AUB GROUP LIMITED — AGM Information 2025

Nov 12, 2025

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ASX Announcement

13 November 2025

ASX Market Announcements Office ASX Limited Level 27, 39 Martin Place SYDNEY NSW 2000

2025 AGM – Presentation

Please find attached for immediate release in relation to AUB Group Limited ( AUB ) the following document:

• 2025 Annual General Meeting Presentation.

The release of this announcement was authorised by the AUB Board.

For further information, contact Richard Bell, Chief Legal and Risk Officer, on +61 2 9935 2222 or richardb@aubgroup.com.

About AUB Group

AUB Group Limited (ASX: AUB) is an ASX200 listed group comprising insurance brokers and underwriting agencies operating in ~579 locations. Over ~6,000 team members work with our ~1,200,000 clients to place more than $11bn in insurance premiums with local and foreign insurers.

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AUB Group Limited Annual General Meeting

13 November 2025

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AUB GROUP 2025 AGM

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1 Chair’s Address

Agenda

2 CEO’s Address

3 Formal Business

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Chair’s Address

Peter Harmer Chair

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STRENGTHENING FOOTPRINT, DELIVERING GROWTH Exceptional shareholder returns underpinned by AUB’s evolution into a leading global insurance broker

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Underlying NPAT [1] Revenue [3]
FY25
FY21
+32.3% CAGR 17%
5%
11%
…expanding scale and
A$651.8 A$1.5bn
capability across the
mn broking value chain 21%
62%
84%
FY21 FY22 FY23 FY24 FY25
Retail Broking Wholesale Broking Agencies & MGAs Health & Rehab (disposed)
Underlying EPS [2]
GWP [4] & Global Staff
FY25
FY21
+18.8% CAGR
21%
~3,000 43% 44% ~6,000
staff across A$4.0bn …expanding the A$11.0bn staff across
~500 global footprint ~579
locations locations
79%
13%
FY21 FY22 FY23 FY24 FY25 Australia New Zealand UK & International
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1. Underlying Net Profit After Tax is the key measure used by management and the board to assess and review business performance. Underlying NPAT is after non-controlling interests and excludes the cost of amortisation of customer and servicing contracts, fair value adjustments on consolidation or deconsolidation, impairment charges, movements in contingent consideration, the impacts of a reduction in interest in associates and disposals of controlled entities, and the costs associated with strategic change programs, arranging debt and acquisition related costs

2. Underlying EPS calculation = (Underlying NPAT) / (weighted average number of shares (‘WANOS’))

3. In order to give a more comprehensive view of performance, figures include results from ‘associates’ (not consolidated in the financial statements) at an aggregate 100% of all business revenues, expenses and profits with those of the consolidated businesses before deducting outside shareholder interests. Excludes AUB Group Corporate Revenue

4. Includes annualised impact of FY25 acquisitions

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CEO’s Address

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Mike Emmett CEO and Managing Director

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AUB GROUP – AN OVERVIEW

AUB Group Limited is an ASX200 listed group comprising insurance brokers and underwriting agencies, helping our clients to safeguard a stronger, protected future

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 Full complement of services and technology supporting the Austbrokers network of 39 brokerages

• AUSTRALIAN  Complementary capabilities in Life Insurance Broking, Premium Funding,

• BROKING Claims Management, Legal Services, Loss Adjustment, and Investigations  The Insurance Alliance: a non-equity membership network for independent brokers seeking to take advantage of the AUB Group capabilities

~AUD 11.0BN GWP

INSURANCE BROKING VIA EQUITY AND NETWORK PARTNERS | SPECIALIST AGENCIES

• Includes Tysers, a leading specialist international broker and the 6th largest wholesale broker in the Lloyd’s marketplace with 200 years of expertise

• ~1,300 employees, across offices in 17 countries

• Capabilities across Wholesale broking to the Lloyd’s marketplace, Retail

• INTERNATONAL Broking servicing niche product areas, including entertainment, sport, specialty classes of SME and HNW / private client and Managing General Agents (MGA) with substantial number of in-house and third party delegated authorities

• Design, distribute and manage insurance products and portfolios via 35

• AGENCIES agencies on behalf of locally licensed insurers and Lloyd’s syndicates, through the 360 Underwriting, SURA Specialty and Strata portfolios

• AUB has equity investments in 6 major broking partners, 2 underwriting agencies, 2 broker networks

• NEW ZEALAND AUB operates NZbrokers, NZ’s original independent insurance broker network with 41 members (including 32 non-equity members)

• BizCover is Australia’s leading digital SME insurance platform with multi-

• BIZCOVER channel presence and a comprehensive insurance offering

~ ~ ~1.2MN 1.8MN 579 CLIENTS POLICIES LOCATIONS

47 37 EQUITY-PARTNER BROKING AGENCIES BUSINESSES

39YRS 25 OF ACTIVE PARTNERSHIP STRATEGIC INSURANCE EXPERIENCE PARTNERSHIPS AND ACCESS TO INTERNATIONAL ~6,000 PLACEMENTS VIA TYSERS STAFF

Helping our clients to safeguard a stronger, protected future…

6 All data as at 30 June 2025. FY25 GWP includes the annualised impact of FY25 acquisitions

FY25 PERFORMANCE OVERVIEW UNPAT growth of 17.1% to AUD 200.2m, above top end of guidance

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Strong UNPAT growth of 17.1% to $200.2m, expanded margin to 34.7%

Completed strategically important acquisitions of Pacific Indemnity, Momentum and Movo together with sixteen other smaller acquisitions and bolt-ons

Significant step-up in UK Retail scale from £110m GWP in FY24 to £340m in FY25

Excellent growth in Agencies and BizCover with PBT growth of 30.0% and 26.8% on FY24 respectively

Portfolio optimisation in Australian Broking continues to improve margins, achieved 37.8% EBIT margin in FY25

Strong growth forecast for FY26 with UNPAT guidance of AUD 215.0mn – 227.0mn (7.4% – 13.4% vs FY25)

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FY25 FINANCIAL HIGHLIGHTS

Revenue growth and margin expansion has increased profits for AUB shareholders

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FY25 FY24 Performance Highlights	FY25 FY24 Performance Highlights	FY25 FY24 Performance Highlights	FY25 FY24 Performance Highlights
Revenue1	$1,501.3mn (+12.7%)	$1,331.7mn	Revenue growth across all business divisions
EBIT Margin1	34.7% (+70bps)	34.0%	Continued progress toward EBIT margin targets with most divisions recording increases
Underlying NPAT2	$200.2mn (+17.1%)	$171.0mn	Improved operating leverage complemented by continuation of track record of accretive acquisitions
Underlying Earnings per Share3	171.8 cents (+9.5%)	156.8 cents	Underlying EPS growth partially diluted by the full year impact in FY25 of an increase in shares from equity raising activities late in FY24 to fund acquisitions
Dividend per Share	91.0 cents (+15.2%)	79.0 cents	Dividend aligned with long-term payout ratio of 50-70% of Underlying NPAT

1. In order to give a more comprehensive view of performance, figures include results from ‘associates’ (not consolidated in the financial statements) at an aggregate 100% of all business revenues, expenses and profits with those of the consolidated businesses before deducting outside shareholder interests. Excludes AUB Group Corporate Revenue and Expenses. Results shown in AUD

2. Underlying Net Profit After Tax is the key measure used by management and the board to assess and review business performance. Underlying NPAT is after non-controlling interests and excludes the cost of amortisation of customer and servicing contracts, fair value adjustments on consolidation or deconsolidation, impairment charges, movements in contingent consideration, the impacts of a reduction in interest in associates and disposals of controlled entities, and the costs associated with strategic change programs, arranging debt and acquisition related costs. Results shown in AUD

3. Underlying EPS calculation = (Underlying NPAT) / (weighted average number of shares (‘WANOS’))

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MEDIUM-TERM MARGIN AMBITIONS REMAIN ON-TRACK Margin improvement continues to be a significant opportunity. Scope for future upgrades

	FY25 Actual EBIT Margin (∆ to FY19 or acquisition)	EBIT Target Margin Approach to deliver
Australian Broking	37.8% +990bps	40% Ongoing portfolio optimisation, equity step- ups and bolt-ons
BizCover1	45.8% +950bps	50% Continued revenue growth to deliver scale while maintaining client retention
Agencies	44.2% +910bps	47% Increase from 45% 2% increase in medium term target to reflect accelerated progress made to achieve original underlying margin target
New Zealand Broking	34.4% +180bps	42% Bolt-ons together with efficiencies from new technology implementation
Tysers / International2	23.5% +480bps	32% Restructure of portfolio, optimisation of costs, addition of select new broking teams and expansion of UK Retail
Group Total3	34.7% +780bps

1. EBIT Margin growth is against FY21 excluding JobKeeper receipts as BizCover acquired 1 February 2020

2. Tysers acquired 1 October 2022. EBIT Margin growth is against the normalised CY21 EBIT Margin 3. Excludes AUB Group Corporate Revenue & Expenses

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OUR LONG-TERM LEVERS FOR EARNINGS GROWTH Long term strategy remains consistent with priorities aligned to where we see opportunities going forward

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Earning driver priorities	M&A	Consolidation / Specialisation	New Business Growth	Improved Commercial Arrangements	Commission/ Fee Changes	Cost Reduction	Technology
Retail Broking (AU, NZ)	HIGH	MEDIUM	MEDIUM	MEDIUM		MEDIUM	HIGH
Underwriting Agencies (all geographies)	MEDIUM	MEDIUM	HIGH	MEDIUM		LOW	MEDIUM
International	HIGH	MEDIUM	HIGH	HIGH		HIGH	HIGH
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FY26 EXECUTION PRIORITIES

AUB will continue to evolve its priorities with an ongoing focus on portfolio optimisation, technology delivery, and executing on International strategy

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Continue to optimise portfolio in Australia and New Zealand to enhance margins Focus on scaling new and recently established Agencies to accelerate revenue and margin growth Deliver on our investments and grow market share in New Zealand

Accelerate momentum and progress in BizCover

Optimise and expand UK Retail by leveraging scale added during FY25

Continue buildout, uplift and expansion of Tysers and other Specialty capabilities

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FY26 OUTLOOK

7.4% - 13.4% Underlying NPAT AUD 215.0 - 227.0mn, growth of vs pcp

FY25 to FY26 Underlying NPAT[1] Breakdown (AUD mn)

FY25 to FY26 Underlying Earnings per Share[5] (cents)

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7.4% - 13.4%
5.5 – 6.5 (1.9) 215.0 – 227.0
11.2 – 22.2 7.4% - 13.4%
(0.9%)
2.7% - 3.2% 12.6 – 22.9 184.4 – 194.7
200.2 171.8
5.6% – 11.1%
FY25 Organic Growth [2] Acquisition Growth [3] Funding Costs [4] FY26 Guidance FY25 Growth FY26 Guidance
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Assumptions

• Acquisition Growth includes known investments with a high probability of completion and the incremental impact of acquisitions made in FY25

• Renewal periods and income split perform in line with historical experience (41% / 59% 1H/2H split)

• FX Rates used for 12 months to 30 June 2026: GBP:AUD 2.0800, GBP:USD 1.3325

• FX Sensitivity: a + / -1% change in AUD against USD, impacts FY26 UNPAT and EPS at the midpoint of guidance by c. - / + 0.3%

• USD:GBP hedging program in place for ~55% of USD operational flows for the 12 months to 30 June 2026

• Central Bank cash rates: Australia 3.60% 1 Sep’25 – 31 Dec’25, 3.35% 2H26; UK 4.25% 1H26, 4.00% 2H26; NZ 3.25% FY26

1. Underlying Net Profit After Tax is the key measure used by management and the board to assess and review business performance. Underlying NPAT is after non-controlling interests and excludes the cost of amortisation of customer and servicing contracts, fair value adjustments on consolidation or deconsolidation, impairment charges, movements in contingent consideration, the impacts of a reduction in interest in associates and disposals of controlled entities, and the costs associated with strategic change programs, arranging debt and acquisition related costs

2. Organic growth excludes acquisitions growth and funding costs

3. Acquisition growth includes the net effect of acquisitions, bolt-ons, divestments / step-downs and increased equity stakes in FY26 vs FY25

4. Funding costs represents the year on year change in corporate interest expense

5. Underlying EPS calculation = (Underlying NPAT) / (weighted average number of shares (‘WANOS’)). Total shares on issue as at 30 June 2025 = 116,587,434

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NOTICE

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SUMMARY INFORMATION

This document has been prepared by AUB Group Limited (ABN 60 000 000 715) (AUB). It is a presentation of general background information about AUB’s activities current at the date of the presentation. It is information in a summary form and does not purport to be complete. It is to be read in conjunction with AUB’s other announcements released to ASX (available at www.asx.com.au). It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. These should be considered, with professional advice, when deciding if an investment is appropriate.

TERMINOLOGY

This presentation uses Underlying NPAT to present a clear view of the underlying profit from operations. Underlying NPAT comprises consolidated profit after tax adjusted for value adjustments for the carrying value of associates, after tax profits on the sale of portfolios, interests in associates and controlled entities, contingent consideration adjustments, and income tax credits arising from the recognition of deferred tax assets. It is used consistently and without bias year on year for comparability. A reconciliation to statutory profit is provided in the appendix to this Presentation.

FORWARD LOOKING STATEMENTS

This document contains certain “forward-looking statements”. The words “anticipate”, “believe”, “expect”, “project”, “forecast”, “estimate”, “likely”, “intend”, “should”, “could”, “may”, “target”, “plan” and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Due care and attention has been used in the preparation of forecast information. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of AUB, that may cause actual results to differ materially from those expressed or implied in such statements. There can be no assurance that the actual outcomes will not differ materially from these statements. Neither AUB nor any other person gives any representation, warranty, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this document will actually occur. Except as required by applicable law or the ASX Listing Rules, AUB disclaims any obligation or undertaking to publicly update any forward-looking statements, whether as a result of new information or future events.

Statements about past performance are not necessarily indicative of future performance.

NOT AN OFFER

This document does not constitute an offer, invitation, solicitation, recommendation, advice or recommendation with respect to issue, purchase, or sale of any shares or other financial products in AUB. This document does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States or to any “US person” (as defined in Regulation S under the US Securities Act of 1933, as amended (Securities Act) (US Person)). Securities may not be offered or sold in the United States or to US Persons absent registration or an exemption from registration. AUB shares have not been, and will not be, registered under the Securities Act or the securities laws of any state or jurisdiction of the United States.

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