FY25 Appendix 4E

• Revenue up 4.6% to $3,103.3 million
• Profit after tax up 48.3% to $192.3 million
• Normalised net profit after tax up 9.3% to $455.5 million
• Final dividend of 15 cents per share, 100% franked

Challenger Ltd has released its financial results for the year ended 30 June 2025. Revenue from ordinary activities increased by 4.6% to $3,103.3 million, up from $2,967.0 million in the prior comparative period. Profit from ordinary activities after tax rose by 48.3% to $192.3 million, compared to $129.7 million in the previous year. Statutory net profit after tax attributable to shareholders, which includes asset and liability experience, increased by 48.0% to $192.3 million. Normalised net profit after tax, Challenger's preferred measure of profit, grew by 9.3% to $455.5 million, driven by higher net income and lower interest and borrowing costs, partially offset by modest increases in operating expenses and tax. The Challenger Limited Board has declared a final dividend of 15 cents per share, 100% franked, bringing the total dividends for the year to 29.5 cents per share, an increase of 11.3% from the prior year.