Full Year 2026 Raiz Invest Ltd Earnings Call

August 28, 2026

[Company Representative] (Raiz Invest): Are we ready to go, Craig? I cannot see everybody. We are all good?

Katie Mackenzie: Are we ready to go, Craig? I can't see everybody. We are all good?

Speaker #2: Great. Ready to go? Great. I can't see everybody. We're all good?

Speaker #3: All good. I'm good.

Craig Keary: All good. I am good.

Speaker #2: Okay. Good morning, Kuru, Kurti, everyone, and welcome to the Raiz Invest Q2 financial results webinar. On our call today, we have Craig Keary, CEO, and Alex Gao, the CFO.

[Company Representative] (Raiz Invest): Terrific. Good morning, everyone, and welcome to the Raiz Invest FY26 Financial Results Webinar. On our call today, we have Craig Keary, CEO, and we have Alex Gao, the CFO. The presentation today will run for about 20 minutes, and then we will open up for Q&A. If you have got any questions, please feel free to type them into the Q&A tab at the bottom and we will circle back to those questions at the end of the presentation. Now I would like to hand over to Craig. Over to you.

Katie Mackenzie: Terrific. Good morning, everyone, and welcome to the Raiz Invest FY 2026 Financial Results Webinar. On our call today, we have Craig Keary, CEO, and we have Alex Gao, the CFO. The presentation today will run for about 20 minutes, and then we will open up for Q&A. If you have got any questions, please feel free to type them into the Q&A tab at the bottom and we will circle back to those questions at the end of the presentation. Now I would like to hand over to Craig. Over to you.

Speaker #2: The presentation today will run for about 20 minutes, and then we will open up for Q&A. If you have any questions, please feel free to type them into the Q&A tab at the bottom, and we'll circle back to those questions at the end of the presentation.

Speaker #2: So now I'd like to hand over to Craig. Over to you.

Speaker #3: Good morning, and thank you, Katie, and good morning to everybody. Happy Friday. If we can just go to the next slide, Katie. So, really pleased to be here.

Craig Keary: Good morning, and thank you, Katie, and good morning to everybody. Happy Friday. If we could just go to the next slide, Katie. I am pleased to be here as my first results update as CEO. As I said, really delighted to be here. In terms of the key metrics, we have sitting at 351,362 active customers. Our FUM has gone up to AUD 2.32 billion of FUM. We have had strong industry recognition, in particular with the various WeMoney awards there, as well as really positive ratings from SuperRatings. If I think about the vision or the mission for Raiz, we are that wealth platform for all Australians, and that is something that really does come through, as we can look at some of the data later on.

Speaker #3: And as my sort of first sort of results update as CEO, I'm really delighted, as I said, really delighted to be here. In terms of the key sort of metrics, we've got sitting at 351,000, 362 active customers, our firm has gone up to 2.32 billion of funds, sorry, and we've had strong industry recognition, in particular with the various different WeMoney awards there.

Craig Keary: Our FUM has gone up to AUD 2.32 billion of FUM. We have had strong industry recognition, in particular with the various WeMoney awards there, as well as really positive ratings from SuperRatings. If I think about the vision or the mission for Raiz, we are that wealth platform for all Australians, and that is something that really does come through, as we can look at some of the data later on.

Speaker #3: As well as really positive ratings from SuperRatings. If I think about the vision—or, sorry, the vision or the mission—for Raiz, we are that wealth platform for all Australians, and that's something that really does come through as we look at some of the Young Starter data later on. But also, as I said, our vision is to allow Australians to achieve that financial well-being, regardless of their situation.

Craig Keary: Also, as I said, our vision is to allow Australians to achieve that financial wellbeing, regardless of their situation. That is something that I am really pleased to be here at Raiz to help deliver on that vision. As I said, it is a really strong purpose. Next slide. In terms of the key highlights, in terms of financial metrics, really strong revenue growth that is driving that sustainable profitability, which is really terrific. Revenue is up to AUD 29.2 million. That is up 21%. Underlying EBITDA is sitting at AUD 5.5 million, up 93%. Operating cash flow of AUD 5.1 million, up 30%. We have a healthy cash balance of AUD 15.4 million, up 18%. In terms of the core business drivers, active customers are up this year to 351,362, up 7%. ARPU is up to AUD 85.87, up 13%.

Speaker #3: And that's something that I'm really pleased to be here at Raiz to help deliver on—that vision. And as I said, it's a really, really strong set of, really strong purpose.

Speaker #3: Next slide. In terms of the key highlights, with respect to financial metrics, we saw really strong revenue growth that is driving that sustainable profitability, which is really terrific.

Craig Keary: In terms of the key highlights, in terms of financial metrics, really strong revenue growth that is driving that sustainable profitability, which is really terrific. Revenue is up to AUD 29.2 million. That is up 21%. Underlying EBITDA is sitting at AUD 5.5 million, up 93%. Operating cash flow of AUD 5.1 million, up 30%. We have a healthy cash balance of AUD 15.4 million, up 18%. In terms of the core business drivers, active customers are up this year to 351,362, up 7%. ARPU is up to AUD 85.87, up 13%.

Speaker #3: Revenue is up to $29.2 million, up 21%. Underlying EBITDA is $5.5 million, up 93%. Operating cash flow is $5.1 million, up 30%.

Speaker #3: And we've got a healthy cash balance of 15.4 million dollars up 18%. In terms of the core business drivers, active customers are up this year, to sorry, up this year, to 351,000, 362, up 7%.

Speaker #3: ARPU is up to $85.87, up 13%. The firm has grown to $2.3 billion, up 28%. And we've had $219 million of net flows, so that's up about 4%.

Craig Keary: FUM has grown to AUD 2.3 billion, up 28%, and we have had AUD 219 million of net flows, so that is up 4%. Just the next slide. We are really seeing that accelerating momentum in the core business drivers. As I said, overall, we are seeing active customer growth. That CAGR over the last number of years is running at 5%. I want to talk a little bit more in the back part of the presentation about how we can increase our active customers. Also, our FUM has grown really healthily. We are sitting there with a CAGR over the last number of years of 25.4% and with circa AUD 2.3 billion of FUM, which is really terrific to see. So good momentum in the core business drivers. Next slide, please. We have strong growth in revenue really driven by that ARPU. So we have revenue is up 21.4%.

Speaker #3: Just the next slide. We're really seeing that accelerating momentum in the core business drivers. As I said, overall, we're seeing active customer growth.

Speaker #3: That CAGR, over the last number of years, is running at 5%. I want to talk a little bit more in the latter part of the presentation about how we can increase our active customers.

Speaker #3: But also, our firm is doing really well. We're sitting there with a CAGR over the last number of years of 25.4%, and with approximately $2.3 billion in the firm, which is really terrific to see.

Craig Keary: Also, our FUM has grown really healthily. We are sitting there with a CAGR over the last number of years of 25.4% and with circa AUD 2.3 billion of FUM, which is really terrific to see. So good momentum in the core business drivers. Next slide, please. We have strong growth in revenue really driven by that ARPU. So we have revenue is up 21.4%.

Speaker #3: So, good momentum in the core business drivers. Next slide, please. We've got strong growth in revenue, really driven by that ARPU.

Speaker #3: So we've got revenue is up 21.4%. That is outpacing customer growth of 6.7%. And growing at a four-year CAGR of 15.1%. Our ARPU is up 13.5%, to 85 dollars and 87 cents.

Craig Keary: That is outpacing customer growth of 6.7% and growing at a four-year CAGR of 15.1%. Our ARPU is up 13.5% to AUD 85.87, and that is growing at that four-year CAGR of 9.7%. The key factors contributing to ARPU growth was the fee increase that became effective in August 2025. Also, we are seeing growth in higher revenue products, such as Raiz Plus and Raiz Invest Super. We obviously have higher account balances, which are driving those fund-based fees. As I said, really strong growth in revenue, which is driven by that ARPU number. Next slide. We are also seeing innovation, which is driving increased customer engagement. In particular, Kids FUM, which is a product that has been launched, that FUM is now sitting at AUD 123 million. We have seen really healthy growth in that FUM. We are sitting at a CAGR of 135%.

Speaker #3: And that's growing at that four-year CAGR of 9.7%. The key factor contributing to ARPU growth was the fee increase that became effective in August '25.

Speaker #3: Also, we're seeing growth in higher-revenue products, such as Raiz Plus and Raiz Super. And we've obviously got higher account balances, which are driving those fund-based fees.

Speaker #3: So, as I said, really strong growth in revenue, which is driven by that ARPU number. Next slide. We're also seeing innovation, which is driving increased customer engagement.

Craig Keary: We are also seeing innovation, which is driving increased customer engagement. In particular, Kids FUM, which is a product that has been launched, that FUM is now sitting at AUD 123 million. We have seen really healthy growth in that FUM. We are sitting at a CAGR of 135%.

Speaker #3: In particular, Kids Fund, which is a product that's been launched, is now seeing that firm sitting at $123 million. We've seen really healthy growth in that firm.

Speaker #3: We're sitting at a CAGR of around 135%. And also, our Plus Firm, which is now at $424 million, is sitting at a CAGR of 54.7%.

Craig Keary: Our Plus FUM is now at 424 million. That is sitting at a CAGR of 54.7%. Really that innovation that we have had in the business and will continue to have in the business is driving that increased customer engagement. If I think about Raiz, we are really on the way to, and are evolving into a broader wealth platform. If I look at this slide, we have started out as Raiz Invest. You can see where we have added Raiz Plus, Raiz Rewards, Raiz Invest Super, the Raiz Kids, Raiz Jars, our Raiz Lite product, as well as our Raiz Academy. Those are all different features within our platform that go to the point of us being a broader wealth platform, and as I think about it, really being there for a customer's full life cycle of investing.

Speaker #3: So really, that innovation that we've had in the business, and will continue to have in the business, is driving that increased customer engagement. If I think about Raiz, we're really on the way to, and are evolving into, a broader wealth platform.

Speaker #3: If I look at this slide, we started out as Raiz Invest. You can see where we've added Raiz Plus, Raiz Rewards, and Raiz Invest Super.

Craig Keary: If I look at this slide, we have started out as Raiz Invest. You can see where we have added Raiz Plus, Raiz Rewards, Raiz Invest Super, the Raiz Kids, Raiz Jars, our Raiz Lite product, as well as our Raiz Academy. Those are all different features within our platform that go to the point of us being a broader wealth platform, and as I think about it, really being there for a customer's full life cycle of investing.

Speaker #3: The Raiz Kids, Raiz Jars, our Lite product, as well as our Academy—so those are all sort of different features within our platform that go to the point of us being a broader wealth platform.

Speaker #3: And as I sort of think about it, really being there for our customers' full life cycle of investing. FY27 is still—in progress in FY27 is still launching direct trade for US-listed equities and ETFs.

Craig Keary: FY27 is in progress, and FY27 is still launching direct trade for US-listed equities and ETFs, followed by direct ASX trading as well. If we go to the next slide. If you just go to the financial results and just look at this, the core drivers are really delivering that strong financial performance. As I have said, our revenue has increased by 21% to AUD 29 million. Our underlying operating expenses are up 12% to AUD 23.8 million. Our underlying EBITDA is at AUD 5.5 million, up 93%, at a 98% margin. The second half net profit for tax result includes non-recurring CEO transition and corporate advisory options expenses of around AUD 1.3 million, and that has been excluded from underlying EBITDA. Our statutory NPAT is sitting at AUD 3.5 million, which includes a AUD 3.2 million of non-cash tax benefit from recognition of prior year carried forward losses.

Speaker #3: Followed by direct ASX trading as well. If we go to the next slide. So, if we just go to the financial results and just look at this, the core drivers are really delivering that strong financial performance.

Speaker #3: As I said, our revenue is increased by 21% to 29 million dollars. Our underlying operating expenses are up 12% to 23.8 million dollars. But our underlying EBITDA is at 5 million sorry, 5.5 million dollars.

Speaker #3: Up 93% at a 98% margin. The second half net profit before tax result includes non-recurring CEO transition and corporate advisory options expenses of around $1.3 million.

Craig Keary: The second half net profit for tax result includes non-recurring CEO transition and corporate advisory options expenses of around AUD 1.3 million, and that has been excluded from underlying EBITDA. Our statutory NPAT is sitting at AUD 3.5 million, which includes a AUD 3.2 million of non-cash tax benefit from recognition of prior year carried forward losses.

Speaker #3: And that has been excluded from underlying EBITDA. Our statutory NPAT is sitting at $3.5 million, which includes a $3.2 million non-cash tax benefit from the recognition of prior year carried-forward losses.

Speaker #3: So, that was actually—sorry—and as per the disclosure in the first half, FY26 results. So, the core business drivers—sorry, the core drivers—are really delivering that strong financial performance.

Craig Keary: That is further disclosure in the H1 FY26 results. The core business drivers, the core drivers are really delivering that strong financial performance. Next slide, please. We do have that strong growth in EBITDA. I look at it and we have got a 93% growth, we have got that 6.7% increase in active customers. We have got that 13.5% increase in ARPU, and we have got positive jaws that are driving that margin of 18.7%. We have got three consecutive years of positive EBITDA. Really good strong growth, and that is really pleasing to see. We have got a positive operating and free cash flow. Our operating cash flow of AUD 5.1 million is up 30%. Representing 94% conversion of underlying EBITDA. Our development costs of AUD 2.5 million are down 20%.

Speaker #3: Next slide, please. We do have that strong growth in EBITDA. I look at it and we go, we've got a 93% growth. We've got that 6.7% increase in active customers.

Speaker #3: We've got that 13.5% increase in ARPU, and we've got positive drivers that are driving that margin of 18.7%. And we've got three consecutive years of positive EBITDA.

Speaker #3: So, really good, strong growth, and that's really pleasing to see. We've got positive operating and free cash flow. Our operating cash flow of $5.1 million is up 30%.

Craig Keary: Really good strong growth, and that is really pleasing to see. We have got a positive operating and free cash flow. Our operating cash flow of AUD 5.1 million is up 30%. Representing 94% conversion of underlying EBITDA. Our development costs of AUD 2.5 million are down 20%.

Speaker #3: Representing a conversion sorry, representing 94% conversion of underlying EBITDA. Our development costs of 2.5 million are down 20%. And our free cash flow of we've got free cash flow of 2.7 million dollars up from 900,000 dollars.

Craig Keary: We have got free cash flow of AUD 2.7 million, up from AUD 900,000, really driven by that underlying earnings growth and lower development costs. We are sitting at a closing cash balance of AUD 15.4 million, compared to a closing cash balance in FY 25 of AUD 13 million, and we have got no corporate debt. Really, as I said, really positive operating and free cash flow, with a really healthy cash balance, which is terrific. The next few slides I wanted to talk about transformation really to deliver on what I would call ambition. When I joined Raiz, I was really focused on how we can take Raiz to the next level. The word that I used, very much from the first day that I started, both internally and externally, is ambition. If I look at the reason why that, I think is a good word to anchor to.

Speaker #3: Really driven by that underlying earnings growth and lower development costs. We're sitting at a closing cash balance of $15.4 million, compared to a closing cash balance in FY25 of $13 million.

Speaker #3: And we've got no corporate debt. So really, as I said, really positive operating and free cash flow with a really healthy cash balance, which is terrific.

Speaker #3: The next few slides, I wanted to talk about transformation, really to deliver on what I would call ambition. When I joined Raiz, I was really focused on how we can take Raiz to the next level.

Craig Keary: When I joined Raiz, I was really focused on how we can take Raiz to the next level. The word that I used, very much from the first day that I started, both internally and externally, is ambition. If I look at the reason why that, I think is a good word to anchor to.

Speaker #3: And the word that I used very much from the first day that I started, both internally and externally, is ambition. If I look at the reason why, I think it is a good word to anchor to.

Speaker #3: First of all, our customer is our ambition. The reason why they join Raiz as a customer is they want to grow their wealth, and they want to have a better life for themselves.

Craig Keary: First of all, our customers are ambitious. The reason why they join Raiz as a customer is they want to grow their wealth, and they want to have a better life for themselves, and that shows ambition. Our shareholders are equally ambitious. They want to see Raiz grow and be a broader wealth platform. As a result, as I said, shareholders are ambitious. Also employees or the Raiz team, they also want to see ambition. Ambition is, I think, a really good word to anchor around, and it's something that I've, as I said, been using very much since the day that I started, and was the real driver for the initial engagement I had with the board about becoming on a CEO. We're looking to transform from a micro-investing. Just go back to that slide, Katie, sorry.

Speaker #3: And that shows ambition. Our shareholders are equally ambitious. They want to see Raiz grow and become a broader wealth platform. Really, as a result—as I said—the shareholders are Raiz team.

Speaker #3: They also want to see ambition. So, ambition is a really, I think, a really good word to anchor around. And it's something that I have been, as I said, been using very much since the day that I started.

Craig Keary: Ambition is, I think, a really good word to anchor around, and it's something that I've, as I said, been using very much since the day that I started, and was the real driver for the initial engagement I had with the board about becoming on a CEO. We're looking to transform from a micro-investing. Just go back to that slide, Katie, sorry.

Speaker #3: And that was the real driver for the initial engagement I had with the board about coming on as CEO. We're looking to transform from a micro-investing—so I'll just go back to that slide, Katie.

Speaker #3: Sorry. We're looking to transform from a micro-investing platform to a wealth management platform. If I think about Raiz, we've got a really solid brand, and that foundation is as a micro-investing platform.

Craig Keary: We're looking to transform from a micro-investing platform to a wealth management platform. If I think about Raiz, we've got a really solid brand, and that foundation is a micro-investing platform. We've got really strong customer engagement. We've got really strong recognized technology capability. I've been incredibly impressed with the technology capability that we have here at Raiz. We've got a proposition that really reduces barriers to saving and investing. What we want to do is we want to build a wealth management platform that really delivers on customer innovation, really delivers on that disciplined execution, and actually is appealing and relevant to customers through that broader customer life cycle. The transformation that I'm looking to undertake will enable stronger capability, execution, performance, and internal processes, which are critical for the next phase of growth for Raiz. Sorry, Katie, next slide.

Speaker #3: We've got really strong customer engagement. We've got really strong, recognized technology capability. I've been incredibly impressed with the technology capability that we have here at Raiz.

Speaker #3: And we've got a proposition that really reduces barriers to saving and investing. But what we want to do is build a wealth management platform that really delivers on customer innovation and really delivers on disciplined execution.

Craig Keary: What we want to do is we want to build a wealth management platform that really delivers on customer innovation, really delivers on that disciplined execution, and actually is appealing and relevant to customers through that broader customer life cycle. The transformation that I'm looking to undertake will enable stronger capability, execution, performance, and internal processes, which are critical for the next phase of growth for Raiz. Sorry, Katie, next slide.

Speaker #3: And it actually is appealing and relevant to customers through that broader customer lifecycle. So the transformation that I'm looking to undertake will enable stronger capability execution, performance, and internal processes, which are critical for the next phase of growth for Raiz.

Speaker #3: Sorry, Katie. Next slide. The four key areas that I really want to focus on in the transformation are as follows. Our strong capital position really supports an investment in the business.

Craig Keary: The four key areas that I really want to focus on in the transformation are really as follows, and our strong capital position really supports an investment in the business. The first one is customer acquisition, conversion, and lifetime value. We want to make sure we're implementing systems, processes, and capabilities, and in strengthening our customer engagement and that marketing enablement. That will help us drive increased customer growth, improved customer retention, and really allow us to fulfill that ambition of that being that broader wealth platform. We also want to look at brand evolution and market positioning. We want to reposition the Raiz brand to reflect its evolution to that broader wealth platform. As I sort of said at the start, we've got a really well-recognized and regarded technology platform. We want to look at what I would call AI-enabled customer engagement.

Speaker #3: The first one is customer acquisition, conversion, and lifetime value. We want to make sure we're implementing systems, processes, and capabilities, and strengthening our customer engagement and that marketing enablement.

Speaker #3: That will help us drive increased customer growth, improved customer retention, and really allow us to fulfill that ambition of being that broader wealth platform.

Speaker #3: We also want to look at brand evolution and market positioning. We want to reposition the Raiz brand to reflect its evolution into that broader wealth platform.

Craig Keary: We also want to look at brand evolution and market positioning. We want to reposition the Raiz brand to reflect its evolution to that broader wealth platform. As I sort of said at the start, we've got a really well-recognized and regarded technology platform. We want to look at what I would call AI-enabled customer engagement.

Speaker #3: As I mentioned at the start, we've got a really well-recognized and well-regarded technology platform. So we want to look at what I would call AI-enabled customer engagement.

Speaker #3: So, how can we incubate, test, and launch tools that are going to improve customer engagement, personalization, and the overall customer experience? And the fourth one is that broader wealth platform enablement.

Craig Keary: How can we incubate, test, and launch tools that are going to improve the customer engagement, personalization, and the overall customer experience? The fourth one is that broader wealth platform enablement. It's really assessing opportunities and features that provide customers with that greater choice. The key aspect of this is we're making sure that we've got the right capability will be directed to the highest priority activities, and that the transformation will strengthen the business without embedding that unnecessary cost. We're going to approach this in a very disciplined and a structured manner. Next slide. The transformation program is also enabled by four critical shifts under new leadership with respect to me as the CEO. The first one is about enhancing our leadership capability.

Speaker #3: It's really assessing opportunities and features that provide customers with that greater choice. The key aspect of this is making sure that we've got the right capability, will be directed to the highest priority activities, and that the transformation will strengthen the business without embedding that unnecessary cost.

Speaker #3: So we're going to approach this in a very disciplined and a structured manner. Next slide. It's also the transformation program is also enabled by sort of four critical shifts.

Craig Keary: We're going to approach this in a very disciplined and a structured manner. Next slide. The transformation program is also enabled by four critical shifts under new leadership with respect to me as the CEO. The first one is about enhancing our leadership capability.

Speaker #3: Under new leadership, with respect to me as the CEO, the first one is about enhancing our leadership capability. The second one is about building a high-performance culture.

Craig Keary: The second one is about building a high-performance culture, and I will come back to a bit more detail on that in a second. The third one is about continuing to improve our internal processes to really make sure that we can deliver on that ambition of being that broader wealth platform. The fourth one, which I will talk in a little bit more detail in a second as well, is exploring strategic M&A opportunities. A high-performance culture is something that is really important for us to achieve our goals in terms of the ambition that we have for Raiz. Equally, the goal of building that broader wealth platform. Myself and the leadership team have got together. We have worked through a new leadership charter. There is actually a lot more detail behind this. It is really super important. Culture is critical to any form of transformation.

Speaker #3: And I'll come back to a bit more detail on that in a second. The third one is about continuing to improve our internal processes to really make sure that we can deliver on that ambition of being that broader wealth platform.

Speaker #3: And the fourth one, which I'll talk about in a little more detail in a second as well, is exploring strategic M&A opportunities.

Speaker #3: A high-performance culture is something that is really important for us to achieve our goals, in terms of the ambition that we have for Raiz.

Speaker #3: But equally, the goal of building that broader wealth platform. Myself and the leadership team have gotten together. We've worked through a new leadership charter.

Craig Keary: Equally, the goal of building that broader wealth platform. Myself and the leadership team have got together. We have worked through a new leadership charter. There is actually a lot more detail behind this. It is really super important. Culture is critical to any form of transformation.

Speaker #3: There's actually a lot more detail behind this, but it's really, super important—culture is critical to any form of transformation. And it's really critical when you're looking at having a growth business.

Craig Keary: It is really critical when you are looking at having a growth business. We have got a new leadership charter that will really underpin the leadership and cultural changes that are required for that sustainable growth. The three pillars of high-performance leadership are really around consistency, openness, and courage. These behaviors will represent the minimum standard expected by leaders and the team at Raiz, rather than an aspiration. This charter will be embedded into recruitment and development, performance assessment, role descriptions, and succession planning, and so on. The culture is a really important aspect of this transformation, and it is something that we have, as I said, we have worked on as a leadership team, which I am really proud of the team for doing so. The next slide. We continue to innovate towards the broader wealth platform.

Speaker #3: So we've got a new leadership charter that will really underpin the leadership and cultural changes that are required for that sustainable growth. The three pillars of high-performance leadership are really around consistency, openness, and courage.

Speaker #3: And these behaviors will represent the minimum standard expected by leaders and the team at Raiz, rather than an aspiration. This charter will be embedded into recruitment and development, performance assessment, role descriptions, succession planning, and so on.

Speaker #3: So the culture is a really important aspect of this transformation, and it's something that we've—as I said, we've worked on as a leadership team, which I'm really proud of the team for doing so.

Craig Keary: The culture is a really important aspect of this transformation, and it is something that we have, as I said, we have worked on as a leadership team, which I am really proud of the team for doing so. The next slide. We continue to innovate towards the broader wealth platform.

Speaker #3: On the next slide, we continue to innovate towards the broader wealth platform. So the launch of US-listed equities and ETFs, and direct ASX trading, remains a high priority.

Craig Keary: The launch of US-listed equities and ETFs, and direct ASX trading remains a high priority for FY27. The proposed go-to-market approach will be staged, initially cross-selling the capability to existing Raiz customers, and then using it as a way to potentially target new customers. Australian share trading will follow US equities and ETF launch, and greater discipline will be applied to the project planning and delivery around these key projects. We are looking to launch US equities and ETFs first, and that will be followed very much by the Australian direct trading following after that. That is very much a high priority for the business and something that we are really working through now, the exact date for when we will go live.

Speaker #3: For FY27, the proposed go-to-market approach will be staged. Initially, cross-selling the capability sorry, the capability to sorry, the capability to existing Raiz customers and then using it as a way to potentially target new customers.

Speaker #3: Australian share trading will follow US equities and ETF launch, and greater discipline will be applied to the project planning and delivery around these key projects.

Speaker #3: So we're looking to launch US equities and ETFs first, and that will be followed very much by the Australian direct trading following after that.

Craig Keary: We are looking to launch US equities and ETFs first, and that will be followed very much by the Australian direct trading following after that. That is very much a high priority for the business and something that we are really working through now, the exact date for when we will go live.

Speaker #3: So that is very much a high priority for the business, and something that we're really working through now—the exact date for when we will go live.

Speaker #3: If I look at the opportunity and why—this is really an old slide—what I would say we're seeing is there's roughly around 1.3 million online investors.

Craig Keary: If I look at the opportunity and why this is really an old slide, what I would say, we are seeing there is roughly around 1.3 million online investors. This is old ASX data. That has actually grown. As I look at that, we have got a really strong opportunity to acquire new customers, but we have also got a strong opportunity for re-engagement and cross-promotion. As I said, you can see there where we think that with the right element of marketing capability and processes, we have got an opportunity to re-engage, which will ultimately lead to greater outcomes for the business. The next slide, please. This is a really interesting piece, which really around Gen Z Australians. Research indicates that regular investing is really becoming increasingly established behavior among younger Australians, and that is a super exciting trend that we are seeing.

Speaker #3: Now, this is old ASX data. That has actually grown. But as I look at that, we've got a really strong opportunity to acquire new customers, but we've also got a strong opportunity for re-engagement and cross-promotion.

Speaker #3: And as I said, you can see there where we think that, with the right element of marketing capability and processes, we've got an opportunity to re-engage, which will ultimately lead to greater outcomes for the business.

Speaker #3: The next slide, please. This is a really interesting piece, which is really around Gen Z Australians. So, research indicates that regular investing is really becoming increasingly established behavior among younger Australians.

Craig Keary: This is a really interesting piece, which really around Gen Z Australians. Research indicates that regular investing is really becoming increasingly established behavior among younger Australians, and that is a super exciting trend that we are seeing.

Speaker #3: And that's a super exciting trend that we're seeing. As I said, there are some really key stats here. And why does it matter? Why does it matter for Raiz?

Craig Keary: As I said, really key stats here, and why does it matter? Why does it matter for Raiz? Gen Z is adopting regular technology-enabled saving and investing at an early age, and this really aligns strongly with our proposition of helping customers invest smaller amounts regularly and build that long-term wealth. We've got a really engaged cohort of investors that are looking to invest, and our platform is really fit for purpose with that cohort, which is really exciting. Next slide, please. This is something that I think is a huge opportunity for Raiz, and particularly when I look at things like Kids accounts as the sort of the funnel for this, for want of a better word. The numbers around the intergenerational wealth transfer are significant.

Speaker #3: Gen Z is adopting regular, technology-enabled saving and investing at an early age. And this really aligns strongly with our proposition of helping customers invest smaller amounts regularly and build that long-term wealth.

Speaker #3: So, we've got a really engaged cohort of investors that are looking to invest, and our platform is really fit for purpose with that cohort, which is really exciting.

Speaker #3: Next slide, please. This is something that I think is a huge opportunity for Raiz. And when I look at—particularly when I look at things like kids' accounts as sort of the funnel for this, for want of a better word—the numbers around the intergenerational wealth transfer are significant.

Craig Keary: This is something that I think is a huge opportunity for Raiz, and particularly when I look at things like Kids accounts as the sort of the funnel for this, for want of a better word. The numbers around the intergenerational wealth transfer are significant.

Speaker #3: And what we're looking to do is to build that trusted brand for the next generation of investors, which obviously are the beneficiaries of the wealth transfer.

Craig Keary: What we're looking to do is to build that trusted brand for the next generation of investors, which obviously are the beneficiaries of the wealth transfer. There's going to be roughly AUD 5.4 trillion that will be transferred over the next 20 years. I've actually seen higher numbers than this, but this is the recent research from Treasury. If I think why our Kids account in particular is well-positioned to support this, we've got the account which allows simple. It's very simple to set up, and then the family can contribute and engage early, building that relationship for life. We do see that as an opportunity to really build the next generation of investors, and particularly as they become beneficiaries of this wealth transfer. The next slide, please, Katie. The maximizing customer lifetime value.

Speaker #3: There's going to be roughly 5.4 trillion dollars that will be transferred between over the next 20 years. I've actually seen sort of higher numbers than this, but this is the sort of the recent sort of research from Treasury.

Speaker #3: And if I think why our Kids Account in particular is well positioned to support this, we've got the account which allows—it's very simple to set up.

Craig Keary: It's very simple to set up, and then the family can contribute and engage early, building that relationship for life. We do see that as an opportunity to really build the next generation of investors, and particularly as they become beneficiaries of this wealth transfer. The next slide, please, Katie. The maximizing customer lifetime value.

Speaker #3: And then the family can contribute and engage early, building that relationship for life. So we do see that as a real opportunity to build the next generation of investors, particularly as they become beneficiaries of this wealth transfer.

Speaker #3: Next slide, please, Katie. Maximizing customer lifetime value—this is just, I think, a slide that I'm sure a number of you have seen before.

Craig Keary: This is just, I think it's a slide that I'm sure a number of you have seen before. Look, I really like this slide. It shows you that we've got a range of different customer groups, everything from Kids right through to boomers. In terms of features, we've got the Raiz Academy, we've got the Raiz Invest, we've got a Raiz Invest Super, we've got Raiz Jars, we've got Raiz Rewards. We've got our roadmap, which is around US-listed equities and ETFs and direct ASX trading. Then we've also got the AI-driven customer experience improvements. As I said, then we're catering for customers from under 18 right through to starting retirement, and that's where I think about really maximizing that customer lifetime value. Next slide, Katie. Then really exploring strategic M&A opportunities.

Speaker #3: Look, I really like this slide. It shows you that we've got a range of different customer sort of groups, everything from kids right through to boomers.

Speaker #3: We've got the in terms of features, we've got the academy, we've got the Raiz Invest, we've got a Raiz Invest Super, we've got JARS, we've got our roadmap, which is around US listed equities and ETFs and direct ASX trading.

Speaker #3: And then we've also got the AI-driven customer experience improvements. And as I said, we're catering for customers from under 18 right through to starting retirement.

Craig Keary: As I said, then we're catering for customers from under 18 right through to starting retirement, and that's where I think about really maximizing that customer lifetime value. Next slide, Katie. Then really exploring strategic M&A opportunities.

Speaker #3: And that's where I think about really maximizing that customer lifetime value. Next slide, Katie. And then really exploring strategic M&A opportunities. So, management will continue to explore selective M&A and other strategic opportunities that have the potential to accelerate our strategy.

Craig Keary: Management will continue to explore selective M&A and other strategic opportunities that really have the potential to accelerate our strategy. The primary focus will be on opportunities that really expand or accelerate our distribution capability, increase our customer reach, accelerate the product roadmap, or add relevant technology talent or organizational capability, and also create that sustainable value for our customers, but also very much so yourselves as our shareholders. What I will say is an opportunity will be assessed against very clear strategic, financial, operational, and execution criteria. I flagged that in the Q4 results that that was a priority, and I'm just highlighting here the sort of framework that we're going to look at with respect to M&A. Then the final one really there is the disclaimer. I'm happy to pause there and take any questions.

Speaker #3: The primary focus will be on opportunities that really expand or accelerate our distribution capability, increase our customer reach, accelerate the product roadmap, or add relevant technology talent or organizational capability.

Speaker #3: And also create that sustainable value for our customers, but also very much so yourselves as our shareholders. And what I will say is, an opportunity will be assessed against very clear strategic, financial, operational, and execution criteria.

Speaker #3: So, we are—I've flagged that in the fourth quarter results, that that was a priority. And I'm just sort of highlighting here the framework that we're going to look at with respect to M&A.

Craig Keary: I flagged that in the Q4 results that that was a priority, and I'm just highlighting here the sort of framework that we're going to look at with respect to M&A. Then the final one really there is the disclaimer. I'm happy to pause there and take any questions.

Speaker #3: And then the final one, really, is the disclaimer. I'm happy to pause there and take any questions.

Speaker #1: That's great. Thank you, Craig, for the presentation. Excuse me. So, we've got—actually, quite a few questions have come through during the presentation. Just a reminder to everybody: if you would like to type questions in, type them into the Q&A tab.

[Company Representative] (Raiz Invest): That's great. Thank you, Craig, for the presentation. Excuse me. We've got, in fact, quite a few questions have come through the presentation. Just a reminder to everybody, if you would like to type questions in, type them into the Q&A tab. We've got a few questions coming in through the chat as well, so I'll try and juggle between both of them. We've also got Alex, the CFO, who's joining us there as well to answer any questions. The first one, Craig, this has come up a few times. We've been asked by a few investors about FY27 guidance or the absence of it this year. Can you just talk a little bit to your thinking and the board's thinking about that for FY27?

Katie Mackenzie: That's great. Thank you, Craig, for the presentation. Excuse me. We've got, in fact, quite a few questions have come through the presentation. Just a reminder to everybody, if you would like to type questions in, type them into the Q&A tab. We've got a few questions coming in through the chat as well, so I'll try and juggle between both of them.

Speaker #1: We've got a few questions coming in through the chat as well, so I'll try and juggle between both of them. We've also got Alex, the CFO, who's joining us there as well to answer any questions.

Katie Mackenzie: We've also got Alex, the CFO, who's joining us there as well to answer any questions. The first one, Craig, this has come up a few times. We've been asked by a few investors about FY27 guidance or the absence of it this year. Can you just talk a little bit to your thinking and the board's thinking about that for FY27?

Speaker #1: So, the first one, Craig—this has come up a few times. We've been asked by a few investors about FY27 guidance, or the absence of it, this year.

Speaker #1: Can you just talk a little bit about your thinking, and the board's thinking, about that for FY27?

Speaker #2: So, we're looking through. Obviously, we've flagged that we want to undertake a transformation, and we want to do that in a very disciplined and structured manner.

Craig Keary: We're looking through. Obviously, we've flagged that we want to undertake a transformation. We want to do that in a very disciplined and structured manner. We're looking through how we can focus on the investment that's required, particularly around that customer acquisition, conversion, and retention number. Sorry, retention need, as well as exploring some of the other things that I put on the transformation slide. That is still work in progress, so we're still forming that up. As I said, we're going to adopt a very disciplined and structured approach to that. Equally, we're still working out the exact sequencing regarding when US trading will go live. With all of those factors at play, we're just working through where we think we could land. That's why we actually haven't issued guidance at this stage.

Speaker #2: And we're looking through how we can focus on the investment that's required, particularly around that customer acquisition, conversion, and retention—sorry, retention need.

Speaker #2: And as well as exploring some of the other things that I put on the transformation slide. So that is still work in progress. So we're still firming that up.

Speaker #2: But as I said, we're going to adopt a very disciplined and structured approach to that. Equally, we're still working out the exact sequencing regarding when US trading will go live.

Craig Keary: As I said, we're going to adopt a very disciplined and structured approach to that. Equally, we're still working out the exact sequencing regarding when US trading will go live. With all of those factors at play, we're just working through where we think we could land. That's why we actually haven't issued guidance at this stage.

Speaker #2: So with all of those factors at play, we're not 100%; we're just working through where we think guidance—where we think we could land.

Speaker #2: So, that's why we actually haven't issued guidance at this stage.

Speaker #1: Yeah, okay. And we've got sort of a follow-on question there. Do you still expect EBITDA growth after those investments, or are we not going to talk about that, just in the context of what you just said?

[Company Representative] (Raiz Invest): Yeah. Okay. We've got a follow-on question there. Do you still expect EBITDA growth after those investments, or are we not going to talk about that just in the context of what you just said?

Katie Mackenzie: Yeah. Okay. We've got a follow-on question there. Do you still expect EBITDA growth after those investments, or are we not going to talk about that just in the context of what you just said?

Speaker #2: I think we've got a bit of work as a management team over the next short period of time to work through the transformation program.

Craig Keary: I think we've got a bit of work as a management team over the next short period of time to work through the transformation program. As I said, we're going to adopt a very structured and disciplined approach to that. It's work in progress, Katie.

Speaker #2: But as I said, we're going to—it's going to be—we're going to adopt a very structured and disciplined approach to that. It's work in progress, Katie.

Speaker #1: Okay, no problem. So, you mentioned in the presentation that US trading was coming before ASX trading. Are you able to talk a little bit about why the US is coming first?

[Company Representative] (Raiz Invest): Okay. No problem. You mentioned in the presentation that US trading was coming before ASX trading. Are you able to talk a little bit about why the US is coming first?

Katie Mackenzie: Okay. No problem. You mentioned in the presentation that US trading was coming before ASX trading. Are you able to talk a little bit about why the US is coming first?

Speaker #1: Yeah.

Craig Keary: It's a great question. Our customer research shows us that particularly a number of our customers, particularly Gen Zs, are interested in US trading. We used external research to validate that, and it shows a really strong trend that that cohort of Gen Z investors really have a strong connection with US trading, and therefore, we see it as a critical feature to both attract and retain that younger cohort of investors.

Speaker #2: It's a great question. Our customer research shows us that a number of our customers, particularly Gen Zs, are interested in US trading. We use external research to validate that.

Speaker #2: And it shows a really strong trend that that cohort of Gen Z investors really has a strong connection with US trading. And therefore, we see it as a critical feature to both attract and retain that younger cohort of investors.

Speaker #1: Okay, thank you. And what type of revenue model are you proposing for direct share trading?

[Company Representative] (Raiz Invest): Okay. Thank you, and what type of revenue model are you proposing for direct share trading?

Katie Mackenzie: Okay. Thank you, and what type of revenue model are you proposing for direct share trading?

Craig Keary: We're still working through that. As part of the go-to-market plan and approach for that, there's different ways to work through that revenue, but we're still working through it.

Speaker #2: We're still working through that. That's part of the go-to-market plan and approach for that. There are different ways to work through that revenue, but we're still working through it.

Speaker #1: Yeah. Okay. We've got a question here that there's been lots of talk in that transformation program about culture and leadership and processes. So can you just talk a little bit about what your observations were when you joined as CEO, and where the areas for improvement were?

[Company Representative] (Raiz Invest): Yeah. Okay. We have a question here that there has been lots of talk in that transformation program about culture and leadership and processes. Can you just talk a little bit about what your observations when you joined as a CEO and where the areas for improvement were?

Katie Mackenzie: Yeah. Okay. We have a question here that there has been lots of talk in that transformation program about culture and leadership and processes. Can you just talk a little bit about what your observations when you joined as a CEO and where the areas for improvement were?

Speaker #2: No, thank you. Look, if I look at the business, it's been running for 10 years, and there's a lot to be proud of. Strong foundations, a really threatened 351,000 customers, really great size of fund, profitable.

Craig Keary: Thank you. Look, if I look at the business, it has been running for 10 years and there is a lot to be proud of. Strong foundations, a really, 351,000 customers, really great size for the firm, profitable. As I said, a lot to be proud of with the business. Where I sort of come in is I look at what do we need to do to take it to the next level from a growth perspective. The key enablers to that are really firstly around culture. You need to have a culture that is really focused around high performance, really focused around ambition. That is what high-growth companies have, and it is something that I am really committed to making sure that we have at Raiz. The second one is, as we look at being a broader wealth platform, you will need enhanced leadership capability.

Speaker #2: So, as I said, there's a lot to be proud of with the business. Where I come in is looking at what we need to do to take it to the next level from a growth perspective.

Speaker #2: And the key enablers to that are really, firstly, around culture. You need to have a culture that is truly focused on high performance, and really focused on ambition.

Speaker #2: That is what high-growth companies have, and it's something that I'm really committed to making sure we have at Raiz. The second point is, as we look at being a broader wealth platform, we will need enhanced leadership capability.

Craig Keary: That is what high-growth companies have, and it is something that I am really committed to making sure that we have at Raiz. The second one is, as we look at being a broader wealth platform, you will need enhanced leadership capability.

Speaker #2: So, that's something that we're really focusing on. And then the third one is the investment in internal processes. As we go from that micro-investing platform to a broader wealth platform, it's that continued need to— I wouldn't say invest.

Craig Keary: That is something that we are really focusing on. Then the third one is the investment in internal processes. As we go from that micro investing platform to a broader wealth platform, it is that continued need to, I wouldn't say invest. Actually, it is invest. That continued need to invest in making sure that our processes and controls are really fit for purpose as you become a broader business.

Speaker #2: Actually, it is invest—that continued need to invest in making sure that our processes and controls are really fit for purpose as you become a broader business.

Speaker #1: Yeah, okay. Thank you, Craig. We've got a question here on re-engagement, so I think this refers to customers that were on the platform and have turned off the platform, representing the low-hanging fruit.

[Company Representative] (Raiz Invest): Yeah. Okay. Thank you, Craig. We have a question here on re-engagement. I think this refers to customers that were on the platform that have churned off the platform, representing the low-hanging fruit. What is the company doing to re-engage these old customers? Is there more activity planned in this area in the future?

Katie Mackenzie: Yeah. Okay. Thank you, Craig. We have a question here on re-engagement. I think this refers to customers that were on the platform that have churned off the platform, representing the low-hanging fruit. What is the company doing to re-engage these old customers? Is there more activity planned in this area in the future?

Speaker #1: What is the company doing to re-engage these old customers? Is there more activity planned in this area in the future?

Craig Keary: It's a great question, and it's something we need to really focus on. It's a high priority for me. It's about making sure that we've got the right technology capability, the right people capability to drive that re-engagement. I completely agree that it is low-hanging fruit. We've got a number of customers that have left us or may have signed up but haven't funded with us. That is a substantial opportunity, and it's a high priority for myself and the team.

Speaker #2: It's a great question, and it's something we need to really focus on. It's a high priority for me. It's about making sure that we've got the right technology capability and the right people capability to drive that re-engagement.

Speaker #2: I completely agree that it is low-hanging fruit. We've got a number of customers that have left us or may have signed up but haven't funded with us—sorry, haven't funded with us yet.

Speaker #2: So, that is a substantial opportunity, and it's a high priority for myself and the team.

Speaker #1: Okay, thank you. We've got a question here on ABU, and that’s seen a significant increase in the past year. Has that led to a measurable change in customer retention or churn?

[Company Representative] (Raiz Invest): Okay. Thank you. We've got a question here on ARPU and that significant increase in the past year, if that has led to a measurable change in customer retention or churn.

Katie Mackenzie: Okay. Thank you. We've got a question here on ARPU and that significant increase in the past year, if that has led to a measurable change in customer retention or churn.

Speaker #2: In terms of churn, we're seeing that number being relatively consistent—would be my observation. I still think we have more work to do as a business to reduce churn.

Craig Keary: We're seeing that number being relatively consistent would be my observation. I still think we have more work to do as a business to reduce churn, and I think that's a really important priority, and I've flagged that, I think, as part of the transformation, which is how do we make sure that we systematize that in a way so that we can reduce churn. The US trading platform will help to some extent with that. We've really got to, as a business, I want to make sure that we've really got strong systems and discipline around that acquisition, conversion, retention, and making sure that we're using technology to identify where there's the prospect of churn, and we can make interventions as required.

Speaker #2: And I think that's a really important sort of priority. And I've sort of flagged that, I think, as part of the transformation, which is: how do we make sure that we systematize that in a way so that we can reduce churn.

Speaker #2: The US trading platform will help. To some extent with that. But we've really got to, as a business, I want to make sure that we've really got strong systems and discipline around that acquisition, conversion, retention, and making sure that if we're using technology to identify where there's the prospect of churn, and we can make interventions as required.

Craig Keary: We've really got to, as a business, I want to make sure that we've really got strong systems and discipline around that acquisition, conversion, retention, and making sure that we're using technology to identify where there's the prospect of churn, and we can make interventions as required.

Speaker #1: Okay, thank you. We've got a question here on the monetization of your data. So, the question here is framed up that Raiz sits on a large and growing pool of demographic and spending behavior data.

[Company Representative] (Raiz Invest): Okay. Thank you. We've got a question here on the monetization of your data. The question here is framed up that Raiz sits on a large and growing pool of demographic and spending behavior data. Some listed Fintechs have started treating this aggregated data as a monetizable asset. Has the board sized up the revenue potential of licensing or partnering on these de-identified data insights? Is that something that you're looking at?

Katie Mackenzie: Okay. Thank you. We've got a question here on the monetization of your data. The question here is framed up that Raiz sits on a large and growing pool of demographic and spending behavior data. Some listed Fintechs have started treating this aggregated data as a monetizable asset. Has the board sized up the revenue potential of licensing or partnering on these de-identified data insights? Is that something that you're looking at?

Speaker #1: Some listed fintechs have started treating this aggregated data as a monetizable asset. Has the board sized up the revenue potential of licensing or partnering on these de-identified data insights?

Speaker #1: Is that something that you're looking at?

Craig Keary: It is on a list to look at, and it is something that the key priority for me in the first aspect is really on those key priorities around the transformation priorities that I established. It does not mean that looking at monetizing the data is not a priority, but I want the other ones to come first at this point in time.

Speaker #2: It is to it is on a list to look at. And it's something that but the key priority for me in the as in the first aspect is really on those key priorities around the transformation priorities that I established.

Speaker #2: That doesn't mean that looking at monetizing the data isn't a priority, but I want the other ones to come first at this point in time.

[Company Representative] (Raiz Invest): Yep. Okay. Thank you. There was a little bit of talk a while back about a white label product. Is that still on the radar in terms of a white label product offering?

Katie Mackenzie: Yep. Okay. Thank you. There was a little bit of talk a while back about a white label product. Is that still on the radar in terms of a white label product offering?

Speaker #1: Yeah. Okay, thank you. There was a little bit of talk a while back about a white-label product. Is that still on the radar in terms of a white-label product offering?

Craig Keary: Look, we are always open if there are opportunities, if somebody approaches us. I will just leave it at that maybe at the moment.

Speaker #2: Look, we're always open if there are opportunities, if somebody approaches us. I'll just leave it at that, maybe, at the moment.

Speaker #1: Yeah, okay. We've got a question here on the share price, but we've had a good few days. But I'll sort of leave that there.

[Company Representative] (Raiz Invest): Yeah. Okay. We have got a question here on the share price, but we have had a good few days, but I will leave that there. So we have got a question about the underlying operating costs increased 12% in FY26. As the business scales, does management expect cost, what is the trajectory of sort of that, the cost line, the CapEx or the operating expenses?

Katie Mackenzie: Yeah. Okay. We have got a question here on the share price, but we have had a good few days, but I will leave that there. So we have got a question about the underlying operating costs increased 12% in FY26. As the business scales, does management expect cost, what is the trajectory of sort of that, the cost line, the CapEx or the operating expenses?

Speaker #1: So we've got a question about the underlying operating costs, which increased 12% in FY26. As the business scales, does management expect costs—what's the trajectory of the cost line there, the capex or the operating expenses?

Speaker #2: So my philosophy really around costs and I think I made a I think it was a comment I made, I think, in the start of I think it was at the transformation slide.

Craig Keary: My philosophy really around costs, and I think it was a comment I made, I think at the start of the transformation slide. We will look at how we are going to spend money in a very disciplined and structured manner. We want to make sure that we have got our resources and capability pegged to the right activities. As a business, yes, we always look at what are our revenue opportunities, but we are continuing to look at what can we do with respect to costs and are there ways to improve our spend. Basically, are there ways to look at how we optimize that spend.

Speaker #2: We will look at how we're going to spend money in a very disciplined and structured manner. We want to make sure that we've got our resources and capability pegged to the right activities.

Speaker #2: So as a business, yes, we always look at what are our revenue opportunities, but we're continuing to look at what we can do with respect to costs, and are there ways to improve our spend—basically, are there ways to look at how we optimize that spend.

Speaker #1: Okay. Well, I hate to say, extrading support chess sponsorship. Some quite specific questions there.

[Company Representative] (Raiz Invest): Okay. Will ASX trading support CHESS sponsorship? It is quite a specific question there.

Katie Mackenzie: Okay. Will ASX trading support CHESS sponsorship? It is quite a specific question there.

Craig Keary: We are still going through the That is the current plan, yes.

Speaker #2: That's—we're still going through that. That's the current plan, yes.

Speaker #1: Okay, yeah. We've got a question on the cash balance. Would you expect that to grow or stay flat in FY27?

[Company Representative] (Raiz Invest): Okay. Yep. We got a question on the cash balance. Would you expect that to grow or stay flat in FY27?

Katie Mackenzie: Okay. Yep. We got a question on the cash balance. Would you expect that to grow or stay flat in FY27?

Craig Keary: It really depends on what may or may not happen with how we are looking at transformation. But as I said, that is going to be very disciplined and structured in any case. It also depends on what may happen with respect to M&A as well. There is a number of variables that are at play.

Speaker #2: It really depends on what may or may not happen with how we're looking at transformation. But as I said, that's going to be very disciplined and structured in any case.

Speaker #2: And it also depends on what may happen with respect to M&A as well. So there are a number of variables at play.

Speaker #1: Okay, thank you. Let me just check if we've got any more questions coming through. A reminder to everybody: if you'd like to ask questions, type them into the Q&A tab.

[Company Representative] (Raiz Invest): Okay, thank you. Let me just check if we have got any more questions coming through. A reminder to everybody, if you would like to ask questions, type them into the Q&A tab. I have got-

Katie Mackenzie: Okay, thank you. Let me just check if we have got any more questions coming through. A reminder to everybody, if you would like to ask questions, type them into the Q&A tab.

Speaker #1: I've got

Speaker #2: I might just make one comment. For those keen readers of the annual report, you may have noticed that I also had a discussion with the Board before we published the report.

Craig Keary: I might just make one comment. For those keen readers of the annual report, you may have noticed that I had a discussion with the board before we published the report, and I have elected to take all of my If there is any STI in this financial year in stock as well.

Speaker #2: And I’ve elected to take all of my, if there is any, STI in this financial year in stock as well, on a deferred basis.

[Company Representative] (Raiz Invest): Okay.

Katie Mackenzie: Okay.

Craig Keary: On a deferred basis.

Speaker #1: Thank you. Great. I'm just going through the chat. So, I think we've spoken about the ABU growth. Can you provide your thoughts on ABU growth in FY27?

[Company Representative] (Raiz Invest): Thank you, Craig. I am just going through in the chat. I think we have spoken about the ARPU growth. Can you provide your thoughts on the ARPU growth in FY27?

Katie Mackenzie: Thank you, Craig. I am just going through in the chat. I think we have spoken about the ARPU growth. Can you provide your thoughts on the ARPU growth in FY27?

Speaker #2: I might just hand over to Alex.

Craig Keary: I might hand over to Alex.

Speaker #1: Yeah. Is there a consideration of a further increase in the monthly fees?

[Company Representative] (Raiz Invest): Yeah. Is there a consideration of a further increase in the monthly fees?

Katie Mackenzie: Yeah. Is there a consideration of a further increase in the monthly fees?

Alex Gao: At this stage, there is no plan to increase the fee. In financial 2026, there are three key drivers of the ARPU. One is the fee change, the second is the product mix into Plus and Super, and the last one is the higher account balances. The fee change has been annualized at this stage. We have seen the Kids FUM increase more than 50% last year. Plus FUM increased more than 42% last year. This is well above the base. The account balances continue to grow. These are all the key drivers going to continue for the ARPU. More importantly, we continue to broaden our product offering with the US-listed equities and ETF trading going to go live in financial 2027, followed by the ASX. They are going to add into the revenue lines, which will improve the ARPU as well.

Speaker #2: At this stage, it has no plan to increase the fee. And in financial 2026, there are three key drivers of the ABU. One is the fee change.

Speaker #2: The second is the product mix into Plus and Super. And the last one is the higher account balances. The fee change has been annualized at this stage.

Speaker #2: We've seen the Key Funds under management increase by more than 50% last year, plus increase by more than 42% last year. This is well above the base.

Speaker #2: And the account balance has continued to grow. So these are all the key drivers going to continue for the ABU. And more importantly, we continue to broaden our product offering, with the US-listed equities and ETF trading going to go live in financial year '27, followed by the ASX.

Alex Gao: These are all the key drivers going to continue for the ARPU. More importantly, we continue to broaden our product offering with the US-listed equities and ETF trading going to go live in financial 2027, followed by the ASX. They are going to add into the revenue lines, which will improve the ARPU as well.

Speaker #2: They are going to be adding to the revenue lines, which will improve the ABU as well.

Speaker #1: Okay, thank you. Alex, we've got a question here on what your expected figures are for the total development cost for the direct trading platform. It could be that we're not ready to answer that yet, but Greg, I'll leave that to you in terms of the development cost for ASX trading and US trading.

[Company Representative] (Raiz Invest): All right. Thank you, Alex Gao. We have a question here on what are your expected figures for the total development cost for the direct trading platform. It could be that we are not ready to answer that yet, but Craig Keary, I will leave that to you in terms of development costs for the ASX trading and US trading.

Katie Mackenzie: All right. Thank you, Alex. We have a question here on what are your expected figures for the total development cost for the direct trading platform. It could be that we are not ready to answer that yet, but Craig Keary, I will leave that to you in terms of development costs for the ASX trading and US trading.

Alex Gao: Well, it is budgeted in our normal CapEx expenditure, so this is a significant step to broaden our offering line. This is something, it is very different to what we have been doing. But if you look at the CapEx, it is down 20% year-on-year. I just want to confirm this, therefore it is not a reduction in effort. As our business grows, scales, we have our product and technology function have evolved from a developer-centric model into a broader specialized structure. We have dedicated QA, BA, design, and project management and delivery capabilities, and all those roles are essential for the product development cycle. The reduction is not. Some of those costs, a portion of those costs are expenses incurred. What that means is, we have a higher cost base and lower optimization charges in the future.

Speaker #2: It's well budgeted in our normal CapEx expenditure. So, obviously this is a significant step to broaden our offering line. This is something that's very different to what we have been doing.

Speaker #2: But if you look at the capex, it's down 20% year-on-year. But obviously, I just want to confirm this—the Q4 is not a reduction in effort.

Speaker #2: As our business grows and scales, our product and technology function has evolved from a developer-centric model into a broader, more specialized structure. We now have dedicated QA, BA, design, and project management and delivery capabilities.

Alex Gao: We have dedicated QA, BA, design, and project management and delivery capabilities, and all those roles are essential for the product development cycle. The reduction is not. Some of those costs, a portion of those costs are expenses incurred. What that means is, we have a higher cost base and lower optimization charges in the future. More importantly, look at. The most important figure to look at is the free cash flow. So in FY26, we have AUD 2.7 million of free cash flow after CapEx.

Speaker #2: And all those roles are essential for the product development cycle. The reduction is not all of those costs; a portion of those costs are expenses incurred.

Speaker #2: And what that means is we have a higher cost base and lower optimization charges in the future. But more importantly, the most important figure to look at is the free cash flow.

Alex Gao: More importantly, look at. The most important figure to look at is the free cash flow. So in FY26, we have AUD 2.7 million of free cash flow after CapEx.

Speaker #2: So, in FY26, we have $2.7 million of free cash flow after capex.

Speaker #1: Okay, thank you. We've got a question here on State Street and if Raiz is looking to further develop its relationship with State Street?

[Company Representative] (Raiz Invest): Okay, thank you. We have a question here on State Street and if Raiz is looking to further develop its relationship with State Street.

Katie Mackenzie: Okay, thank you. We have a question here on State Street and if Raiz is looking to further develop its relationship with State Street.

Speaker #2: So, we've got State Street, which is obviously a shareholder. We've got a partnership with them. I met with State Street actually recently. We will continue to look at what capabilities State Street has and how they may be relevant for our customers.

Craig Keary: State Street is obviously a shareholder. We've got a partnership with them. I met with State Street recently. We will continue to look at what capabilities State Street has got and how they may be relevant for our customers.

Speaker #1: Yeah. Okay. We've got a question here. I think on the broader retail investor base, do you expect your plans to approach financial advisers about clients transferring in their client equity holdings? Or, I think the broader question is about working with financial planners to promote the Raiz platform?

[Company Representative] (Raiz Invest): Yeah. Okay. We've got a question here, I think on the broader retail investor base. Do you expect you plan to approach financial advisors about clients transferring in their client equity holdings? Or I think the broader question is about working with financial planners to promote the Raiz platform.

Katie Mackenzie: Yeah. Okay. We've got a question here, I think on the broader retail investor base. Do you expect you plan to approach financial advisors about clients transferring in their client equity holdings? Or I think the broader question is about working with financial planners to promote the Raiz platform.

Speaker #2: It's a good question. It's not something that we've looked at—sorry, it's not something that is on the cards in the short term.

Craig Keary: It's a good question. It's not something that we've looked at. It's not something that is on the cards in the short term. But I do think there's a broader thematic here about how do we look at expanding our distribution base and where are we going to get our future customers from. So we're always going to be open and looking at ways to do that. But as I said, specifically around financial planners, not in the short term, but we're looking at other ways to broaden out our distribution base.

Speaker #2: But I do think there's a broader theme here about how we look at expanding our distribution base, and where we're going to get our future customers from.

Speaker #2: So we're always going to be open and looking at ways to do that. But, as I said, specifically around financial planners—not in the short term—but we're looking at other ways to broaden out our distribution base.

Speaker #1: Okay, thank you. So we've got a question here: Where would you like to be as the new CEO in the next year? Yeah.

[Company Representative] (Raiz Invest): Okay. Thank you. So we've got a question here about where would you like to be as new CEO in the next year? Yeah.

Katie Mackenzie: Okay. Thank you. So we've got a question here about where would you like to be as new CEO in the next year? Yeah.

Speaker #2: Great question. So, it's a really great question. First of all, look, I'm super excited to be here. The reason why I took this role on was the strong foundations that Raiz has.

Craig Keary: Great question. That is a really great question. First of all, I am super excited to be here. The reason why I took this role on was the strong foundations that Raiz has. The board and I were very aligned on the future, particularly around ambition. I saw it really for the potential. If I look at where I want to be in 12, where I would like the business to be and certainly me personally to be in the next 12 months, really embedded that high-performance culture, successfully executed on the key elements of that transformation where we have really strong systems and processes around that sort of acquisition conversion and retention and activation. Really looked at the brand being recognized more broadly in market as that broader wealth platform.

Speaker #2: The board and I were very aligned on the future, and particularly around ambition. I saw it really for the potential. If I look at where I want to be in 12—well, where I would like the business to be, and certainly me personally to be, in the next 12 months, it's really about embedding that high-performance culture.

Craig Keary: If I look at where I want to be in 12, where I would like the business to be and certainly me personally to be in the next 12 months, really embedded that high-performance culture, successfully executed on the key elements of that transformation where we have really strong systems and processes around that sort of acquisition conversion and retention and activation. Really looked at the brand being recognized more broadly in market as that broader wealth platform.

Speaker #2: We successfully executed on the key elements of that transformation, where we've got really strong systems and processes around acquisition, conversion, retention, and activation.

Speaker #2: Really looked at the brand being recognized more broadly in market as that broader wealth platform. Equally, really focused on those customer tools at the front end to drive that customer engagement.

Craig Keary: Equally, really focused on those sort of customer tools at the front end to drive that customer engagement. Then looking at that evolution to, as I said, that broader wealth platform, definitely have launched US trading and Australian share trading and starting to see the customers really engaged in those products. If I delivered all of that, I would be really proud of that. I think it would be a lot to be proud of in terms of the business. Finally, we are committed to looking at M&A opportunities that are going to accelerate. That is work in progress. What I have learned with M&A, you cannot put a time box on things. Otherwise, you can make the decisions that are not necessarily the right decisions. We will definitely be open and looking at those M&A opportunities that are going to accelerate our growth trajectory.

Speaker #2: And then looking at that evolution to, as I said, that broader wealth platform, we have definitely launched US trading and Australian share trading, and we're starting to see the customers really engaged in those products.

Speaker #2: So that would be if I delivered all of that, that would be I would be really proud of that. I think it would be a lot to be proud of in terms of the business.

Speaker #2: And then finally, we're committed to looking at M&A opportunities that are going to accelerate, so that's a work in progress. What I've learned with M&A is you can't put a time box on things.

Craig Keary: What I have learned with M&A, you cannot put a time box on things. Otherwise, you can make the decisions that are not necessarily the right decisions. We will definitely be open and looking at those M&A opportunities that are going to accelerate our growth trajectory.

Speaker #2: Otherwise, you can make decisions that aren't necessarily the right decisions. But we will definitely be open to and looking at those M&A opportunities that are going to accelerate our growth trajectory.

Speaker #1: Okay, thank you. And sort of a follow-on question from that one: what would be some headwinds and tailwinds for Raiz?

[Company Representative] (Raiz Invest): Okay. Thank you. A follow-on question from that one, what would be some of the key headwinds and tailwinds for Raiz?

Katie Mackenzie: Okay. Thank you. A follow-on question from that one, what would be some of the key headwinds and tailwinds for Raiz?

Craig Keary: If I look at the headwinds, I always get worried about the broader economic conditions and we know cost of living is a challenge. Equally, that creates opportunities because that means it is motivating people to do more investing on a regular basis. Economic headwinds are always a factor. Secondly, this is a space where clearly there is lots of activity, so you have always got to be one step ahead of our competitors. I am very active at looking at what our competitors are doing and making sure that we have got the right proposition capability, and in particular, the right internal performance around culture to deal with those competitive threats because they exist on a daily basis.

Speaker #2: If I look at the headwinds, I always get worried about the broader economic conditions, and we know cost of living is a challenge. Equally, that creates opportunities, because that means it's motivating people to do more investing.

Speaker #2: On a regular basis. So, I always say economic headwinds are a factor. Secondly, this is a space where, clearly, there is a lot of activity.

Speaker #2: So you've always got to be one step ahead of your competitors, and I'm very active in looking at what our competitors are doing and making sure that we've got the right proposition, capability, and, in particular, the right internal performance around culture to deal with those competitive threats.

Craig Keary: I am very active at looking at what our competitors are doing and making sure that we have got the right proposition capability, and in particular, the right internal performance around culture to deal with those competitive threats because they exist on a daily basis.

Speaker #2: Because they exist on a daily basis. If I look at the tailwinds, I'm super excited by the trend that we're seeing with Gen Z investors and how they're approaching investing.

Craig Keary: If I look at the tailwinds, I am super excited by the trend that we are seeing with Gen Z investors and how they are approaching investing. I think that really creates a substantial opportunity for Raiz with our easy-to-access platform that really lets them start early. I then also look at the intergenerational wealth shift. I think, interesting enough with what you may have some of the economic headwinds, the wealth shift is seeing some of potentially money moving earlier. That creates opportunities, particularly, as I said, as you start to look at Kids FUM accounts and younger investors getting engaged earlier. So, I see those as probably the tailwinds. Then probably the final piece is really around technology.

Speaker #2: And I think that really creates a substantial opportunity for Raiz, with our easy-to-access platform that really lets them start early. And I then also look at the intergenerational wealth shift.

Speaker #2: And I think, interestingly enough, with why you may have some of the economic headwinds, the wealth shift is seeing potentially some money moving earlier.

Speaker #2: And that creates opportunities, particularly, as I said, as you start to look at kids' accounts and younger investors getting engaged earlier. So I see those as probably the tailwinds.

Craig Keary: That creates opportunities, particularly, as I said, as you start to look at Kids FUM accounts and younger investors getting engaged earlier. So, I see those as probably the tailwinds. Then probably the final piece is really around technology. We have got a really strong technology capability. I look at that as it creates an opportunity for us to really continue to optimize the business base with that really strong technology capability.

Speaker #2: And then probably the final piece is really around technology. We've got a really strong technology capability, and I look at that as it creates an opportunity for us to really continue to sort of optimize the business with that really strong technology capability.

Craig Keary: We have got a really strong technology capability. I look at that as it creates an opportunity for us to really continue to optimize the business base with that really strong technology capability.

[Company Representative] (Raiz Invest): Thank you. I think we are coming up to some of the final questions. So we have got one here on developing a cash management account. Has Raiz looked at developing that as a product to complement your existing products?

Katie Mackenzie: Thank you. I think we are coming up to some of the final questions. So we have got one here on developing a cash management account. Has Raiz looked at developing that as a product to complement your existing products?

Speaker #1: Okay, thank you. And I think we're coming up to some of the final questions. So, we've got one here on developing a cash management account.

Speaker #1: Has Raiz looked at developing that as a product to complement your existing products?

Speaker #2: At the moment, we're really focused on those core things that I spoke about with the product roadmap. We will continue to look at our product roadmap to see how that needs to evolve to meet that broader wealth platform aspiration.

Craig Keary: At the moment, we are really focused on those core things that I spoke about with the product roadmap. We will continue to look at our product roadmap to see how that needs to evolve to meet that broader wealth platform aspiration. So it is just one of those things that we will continue to look at the roadmap.

Speaker #2: So, it's just one of those things that we will continue to look at on the roadmap.

Speaker #1: Okay, great. Well, thank you, everybody, for all the questions. We've been through lots of great discussion at the end of the webinar.

[Company Representative] (Raiz Invest): Well, thank you everybody for the lots of questions. We have been through lots of great discussion at the end of the webinar. Craig, I will hand it back over to you to wrap up. If we do not get to everybody's questions or if you have got any further ones, you can certainly reach out to Craig and Alex or I following the webinar. Over to you, Craig.

Katie Mackenzie: Well, thank you everybody for the lots of questions. We have been through lots of great discussion at the end of the webinar. Craig, I will hand it back over to you to wrap up. If we do not get to everybody's questions or if you have got any further ones, you can certainly reach out to Craig and Alex or I following the webinar. Over to you, Craig.

Speaker #1: So Greg, I'll hand it back over to you to wrap up. If we don't get to everybody's questions, or if you've got any further ones, you can certainly reach out to Greg, Alex, or me following the webinar.

Speaker #1: Over to you, Greg.

Speaker #2: No, thank you, Katie. Thank you very much for hosting. As I'd say, just in conclusion, I'm really excited to be here at Raiz. As I said, I see a really strong opportunity.

Craig Keary: No. Thank you, Katie. Thank you very much for hosting. As I would say, just in conclusion, I am really excited to be here at Raiz. As I said, I see a really strong opportunity. I am really focused on that ambition. That is one of the reasons why I joined. I really will be focusing over the next 12 months to make that transition, sorry, that transformation in the business happen. It is a really important priority for me, the team, and the board. I have been very well supported by the board in my early days and well supported by the management team. I firmly believe that by us making that real strong focus on those key items that I spoke about, will position the business really well for the future, and to take advantage of the tailwinds and also to protect us from the headwinds as well.

Speaker #2: I'm really focused on that ambition. That's one of the reasons why I joined. I really will be focusing over the next 12 months to make that transition—sorry, that transformation in the business—happen.

Speaker #2: It's a really important priority for me, the team, and the board. I've been very well supported by the board in my early days, and well supported by the management team.

Craig Keary: I have been very well supported by the board in my early days and well supported by the management team. I firmly believe that by us making that real strong focus on those key items that I spoke about, will position the business really well for the future, and to take advantage of the tailwinds and also to protect us from the headwinds as well.

Speaker #2: And I firmly believe that by us making that real strong focus on those key items that I spoke about, we'll position the business really well for the future.

Speaker #2: And to take advantage of the tailwinds, and also to protect us from the headwinds as well.

Speaker #1: Excellent. Thanks, Greg.

[Company Representative] (Raiz Invest): Excellent. Thanks, Craig.

Katie Mackenzie: Excellent. Thanks, Craig.

Speaker #2: Thanks, everyone, and have a great weekend. As I said, I really want to finally just say thank you to all of the shareholders for all of your support—from myself, Alex, and the broader management team.

Craig Keary: Thanks, everyone, and have a great weekend to everybody. As I said, really want to finally just say thank you to all of the shareholders for all of your support. Myself, Alex, and the broader management team really do appreciate it.

Speaker #2: Really do appreciate it.

[Company Representative] (Raiz Invest): Goodbye

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