• Strong revenue growth in both TWS and CSTS, driven by new business flows and assisted by favourable markets
• Statutory NPAT up significantly on 2H24, given the reduction in expenses relating to the AET integration
• Underlying NPAT down on 2H24, impacted by a period of cost duplication as the organisation completed the AET integration and the transition to an outsourced custodian model

EQT Holdings Ltd (Equity Trustees) has reported its financial results for the half-year ended 31 December 2024 (1H25). The key highlights include strong revenue growth in both the Trustee & Wealth Services (TWS) and Corporate & Superannuation Trustee Services (CSTS) business units, driven by new business flows and favourable market conditions. Statutory net profit after tax (NPAT) was up significantly on the prior half-year (2H24), largely due to a reduction in expenses relating to the integration of the acquired Australian Executor Trustees (AET) business. However, underlying NPAT was down on 2H24, impacted by a period of cost duplication as the organisation completed the AET integration and the transition to an outsourced custodian model. The Group continues to maintain a strong balance sheet with low gearing and healthy liquidity levels. The AET integration has now been completed, including the separation from Insignia Financial Ltd's technology systems. The Group has also completed the exit of its former CTS-EU business in the UK and Ireland. Progress has been made on other major technology and transformation initiatives, including the implementation of Workday Finance and Human Capital Management/Payroll systems. The Directors have declared a fully franked interim dividend of 55 cents per share, continuing the Group's long track record of increasing dividends.

The Group has not provided any specific forward-looking financial guidance for revenue, profit or margins in the announcement.