• Completed successful integration of AET, delivering $10M in annualised synergies
• FUMAS reached a record $254B, up 28% YoY
• Statutory NPAT up 60.4% to $33.2M, driven by underlying NPBT growth of 4.1%

Equity Trustees has delivered another strong result in 2025, consolidating its position as Australia's leading trustee company and delivering upon its purpose of helping people take care of their future. The highlight of the year was the successful completion of the complex three-year project to integrate Australian Executor Trustees (AET), delivering across all elements of the original business case. This included re-platforming the Trustee & Wealth Services business to modern technology. The company also successfully completed several technology projects to modernise its enterprise infrastructure, including implementing Workday for human capital management, payroll and expense management, migrating technology infrastructure to a cloud-based service model, and upgrading cyber security systems. Equity Trustees further strengthened its position as Australia's leading corporate trustee specialist through the onboarding of 53 new managed schemes including four Exchange-Traded Funds (ETFs) and three listed investment trusts that were launched in FY25. FUMAS continued to grow, reaching a record $254 billion, up 28%, and revenue was up 7% to $182.5 million. These were driven by cash flows into existing client schemes, new scheme appointments, incremental asset management fees relating to AET and the impact of net positive investment markets. NPAT attributable to equity holders of the Company was $33.2 million, an increase of 60.4% over the prior year, due to growth in underlying net profit before tax of 4.1% to $53.7 million, a reduction in strategic project costs and a decline in losses relating to the progressive exit of the UK and Irish businesses.

Equity Trustees expects to continue delivering strong financial performance, with FUMAS expected to grow further and underlying NPBT margin to average above 30% in FY26.

The company remains well positioned to navigate the challenges of a complex and highly regulated industry, and is committed to continuously enhancing its processes and working cooperatively with regulators to drive industry-wide improvements and ensure a robust financial services system that maintains public confidence.