• Positive superannuation net flows of $0.10 billion
• Gained traction in middle market segment with new $50 million client
• Launched new private markets fund with $125 million commitment from CEFC

Australian Ethical recorded $13.57 billion in funds under management (FUM) at 31 March 2026, supported by continued positive net flows in superannuation. The quarter also saw the delivery of important strategic milestones including the launch of a new product to strengthen the private markets offering and middle market sales pipeline. Positive net flows during the quarter reflected the resilience of Australian Ethical's diversified business model, although investment performance from market movements in this challenging period resulted in a 3.7% decrease in FUM over the quarter. Australian Ethical continued to make progress across its newer growth channels, including gaining traction in the middle market segment. During the quarter, Australian Ethical secured a new $50 million Not-for-Profit client, with the first $20 million of flows received in March 26. A number of smaller middle market inflows were also recorded during the period. Additional middle market opportunities are progressing through the pipeline. These positive middle market inflows provided some resilience against the anticipated higher-than-usual redemptions in both advised and direct channels during the period amid highly volatile market conditions. At the end of March, Australian Ethical expanded its private markets offering with the launch of the Australian Ethical Growth Opportunities Fund, expanding their private markets capability and providing wholesale investors with access to long-term, ethically aligned private markets investments. This fund has received a cornerstone institutional commitment from the Clean Energy Finance Corporation (CEFC) of up to $125 million, which is expected to be received during Q4.

Australian Ethical will provide further updates on product and pipeline developments in the fourth-quarter FUM announcement.