• Delivering growth in a lower interest rate environment
• Margin Income resilient, down 5.4% with Computershare's natural hedge mitigating lower rates
• 12.9% growth in Event and Transactional revenues, strong Employee Share Plans and IPO performance

Computershare Ltd reported a solid 1H FY26 performance, with Management EBIT ex Margin Income up 12.0% and the margin expanding 70bps to 16.0%. Margin Income was resilient, down 5.4%, as the company's natural hedge mitigated the impact of lower interest rates. The company saw 12.9% growth in Event and Transactional revenues, along with strong performance in Employee Share Plans and IPOs. Debt leverage was reduced to 0.3x, and the interim dividend was stepped up 22% to AUD 55 cps. The company upgraded its FY26 guidance, with Management EPS now expected to be around 144cps, up ~6% versus the prior year. Key assumptions include EBIT ex MI up ~10% with a full-year EBIT ex MI margin above 18%, Margin Income around $730m with average client balances of $30.8bn, and lower interest expense driven by reduced debt and interest rates. The company highlighted its long-term track record of earnings growth, margin expansion, and increasing dividends, underpinned by its high-quality, capital-light business model with leading market positions and robust proprietary technology.

Management EPS expected to be around 144cps, up ~6% versus the prior year. EBIT ex MI up ~10% with a full-year EBIT ex MI margin above 18%. Margin Income around $730m with average client balances of $30.8bn. Lower interest expense driven by reduced debt and interest rates.