. Thanks, Simon.

Speaker #3: Thank you. Your next question comes from James Bales from Morgan Stanley. Please go ahead.

Operator 2: Thank you. Your next question comes from James Bai from Morgan Stanley. Please go ahead.

Operator: Thank you. Your next question comes from James Bai from Morgan Stanley. Please go ahead.

Speaker #6: Hi, guys. A couple of ones for me. Firstly, just some clarity on the CapEx guidance. Is the 5–15% of GenLife revenue called out in addition to the $7 million that you spent in FY26, or is that the total CapEx bill?

James Bai: Hi, guys. A couple ones for me. Firstly, just some clarity on the CapEx guidance. Is the 5% to 15% of Generation Life revenue called out in addition to the AUD 7 million that you spent in FY2026, or is that the total CapEx bill?

Speaker #2: Yeah. Hi, James. The way to think about it is, the FY26 spend wasn't seven. I think you've probably seen that in the cash flows.

Grant Hackett: Yeah. Hi, James. The way to think about it is that the FY26 spend wasn't 7. I think you've probably seen that in the cash flows. It was more on the range of 5. It is in addition to that spend. We've basically decided that referencing it to revenue makes a lot of sense because it gives us a bit of a sense of how revenue is tracking and how we want to ensure that we're spending the money in the right areas, but also particularly at the right speed.

Speaker #2: It was more on the range of five, and it is in addition to that spend. We've basically decided that referencing it to revenue makes a lot of sense, because it gives us a bit of a sense of how revenue is tracking and how we want to ensure that we're spending the money in the right areas, but also particularly at the right speed.

Speaker #6: Okay, and yeah, that's a good point in terms of how the revenue is tracking. I remember 12 months ago, you were talking about adding $100 million per month in investment bonds.

James Bai: Okay. Yeah, that's a good point in terms of how the revenue is tracking. I remember 12 months ago you were talking about adding AUD 100 million per month in investment bonds. I think the color you gave to an earlier question was a 71% uplift in applications. Is that the right proxy to use in terms of year-on-year growth expectations, or how would you nuance that?

Speaker #6: I think the color you gave to an earlier question was a 71 percent uplift in applications. Is that the right proxy to use in terms of year-on-year growth expectations, or how would you nuance that?

Speaker #1: It's that

Grant Hackett: Okay. Obviously up over 50% in terms of gross flows. Yeah, we ended up doing closer to AUD 120 million to AUD 150 million on average per month. I think, over the course of this year, we'll definitely see an uplift, all things being equal. It'll probably sit with a monthly range of probably AUD 150 million to AUD 200 million is probably the way I would think of FY26.

Speaker #2: Obviously up over 50% in terms of gross flows. So, yeah, we ended up doing closer to $120 to $150 million on average per month.

Speaker #2: I think , you know , over the course of this year , we'll definitely see an uplift for things being equal . And it'll probably sit with the monthly range of probably up 150ml to 200 mil is probably the way I would think of FY 26 .

Speaker #1: Perfect . And then

James Bai: Perfect.

Speaker #2: FY 27 sorry , sorry

Grant Hackett: FY27, sorry.

Speaker #1: That's good . Forward looking numbers are more helpful . Yeah they are And then the other sort of change here in how you've reported , which I was trying to reconcile , is revenue margin .

James Bai: That is good. Forward-looking numbers are more helpful.

Grant Hackett: Yeah, they are.

James Bai: The other change here in how you have reported, which I was trying to reconcile, is revenue margin. Depending on whether you take the tax benefit above or below the line, I still find it hard to reconcile versus the PCP. How should we think about that revenue margin for investment bonds into 2027?

Speaker #1: How, if you—depending on whether you take the tax benefit above or below the line—are still finding it hard to reconcile versus the PCP, how should we think about that revenue margin for investment bonds into '27?

Speaker #2: Yeah . Hi , James . I think the the nuance with the PCP is the calculation of the income tax rebate . I think I mentioned in the in the comments that when you calculate the pro forma , excluding corporate and you look back into FY 25 .

Grant Hackett: Yeah. Hi, James. I think the nuance with the PCP is the calculation of the income tax rebate. I mentioned in the comments that when you calculate the pro forma excluding corporate, and you look back into FY25, that income tax rebate of AUD 9.7 million was actually lower than the AUD 13.7 million we actually received. So I think if you want to think about it on a go-forward basis, the margin that you would calculate off FY26 is the way to think about it on a go-forward basis.

Speaker #2: That income tax rebate of 9.7 was actually lower than the 13.7 . We actually received . So I think if you want to think about it on a go forward basis , the , the , the margin that you would calculate off FY 26 is , is the way to think about it on a go forward basis

Speaker #1: Perfect. Thanks, guys. I appreciate the help.

James Bai: Perfect. Thanks, guys. I appreciate the help.

Speaker #3: No worries .

Grant Hackett: No worries.

Speaker #4: Thank you . Your next question comes from Tom Tweedie from Ma . Molly's Australia . Please go ahead .

Operator 2: Thank you. Your next question comes from Tom Tweedie from MA Moelis Australia. Please go ahead.

Operator: Thank you. Your next question comes from Tom Tweedie from MA Moelis Australia. Please go ahead.

Speaker #5: Good morning guys . Thanks for taking my questions . Just a couple of follow ups there . Just when you're talking around revenue margins and on the bond side , I mean the outlook commentary is to remain broadly stable .

Tom Tweedie: Good morning, guys. Thanks for taking my questions. Just a couple of follow-ups there. Just when you are talking around revenue margins, on the bond side, the outlook commentary is to remain broadly stable. I am just trying to get a feel for how we think about these revenue synergies into next year, but also, can we sustain these margins for longer than just one year from what you guys are doing there on the revenue synergy side?

Speaker #5: I'm just trying to get a feel for how we think about these revenue synergies into next year, but also, can we sustain these margins for longer than just one year, from what you guys are doing there?

Speaker #5: On the revenue synergy side

Speaker #3: In terms of the margins within the investment bond business, we haven't changed our pricing since December 2017, and we have no intention of changing that.

Grant Hackett: In terms of the margins within the investment bond business, we have not changed our pricing since December 2017, and we have no intention of changing that. We actually think it is reasonably priced, and there is value in it for the advisor and the client. The reason that I say that is because it is a tiered pricing structure. So the more you put in, the less your administration fee is. Probably the biggest challenge for us as a business is what we are seeing is probably larger amounts come in that we did not anticipate back in 2017, 2018, when we first introduced that structure. We are getting huge amounts in, particularly for estate planning. Quantums in excess of AUD 10 million are not unfamiliar for us now in terms of inflows.

Speaker #3: We actually think it's reasonably priced, and there's value in it for the advisor and the client. The reason I say that is because it is a tiered pricing structure.

Speaker #3: So the more you put in, the less your administration fee is. Probably the biggest challenge for us as a business is that what we're seeing is probably larger amounts come in that we didn't anticipate back in 2017 when we first introduced that structure.

Speaker #3: We're getting , you know , huge amounts in , particularly for estate planning . You know , quantums in excess of $10 million aren't sort of unfamiliar for for us now , in terms of inflows .

Speaker #3: So yeah, we don't really see any compression around the actual margins in the business, just that the tiered pricing structure is probably taking a little bit of effect. Revenue synergies will continue—we'll see those over the course of this year.

Grant Hackett: So we do not really see any compression around the actual margins in the business, just the tiered pricing structure probably taking a little bit effect. Revenue synergies, we will continue to see those over the course of this year in the Evidentia business, if that is what you are referring to.

Speaker #3: And the Evidensia business , if that's what you're referring to . So yeah , we've got to be spending a little bit of money there in terms of the , the true up that you'll see and a bit more CapEx there .

Grant Hackett: Yeah, we have got to be spending a little bit of money there in terms of the true-up that you will see and a bit more CapEx there, but not as much as you saw in FY26. We expect probably with Evidentia, more of the operating leverage to really start to come through in FY28. I would expect, given the CapEx and the big opportunity that we have in Generation Life and the investment bonds, you will probably start to see that operational leverage really come through in FY29. So it is a good thing about having different businesses at various levels of maturity and opportunity. You are going to probably allocate that capital where we see the biggest options.

Speaker #3: But not as much as you saw in FY 26 . And we expect . Probably with Evidensia more , the operating leverage to really start to come through in FY 28 .

Speaker #3: And I would expect, given the CapEx and the big opportunity that we have in Generation Life and the investment bonds, you'll probably start to see that operational leverage really come through in FY29.

Speaker #3: So it's a good thing about having different businesses, you know, at various levels of maturity and opportunity. You know, you're going to probably allocate that capital where we see the biggest options.

Speaker #5: Appreciated and it kind of leads into my second question , which is also a follow up . So when we're thinking sort of 28 cost growth , can you give us a sense sort of like on a percentage basis , what , what , what you'd be delivering there or alternatively , what sort of margin profile or uplift could you get once these , you know , scale benefits come through

Tom Tweedie: Appreciate it. It kind of leads into my second question, which is also a follow-up. When we are thinking 2028 cost growth, can you give us a sense, on a percentage basis, what would you be delivering there? Or alternatively, what sort of margin profile or uplift could you get once these scale benefits come through?

Speaker #2: Yeah , I think it's a good question . And , you know , I guess the way that we're thinking about it is that as we start to see more operating leverage come through the business that you'd expect to see the cost growth in 28 less than the cost growth in 27 , if that helps

Andrew Mellor: Yeah, I think it is a good question. I guess the way that we are thinking about it is that, as we start to see more operating leverage come through the business, that you would expect to see the cost growth in 2028 less than the cost growth in 2027, if that helps.

Speaker #5: That's helpful. Thank you.

Tom Tweedie: That is helpful. Thank you.

Speaker #3: Thanks , Tom

Grant Hackett: All right. Thanks, Tom.

Speaker #4: Thank you. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. Your next question comes from Jeff Cai from Citi.

Operator 2: Thank you. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. Your next question comes from Jeff Cai from Citi. Please go ahead.

Operator: Thank you. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. Your next question comes from Jeff Cai from Citi. Please go ahead.

Speaker #4: Please go ahead .

Speaker #6: Good morning and thanks for taking my questions . The first one , in terms of Evidensia , just trying to get a feel in terms of next year , are you expecting EBITDA margins to rise year on year in FY 27 ?

Jeff Cai: Good morning, and thanks for taking my questions. The first one in terms of Evidentia. Just trying to get a feel in terms of next year. Are you expecting EBITDA margins to rise year on year in FY27? Given your cost growth of, let's say, 27% and net flows of about AUD 7 billion, the math seems a bit hard to stack up. Just trying to understand, are you assuming some sort of benefits or revenue synergies or mandate wins there?

Speaker #6: I mean , given your cost growth of , let's say , 27% and net flows of about 7 billion , the maths seems a bit hard to stack up .

Speaker #6: So, just trying to understand, are you assuming some sort of benefits or revenue synergies, or mandate wins there?

Speaker #2: I think just generally, a general comment on EBITDA margins going through into '27. I think they're probably going to remain broadly stable.

Andrew Mellor: I think just a general comment on EBITDA margins going through into 2027 Evidentia. I think they're probably going to remain broadly stable. That would be my expectation. Obviously, we've only just kicked that year off. Yeah, I think that's probably the best way to think about it, broadly stable margins for 2027. Then if you reference my comment as it relates to, and talking to Simon's question earlier, the employee growth in 2027 is going to reduce significantly. 2027 is going to see a flow-on effect of the employee growth in 2026. So there you'd like to think that you'd see some improvements on EBITDA margins in 2028.

Speaker #2: That would be my expectation . Obviously We've only just just kicked that year off . But yeah , I think that's probably the best way to think about it .

Speaker #2: Broadly stable margins for 27 . And then if you reference my comment as it relates to in talking to Simon's question earlier , that the employee growth in 27 is going to reduce significantly , 27 is going to see a flow on effect of the employee growth in .

Speaker #2: So then you'd like to think that you'd see some improvements on EBITDA margins in '28.

Speaker #6: Got it . Okay . And I guess thinking out further out in terms of operating leverage , I mean , which metrics are you looking more closely at in terms of evidensia ?

Jeff Cai: Got it. Okay. I guess thinking out further out in terms of operating leverage, which metrics are you looking more closely at in terms of Evidentia? How good does it get in two or three years, I guess, if all goes well?

Speaker #6: I mean, how good does it get in two or three years? I guess if all goes well?

Speaker #2: Yeah . Well , I think if you think about the cost base in Evidensia , the vast majority of costs are employee costs So I think that really points to the fact that if if all goes to plan and how we how we execute the business through 27 , then in the , the operating leverage metrics in the business continues to perform on the top line .

Andrew Mellor: Well, I think if you think about the cost base in Evidentia, the vast majority of costs are employee costs. I think that really points to the fact that if all goes to plan and how we execute the business through 2027, then the operating leverage metrics and the business continues to perform on the top line, you would naturally see that operating leverage fall through.

Speaker #2: You know, you'd naturally see that operating leverage fall through.

Speaker #6: Okay . Thank you

Jeff Cai: Okay. Thank you.

Speaker #3: Thanks , Jeff .

Andrew Mellor: Thanks, Jeff.

Speaker #4: Thank you. Your next question comes from Simon Fitzgerald from Jefferies. Please go ahead.

Operator 2: Thank you. Your next question comes from Simon Fitzgerald from Jefferies. Please go ahead.

Operator: Thank you. Your next question comes from Simon Fitzgerald from Jefferies. Please go ahead.

Simon Fitzgerald: Actually, it was asked before. All good. Thank you.

Speaker #7: Actually , it was it was asked before . All good . Thank you .

Speaker #3: No worries. That was an easy one.

Andrew Mellor: No worries, Simon. That was an easy one.

Speaker #8: Yeah .

Simon Fitzgerald: Yeah.

Speaker #4: Thank you. There are no further questions at this time. I will now hand back to Mr. Grant Hackett for closing remarks.

Operator 2: Thank you. There are no further phone questions at this time. I will now hand back to Mr. Grant Hackett for closing remarks.

Operator: Thank you. There are no further phone questions at this time. I will now hand back to Mr. Grant Hackett for closing remarks.

Speaker #3: Thanks very much for everybody's support in FY 26 . We're very pleased with the year . The momentum . Like I said , we've got across each of the businesses at the moment , we'll see a varying points in time .

Grant Hackett: Oh, thanks very much for everybody's support in FY26. We are very pleased with the year, the momentum, like I said, we have got across each of the businesses. At the moment, we will see at varying points in time, as we have discussed, operational leverage coming into the different assets. Lonsec being the more mature with some really strong margins in that business, but great growth opportunities with some new products to be deployed. Evidentia with the integration complete, we can really focus on acquiring new clients and obviously growing FUM in that business. And the opportunity has never been greater in Generation Life. So super excited about the future of GDG and each of the businesses there and appreciate the support that we have got out in the marketplace. Thank you.

Speaker #3: As we've discussed, operational leverage is coming into the different assets. Landsec is the more mature, with some really strong margins in that business, but there are great growth opportunities with some new products to be deployed.

Speaker #3: Evidensia, with the integration complete, we can really focus on acquiring new clients and obviously growing FUM in that business. And the opportunity has never been greater in Generation Life.

Speaker #3: So, super excited about the future of GDG and each of the businesses there, and appreciate the support that we've got out in the marketplace.

Speaker #3: Thank you

Operator 2: Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.

Operator: Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.

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