FY25 Investor Presentation and Outlook

• Delivering strong growth and shareholder returns
• Executing strategy to drive sustainable, profitable growth
• Investing for future growth and simplifying the business

Challenger Ltd has reported strong FY25 financial results, delivering normalised NPAT of $456 million (+9%), normalised ROE of 11.8% (+110bps), and a full-year dividend of 29.5cps (+11%). The company is making good progress on its strategy to drive sustainable, profitable growth, including investment excellence in asset origination, a scalable operating model, and a focus on customer and partner relationships. Challenger has strengthened its financial position, with a Life PCA ratio of 1.60x, and is investing for future growth, including launching new retirement income products and partnerships. The company has also simplified its business, aligning it to achieve its strategic goals. Looking ahead, Challenger expects to deliver normalised EPS in the range of 66-72cps in FY26, with a normalised ROE target of the RBA cash rate plus 12% after tax, a cost to income ratio of 32-34%, and a CLC PCA ratio in the range of 1.30-1.70x.

Challenger expects to deliver normalised EPS in the range of 66-72cps in FY26, with a normalised ROE target of the RBA cash rate plus 12% after tax, a cost to income ratio of 32-34%, and a CLC PCA ratio in the range of 1.30-1.70x.

Challenger is focused on driving sustainable, profitable growth through investment excellence, a scalable operating model, and a simplified, customer-centric business. The company is investing for the future, including launching new retirement income products and partnerships, and is well-positioned to benefit from regulatory changes that aim to improve retirement outcomes for Australians.