Challenger (CGF) investor relations material

Opening remarks and agenda

• Traditional Owners across Australia were acknowledged, with respect paid to Elders past and present and recognition of continuing connection to Country.

• Quorum was confirmed; prior AGM minutes from 30 October 2025 were tabled after board approval and chair signature.

• Agenda covered the chair’s update, CEO review of achievements and growth strategy, and formal business; resolutions were voted on by poll.

Financial performance review

• FY26 normalized NPAT reached $468m and normalized EPS 68.1 cps, both up 3% YoY.

• Excess capital was $1.1bn over PCA; pro forma CLC PCA ratio was 1.50x under new capital standards as at 30 June 2026.

• Five-year total shareholder returns were 13.1% p.a.; FY26 share price growth was 28%.

• 1Q27 sales rose 52% YoY to $4.4bn, including annuity sales up 72% to $2.8bn; AUM reached $31.9bn, up 5% QoQ.

Board and executive committee updates

• Duncan West stood for re-election and said a new three-year term would likely be his final term as chair; succession planning and board renewal were priorities.

• Melanie Willis AM sought re-election, citing experience in investments, regulation, risk, digital platforms, leadership succession and remuneration oversight.

• Susan Looi joined as Chief Risk Officer in October 2026; Anton Kapel joined as Chief Executive, Insurance in January 2026.

• A Group Chief Investment Officer was appointed during FY26, bringing investment capabilities into one team focused on asset origination.

• Chair succession may consider internal and external candidates; no search firm had been appointed, with three years remaining in West’s prospective final term.