• Continuing strong FUMAS growth to $224bn - 26% increase on PCP
• Revenue growth of 4.8% (7.6% excluding UK/Ireland and AET platform businesses)
• Deployed NavOne across TWS and completed all client transitions from EQT and Insignia platforms

EQT Holdings Ltd reported strong growth in FUMAS to $224bn, a 26% increase on the prior corresponding period (PCP). Revenue growth was 4.8%, or 7.6% excluding the UK/Ireland and AET platform businesses. The company successfully completed the AET integration program, on time and on budget, and met its synergy objectives. It also completed the exit of the AET Platform business, outsourcing SAF administration and unlocking around $5m per annum in employee cost savings. The company embedded investment management revenue synergies of $6.3m per annum ($2.9m in 1H25) and completed the transition to a single operating platform (NavOne) and the outsourcing of custody to HUB24. It secured additional large community trust appointments during the period and achieved strong growth in the Health & Personal Injury and Charitable Trust segments. The company also acquired the ANZ will bank, adding 6,000 wills and a high-net-worth client base. Expenses remained higher due to the necessary transformation, impacting earnings, with statutory NPAT declining 2.9% on PCP. The company declared a dividend of 55 cents per share, up 7.8% on PCP.

Total expenses are expected to materially decrease in 2H25 by ~$6m, approximately half from each of operating and non-operating expenses.

The company will focus on capitalizing on sales momentum in the CSTS business, completing the pipeline of new CTS Fund Services appointments, and implementing key technology initiatives. It will also launch a digital active philanthropy offer and consider non-organic growth opportunities.