Appendix 4D

• Statutory net profit after tax up 369.1% to $338.7 million
• Normalised net profit after tax increased 1.6% to $228.9 million
• Interim dividend of 15.5 cents per share, up 6.9%

Challenger Ltd has reported its financial results for the six months ended 31 December 2025. Revenue from ordinary activities increased 0.9% to $1,583.3 million, while profit from ordinary activities after tax surged 373.0% to $338.7 million. Statutory net profit after tax, which includes investment experience and significant items, was $338.7 million, up 369.1% from the prior comparative period. Normalised net profit after tax, Challenger's preferred measure of profit, increased 1.6% to $228.9 million. The company has declared an interim dividend of 15.5 cents per share, up 6.9% from the prior comparative period. Challenger's balance sheet remains strong, with net tangible assets per security of $5.09 as at 31 December 2025. The company's investment in associates, including Alphinity Investment Management, Ardea Investment Management, and Greencape Capital, continues to perform well. Challenger has provided guidance for the 2026 financial year, but this information has not been included in the announcement.