• No earn out payment for first period due to FUA below threshold
• Termination of certain IOPB client arrangements to ensure commercial sustainability
• Remains committed to mid-teens earnings accretion and $3M+ synergies from OneVue acquisition

Praemium Limited (ASX: PPS) has provided an update on the earn out related to its acquisition of the OneVue Platform Business (IOPB) from Iress Limited (ASX: IRE), which completed on 15 April 2024. The transaction included a potential earn out linked to retention and growth in funds under administration (FUA) from IOPB clients, to be tested at two separate 9-month intervals following completion. Praemium has issued an earn out statement to Iress for the first earn out period, which is based on the FUA from IOPB clients on the OneVue platform as at 15 January 2025. The company advises that nil is owed for this first earn out period, as the estimated FUA on the OneVue platform is less than the $3 billion threshold due to FUA for which a termination has been agreed with an IOPB client and outflows from existing IOPB clients since the acquisition date. Praemium's CEO, Anthony Wamsteker, stated that the company has reviewed OneVue's service offerings and pricing, and in certain instances, a revision to terms and conditions was sought to ensure the relationship was commercially sustainable. Where agreement was unable to be reached with the IOPB client, termination of those arrangements has been agreed and these transitions are expected to be completed prior to 15 October 2025. However, Praemium remains committed to mid-teens earnings accretion and at least $3 million in synergies arising from the transaction, and the agreed terminations are not currently expected to have a material impact on underlying earnings expectations.

Praemium remains committed to mid-teens earnings accretion and at least $3 million in synergies arising from the OneVue acquisition. The company is also working to complete the transition of terminated IOPB client arrangements by 15 October 2025.