EQT (EQT) AGM 2026 presentation summary

FY26 financial performance

• Continuing operations revenue was $167m, up 9.4%; NPAT was $33.9m, up 32.7%, and FUMAS was $191.9b, up 15.1%.

• Statutory NPAT was $26.4m, down 20.5%, including a $13.1m impairment; EPS was 98.64 cents, down 20.6%.

• FY26 dividends totalled 76 cents per share, including a 20-cent final dividend; payout ratio was 77.1%.

• EBITDA margin rose from 30.6% to 33%; excluding Shield and First Guardian and regulatory costs in discontinued superannuation operations, FY26 margin would have been 36%.

Core business performance

• TWS revenue increased 7.7% to $110m, supported by 12.0% growth across Health and Personal Injury clients and strong Estate Management results.

• CTS revenue increased 13.8% to $53.2m; it onboarded 45 responsible entity and trustee appointments and 37 custody appointments.

• Custody revenue grew 34% to $6.3m, with investment in technology, automation and risk monitoring supporting scale and operating efficiency.

• Client satisfaction rose to 85%; employee engagement held at 72%, and charitable giving increased 23% to $210.6m.

Superannuation exit and shareholder matters

• Strategic review concluded that continued investment in STS was unlikely to deliver acceptable long-term returns relative to its risks; exit preparations are underway.

• The exit is targeted for completion by end-2027; priorities include an orderly transition, balance sheet flexibility and management of Shield and First Guardian proceedings.

• $36m of loans to third-party superannuation promoters will be repayable upon exit; preserving capital flexibility informed the FY26 dividend decision.

• Initial non-binding proposals from BGH Capital and TPG Global were rejected as inadequate; limited due diligence was offered, and discussions continue without certainty of a binding offer.