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Challenger (CGF) investor relations material

Challenger H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary19 Aug, 2025

Executive summary

  • Celebrated 40th anniversary, highlighting expertise in retirement and financial security for Australians.

  • Achieved strong FY25 growth with normalized NPAT of $456M, up 9%, and statutory NPAT of $192M, up 48%.

  • Delivered a full-year dividend of 29.5 cps, up 11% year-over-year.

  • Focused on business simplification, customer relationships, and expanding partnerships.

  • Launched innovative income platform and listed income notes, with strong demand.

Financial highlights

  • Normalized EPS increased 9% to 66.3 cps; dividend rose 11% to 29.5 cps.

  • Normalized ROE reached 11.8%, up 110bps; cost to income ratio improved to 32%.

  • Life normalised NPAT grew 6% to $461M; Life normalised ROE post-tax reached 13.5%.

  • Funds Management normalised NPAT up 41% to $53M, with performance fees up 57%.

  • Life COE margin increased to 3.19%; annuity sales reached $5.2B, with record Retail Lifetime and Japanese sales.

Outlook and guidance

  • FY26 normalized EPS guidance: 66–72 cps, midpoint 4% above FY25.

  • FY26 group normalized NPAT expected between $455M and $495M.

  • Targets include normalized ROE of RBA cash rate plus 12% after tax, cost to income ratio of 32%-34%, and dividend payout ratio of 30%-50%.

  • Guidance assumes no change in cash rate; capital reforms expected to reduce capital intensity and unlock product innovation.

  • Confident in sustaining normalized ROE above target through the cycle.

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Frequently asked questions

Challenger Limited is an investment management firm that focuses on providing retirement income solutions and asset management services. The company operates through two primary divisions: Life and Funds Management. The Life division offers annuities and other retirement-focused products designed to provide reliable income streams for retirees. The Funds Management division manages a range of investment funds across asset classes, catering to both institutional and retail investors. The company is headquartered in Sydney, Australia, and its shares are listed on the ASX.

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