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COMPUTERSHARE LIMITED. Annual Report 2025

Aug 11, 2025

64696_rns_2025-08-11_0df207a4-dc9c-4fc9-83ef-4f9c50b74561.pdf

Annual Report

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12 August 2025

FY25 Full year results

Stuart Irving, Chief Executive Officer and President Nick Oldfield, Chief Financial Officer

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FY25 Results

Strong performance, Management EPS up 15% (results compared to proforma pcp)

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Management EPS [1] Margin Income (MI)
$759.1m
135.1 cps
Down 2.8%
Up 15.0%
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Management Revenue
$3.1bn
Up 4.4%
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Management EBIT ex. MI Final dividend per share (AUD)[2] $411.9m 48 cps Up 17.4% Up 14.3%

Return on Invested Capital (ROIC) 35.8% Up 50bps

Notes: All figures in this presentation are presented in USD millions and in constant currency, unless otherwise stated.

1 FY25 Management EPS is based on shares on issue as at 31 December 2024. Does not include shares bought back during 2H FY25. FY24 EPS is based on shares on issue as at 30 June 2023 of 603,729,336 (pre buybacks). 2 Unfranked; Compared to FY24 final dividend per share of AUD 42 cps. Up 6.7% compared to FY25 interim dividend per share of AUD 45 cps.

Results are compared to Proforma pcp. Proforma adjustments to FY24 only, defined as Group results excluding US Mortgage Services (MS) contribution for the full year of FY24. FY25 unadjusted.

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2

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Key messages

Growth across all businesses. Positive outlook.

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FY25 EBIT ex MI up 17.4%. Margins expanded to 17.5%, up 150bps

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Growth in recurring client fees and transactional revenues drives higher earnings

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Margin income exceeds expectations with increased client balances mitigating lower yields Balance sheet strength funds innovation, acquisitions and shareholder returns Positive outlook, FY26 guidance Management EPS around 140cps, up 4%

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3

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Computershare’s integrated business model

Improving mix of revenues to higher quality recurring client fees

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FY25 vs FY21-25
Revenue Profile
pcp CAGR
3,500
 4.4%  15.7%
3,109
2,978
3,000
2,717
2,500
2,078 1,638  4.3%  11.1%
1,571
2,000
1,738 1,523
1,500
1,366
1,075 626 711  13.6%  5.7%
1,000
497
500
536
569 698 781 759  2.8%  69.1%
0 93 175
FY21 FY22 FY23 FY24 FY25
Margin Income Event and Transactional fee revenue Client fee revenue
USD M
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Refer to slide 35 for revenue definitions.

Revenue Profile: Comparison against proforma results for FY21 - FY24 which exclude the disposal of KCC (1st May 2023) and US MS (1st May 2024). Numbers translated at actual fx rates with the exception of FY25 which is translated at the CC rate (ie FY24 average fx rate).

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FY25 Business performance

Revenue and EBIT growth across all businesses, with and excluding MI

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Issuer Services Corporate Trust
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Employee Share Plans
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FY25 Margin Income

Margin income resilient, down 2.8%. Balances up 8% mitigating lower yields

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FY25 Margin Income Bridge ($m) FY25 Average Balances Bridge ($b)
900 32.0
0.1
0.2
800 30.0 0.4
42
1.5
700 38 28.0
199
97
600 26.0
781 759 29.2 29.6 29.8 29.9
500 717 24.0 27.7 27.7
679
582 582
400 22.0
20.0
300
FY24 Impact of Impact of Impact of Impact of FY25 at FY24 Proforma Corporate Trust Issuer Services Employee Mortgage FY25 at
Proforma MI Rate Curve Net Balances Balance Mix Hedging Activity FY24 Rates Avg. Balances Share Plans Services & FY24 rates
Property Rental
Services
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Capital light. Cash generative. Increased shareholder returns

Balance sheet strength funds innovation, acquisitions and shareholder returns

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Cash flow Capex Debt leverage Shareholder returns
Capital light business requires
152% increase in shareholder
low levels of ongoing capex to Low leverage ratio provides
Improving cash conversion returns vs. FY23. AU$750m
maintain performance levels. substantial capacity to invest in
reflects synergy programs buyback completed in FY25,
Majority of software business growth and further
progressing to completion. AU$29.59 average purchase
development expensed, not reward shareholders.
price.
capitalised.
900.0 823.7 90% 1,200.0 1.40
800.0 1,029.9
718.0 80% 1.20
70.0 3.0% 1,000.0
700.0 611.5 70% 60.0 1.00 279.3
600.0 49.9 2.5% 800.0 211.1
500.0 400.0 56% 66% 60%50% 50.040.0 36.5 46.8 2.0%1.5% 600.0 0.85 461.4 527.6 0.800.60
300.0 200.0 50% 40% 30.020.0 1.6% 1.5% 1.0% 400.0 0.40 312.0 333.5
100.0 30% 10.0 1.1% 0.5% 200.0 0.36 0.42 0.20 243.5
- 20% 0.0 0.0% 0.0 0.00
FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25
Operating cash (Proforma)
Capex Capex as a % of revenue Net Debt Net Debt to EBITDA ratio Dividends Buyback
Operating cash to Management EBITDA
conversion ratio (Proforma)
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Proforma defined as Group results excluding US MS and KCC. FY23 and FY24 cash flow excludes US MS and KCC (FY23 only). Numbers are in USD M at Actual fx rates, leverage ratio (times X), conversion ratio (%).

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Positive FY26 Outlook

Ongoing earnings growth in a lower interest rate environment, initial guidance Management EPS up around 4%

Guidance
Guidance compared to FY25 Group
results		 ~ 140cps, up ~ 4% vs pcp
Key assumptions
EBIT ex MI Up ~ 5%
MI Around$720mwith average client balances of
$30.2bn(FY25 exit run rate).
Interest expense Lower interest expense largely due to lower
rates, improved pricing on syndicated debt and
pay down of USPP debt in Nov 2025 (7 months
benefit included in guidance).
Group tax rate Between 24%-25%
Management EPS calculation - FY26 578,387,070which is the closing share balance
number of shares on issue at 30 June 2025.
Sensitivities
MI MI sensitivity driven by quantum and mix of
balances and changes in cash rates, guidance
based on curves at 8thAugust 2025.
Capital markets Debt and equity markets broadly in line with
FY25 market conditions.

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142
140 ~ 1
~ 4
138 ~ 7
136 ~ 2 ~ 5
~ 140
134
135.1
132
130
FY25 Benefit of Organic Margin Interest Tax FY26
EPS at shares business Income Expense EPS
31 Dec 24 1 acquired growth and
closing shares in 2H25 cost out
and FX
US cps
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For constant currency comparisons, FY25 average exchange rates are used to translate the FY26 earnings to USD. Refer to slide 50 for constant currency conversion rates. FY26 guidance comparisons are against FY25 Group results.

  • 1 31st December 2024 closing share balance is 585,588,182 and translated at the FY24 constant currency, the equivalent is 135.6cps at FY25 constant currency.

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Margin Income, yields and average client balances

FY26 MI expected to be ~$720m, around two thirds of balances insulated from interest rate movements

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Continuing Business Average Balances by Rate Sensitivity ($bn)
35.0
30.0
25.0
21.0
20.0 18.0 21.2 21.3 20.4 20.4
20.6 20.1
15.0
10.0
13.1
5.0 10.3 7.5 7.8 9.0 8.3 9.8 9.8
0.0
1H23 2H23 1H24 2H24 1H25 2H25 1H26 2H26
Subject to Interest Rate Exposure Interest Rate Protected
$b
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FY25 FY26
Exposed Avg Client
Balances
($bn)
8.6		 MI ($m)
331		 Avg Weighted
Yield (%)
3.84%		 Avg Client
Balances
($bn)
9.8		 MI ($m)
330		 Avg Weighted
Yield (%)
3.33%
Hedged 9.9 315 3.18% 9.0 304 3.38%
Non-Exposed 11.4 115 1.01% 11.4 86 0.76%
Total 29.9 761 2.55% 30.2 720 2.38%

Numbers above are translated at the FY25 constant currency fx rates. FY25 MI at the FY24 constant currency fx rate is $759.1m.

Average balances exclude US Mortgage Servicing for 1H23-2H24 and Class Actions and Bankruptcy for 1H23-2H23. * = 1H26 and 2H26 are translated at the FY25 average FX rates.

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ExposedNon- 38% FY25 Exposed29% ExposedNon- 38% FY26 Exposed32%
Average Average
Balances Balances
Hedged Hedged
33% 30%
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2.50%
3.00%
3.50%		 2.50%
3.00%
3.50%		 Current
Rates		 4.00%
4.50%
5.00%
+2b Balances
671
727
783		 787 840
896
952
+1b Balances
647
699
750		 753 802
853
905
FY26E Balances 623
670
717		 720 763
810
857
-1b Balances
599
641
683		 686 725
767
809
-2b Balances
576
613
650		 652 687
725
762

Current rates assume rate curve as at 8[th] August 2025. For sensitivity and interest rate assumptions on FY26 guidance, please refer to slide 46.

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FY25 Management results summary

EBIT ex MI +17.4%, margin expansion continues, up 150bps

FY25 Actual
(at CC)
Total revenue ex Margin Income
$2,349.9
$2,196.9
+7.0%
Margin Income
$759.1
$780.7
-2.8%
Total revenue
$3,109.0
$2,977.6
+4.4%
Operating costs
$1,868.6
$1,777.2
+5.1%
Share of net profit/(loss) of associates and jv
-$0.1
-$0.4
+71.4%
EBITDA
$1,240.5
$1,200.9
+3.3%
Depreciation
$65.6
$65.5
+0.1%
Amortisation
$3.9
$3.8
+1.4%
EBIT
$1,171.1
$1,131.6
+3.5%
EBIT margin(%)
37.7%
38.0%
-30bps
EBIT ex Margin Income
$411.9
$350.9
+17.4%
EBIT ex MI margin(%)
17.5%
16.0%
+150bps
Interest expense
$115.8
$144.8
-20.1%
Profit Before Tax
$1,055.3
$986.8
+6.9%
Income tax expense
$263.7
$277.4
-4.9%
Management NPAT
$791.0
$709.1
+11.6%
Management EPS (cents) - per guidance
135.08
117.45
+15.0%
Management EPS (cents) - at reported WANOS
134.81
118.45
+13.8%
Management ETR
25.0%
28.1%
-310bps
FY24
Proforma
Variance vs.
FY24 Proforma
1
2		 FY25
Actual
$2,359.0
$761.1
$3,120.2
$1,876.3
-$0.1
$1,244.0
$65.7
$4.0
$1,174.3
37.6%
$413.1
17.5%
$116.1
$1,058.2
$263.8
$793.8
135.56
135.28
24.9%

1 FY25 guidance is based on the closing share balance at 31st December 2024 of 585,588,182. FY24 proforma is based on shares on issue as at 30 June 2023 of 603,729,336 (pre buybacks).

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2 FY25 reported WANOS is 586,791,638. FY24 reported WANOS is 598,649,609.

10

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FY25 Management EPS

EPS up 15% - in line with guidance upgraded in February

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Does not include
benefit of 2H25
140 share purchases
135
2.3
130 4.9
3.6
10.3
125
0.1
120 135.1
3.8
115
117.3
110
105
FY24 EPS Buyback FY24 Organic business Margin Interest Tax FY25 EPS
shares on issue accretion on US MS growth and Income Expense shares on issue
at 30 Jun 23 FY24 and 1H25 cost out at 31 Dec 24
purchases
US cps
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117.3 cps is based on shares on issue as at 30[th] June 2023 of 603,729, 336. FY25 EPS assumes the closing share balance as at 31[st] December 2024 of 585,588,182.

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FY25 costs analysis

Costs managed below inflation, opex +2.2%

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2,500 Operating expenses growth +2.2%
Organic cost
2,000 reduction $9.4m
204.6
341.4 65.8 75.2 360.0
41.4
1,500
Investments:
1,000 2,022.7 ▪ Annualisation of Solium UK
1,868.6
Capital acquisition in FY24.
1,476.6 ▪ Acquisition of Ingage IR Ltd, 1,508.6
CMi2i Ltd and BNY Trust
Company of Canada.
500
▪ Technology and Revenue Growth
related investment across core
businesses.
0
FY24 Total Disposal of Less FY24 COS FY24 proforma Investment Impact of Cost out FY25 operating Add FY25 COS FY25 Total
Operating Costs US MS operating inflation benefits expenses Operating Costs
expenses
USD M
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12

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Computershare Investment Case

High quality, capital light business with long term growth track record

EBIT Margin (%)

Track record – long term earnings growth, margins and returns to shareholders

Group Revenue (USD M)

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37.6%
3,500 40%
Average historical
35%
3,000 margin ~22%
30%
2,500
25%
2,000
20%
1,500
15%
1,000 10%
500 5%
0 0%
US Mortgage Services (US MS), disposed on 1st May 2024
45% 100 93
Return on Equity (%) 38.7% Annual Dividend (AUD cps)
40%
35% 80
30%
60
25%
20%
40
15%
10% Average historical 20
5% ROE ~27%
0% 0
FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
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High quality, capital light business with recurring revenues and high client retention

Leading positions in large markets with positive growth trends

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Robust, market critical proprietary technology and platforms

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Strong balance sheet and cash flow - funds growth investments and returns to shareholders

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13

Appendix

1

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Appendices

Constant Currency Analysis

FY25 results

2H25 Management EPS bridge

Revenue, Margin Income, EBITDA and EBIT by Business Segment

Results highlights: Issuer Services, Corporate Trust and Employee Share Plans

Analysis at actual fx rates

Proforma Income Statement (excluding KCC and Mortgage Services)

Key Financial Indicators

Computershare Profit and Loss

Statutory results and management adjustments

Business Segment Profit and Loss

Revenue definitions

Revenue by Country (USD and Local Currency) and Revenue, EBITDA and EBIT by Region

Analysis at actual fx rates (continued)

Revenue excluding acquisitions and disposals

Cost out programs

Other expenditure

Margin Income and Client balances

Hedged Margin Income

FY26 MI and Balance outlook, including key sensitivities

Debt Facilities Maturity Profile

Balance Sheet

Cash Flow Exchange Rates

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FY25 results

Performance relative to total Group results in FY24, including US Mortgage Services

Management EPS[1] 135.1 cps Up 15.1%

Margin Income (MI) $759.1m Down 9.3%

Management Revenue $3.1bn Down 6.1%

Management EBIT ex. MI Final dividend per share (AUD)[3] $411.9m 48 cps Up 32.0% Up 14.3%

Return on Invested Capital (ROIC)[2] 35.8% Up 560bps

  • 1 FY25 Management EPS is based on shares on issue as at 31 December 2024. Does not include shares bought back during 2H FY25. FY24 EPS is based on shares on issue as at 30 June 2023 of 603,729,336 (pre buybacks). 2 Refer to slide 48 for ROIC definition;

  • 3 Unfranked; Compared to FY24 final dividend per share of AUD 42 cps. Up 6.7% compared to FY25 interim dividend per share of AUD 45 cps.

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FY25 Management results summary

FY25 Actual
(at CC)
$2,349.9
$2,472.9
-5.0%
$759.1
$836.6
-9.3%
$3,109.0
$3,309.5
-6.1%
$1,868.6
$2,022.7
-7.6%
-$0.1
-$0.4
+71.4%
$1,240.5
$1,287.3
-3.6%
$65.6
$65.7
-0.2%
$3.9
$72.8
-94.7%
$1,171.1
$1,148.8
+1.9%
37.7%
34.7%
+300bps
$411.9
$312.1
+32.0%
17.5%
12.6%
+490bps
$115.8
$163.0
-29.0%
$1,055.3
$985.8
+7.1%
$263.7
$277.1
-4.8%
$791.0
$708.4
+11.7%
135.08
117.33
+15.1%
134.81
118.33
+13.9%
25.0%
28.1%
-310bps
FY24
Actual
Variance vs.
FY24 Actual
GROUP		 $2,359.0
$761.1
$3,120.2
$1,876.3
-$0.1
$1,244.0
$65.7
$4.0
$1,174.3
37.6%
$413.1
17.5%
$116.1
$1,058.2
$263.8
$793.8
135.56
135.28
24.9%
FY25 Actual
Variance vs.
FY24 Proforma
FY24 Proforma
Total revenue ex Margin Income
Margin Income
Total revenue
Operating costs
Share of net profit/(loss) of associates and jv
EBITDA
Depreciation
Amortisation		 $2,196.9
+7.0%
$780.7
-2.8%
$2,977.6
+4.4%
$1,777.2
+5.1%
-$0.4
+71.4%
$1,200.9
+3.3%
$65.5
+0.1%
$3.8
+1.4%
EBIT $1,131.6
+3.5%
EBIT margin(%) 38.0%
-30bps
EBIT ex Margin Income $350.9
+17.4%
EBIT ex MI margin(%) 16.0%
+150bps
Interest expense
Profit Before Tax
Income tax expense		 $144.8
-20.1%
$986.8
+6.9%
$277.4
-4.9%
Management NPAT $709.083
+11.6%
Management EPS (cents) - per guidance
Management EPS (cents) - at reported WANOS
Management ETR
1
2		 117.45
+15.0%
118.45
+13.8%
28.1%
-310bps

1 FY25 guidance is based on the closing share balance at 31st December 2024 of 585,588,182. FY24 Actual and FY24 proforma is based on shares on issue as at 30 June 2023 of 603,729,336 (pre buybacks).

2 FY25 reported WANOS is 586,791,638. FY24 reported WANOS is 598,649,609.

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17

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2H25 Management EPS bridge

EPS up 6.9% v. 1H

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Management EPS growth +6.9%
78
76
4.5
74 0.3
72
11.8 3.6
0.5
70
68
66
64 69.8
62
65.3
60
58
1H25 EPS Business Margin Interest Tax Buyback 2H25 EPS
performance, Income Expense accretion shares on issue
cost out at 31 Dec 24
and seasonality
The reported WANOS for 1H25 is 587,867,266 (65.3cps). FY25 EPS assumes the closing share balance as at 31 [st] December 2024 of 585,588,182 (135.1cps).
US cps
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18

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FY25 Management results – constant currency and actual rates

USD M
At CC
At Actual fx
Total Revenue ex MI
2,349.9
2,359.0
Margin Income
759.1
761.1
Total Management Revenue
3,109.0
3,120.2
Operating expenditure
1,868.6
1,876.3
Share of net profit/(loss) of associates and jv
(0.1)
(0.1)
Management EBITDA
1,240.5
1,244.0
Depreciation
65.6
65.7
Amortisation
3.9
4.0
Depreciation & Amortisation
69.4
69.7
Management EBIT
1,171.1
1,174.3
Management EBIT Margin
37.7%
37.6%
Management EBIT ex MI
411.9
413.1
Management EBIT ex MI Margin
17.5%
17.5%
Interest Expense
115.8
116.1
Management PBT
1,055.3
1,058.2
Management ITE
263.7
263.8
OEI
0.6
0.6
Management NPAT
791.0
793.8
Management EPS (cps) - per guidance
135.08
135.56
Management EPS (cps) - at reported WANOS
134.81
135.28		 Revenue Margin Income
At CC
At Actual fx		 At CC
At Actual fx
Issuer Services 1,251.7
1,255.1
978.7
975.9
504.9
512.6
156.1
160.2
193.9
192.5
23.7
23.8		 235.9
236.4
416.9
415.7
49.3
50.4
57.1
58.7
0.0
0.0
0.0
0.0
Corporate Trust
Employee Share Plans & Voucher Services
Mortgage Services & Property Rental Services
Communication Services & Utilities
Technology Services & Operations
Total 3,109.0
3,120.2		 759.1
761.1
EBITDA EBIT
At CC
At Actual fx		 At CC
At Actual fx
Issuer Services 457.4
459.4		 453.7
455.7
Corporate Trust 518.8
516.2		 514.5
512.0
Employee Share Plans & Voucher Services 220.6
223.3		 215.2
217.8
Mortgage Services & Property Rental Services 35.5
36.4		 35.3
36.2
Communication Services & Utilities 27.4
27.5		 22.4
22.5
Technology Services & Operations -19.2
-18.9		 -70.1
-69.8
Total 1,240.5
1,244.0		 1,171.1
1,174.3

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19

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Revenue, Margin Income, EBITDA and EBIT – constant currency

Revenue FY24 FY25 FY25 vs 24 EBITDA FY24 FY25 FY25 vs 24
Issuer Services 1,211.3 1,251.7 3.3% Issuer Services 450.2 457.4 1.6%
Corporate Trust 936.3 978.7 4.5% Corporate Trust 494.5 518.8 4.9%
Employee Share Plans & Voucher Services 458.5 504.9 10.1% Employee Share Plans & Voucher Services 188.7 220.6 16.9%
Mortgage Services & Property Rental Services 499.7 156.1 -68.8% Mortgage Services & Property Rental Services 122.8 35.5 -71.0%
Communication Services & Utilities 185.0 193.9 4.8% Communication Services & Utilities 26.8 27.4 2.4%
TechnologyServices & Operations 18.7 23.7 26.7% TechnologyServices & Operations 4.3 -19.2 -543.6%
Total Revenue 3,309.5 3,109.0 -6.1% Total EBITDA 1,287.3 1,240.5 -3.6%
Margin Income FY24 FY25 FY25 vs 24 EBIT FY24 FY25 FY25 vs 24
Issuer Services 250.4 235.9 -5.8% Issuer Services 447.2 453.7 1.4%
Corporate Trust 419.9 416.9 -0.7% Corporate Trust 479.4 514.5 7.3%
Employee Share Plans & Voucher Services 53.5 49.3 -8.0% Employee Share Plans & Voucher Services 183.2 215.2 17.4%
Mortgage Services & Property Rental Services 112.8 57.1 -49.4% Mortgage Services & Property Rental Services 53.5 35.3 -34.0%
Communication Services & Utilities 0.0 0.0 0.0% Communication Services & Utilities 22.6 22.4 -0.8%
TechnologyServices & Operations 0.0 0.0 0.0% TechnologyServices & Operations -37.3 -70.1 -88.1%
Total Margin Income 836.6 759.1 -9.3% Total EBIT 1,148.8 1,171.1 1.9%

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ANZ
Asia
Canada 2%
8% Asia 4%
ANZ 4% Canada
7% 11%
UCIA
UCIA 24%
Revenue 22% EBITDA
$3,109.0m $1,240.5m
USA
56% CEU USA CEU
3% 57% 2%
20
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Issuer Services

Management EBIT  1.4% $453.7m Margin 36.2%  70bps

Issuer Services revenue ($m)

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+3.3% vs. PCP
-5.8% +2.4% +10.3%
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Revenue breakdown FY25 CC FY24 Actual CC Variance
Register Maintenance $695.3 $673.6 +3.2%
Corporate Actions $110.5 $105.9 +4.4%
Stakeholder Relationship Management $91.3 $72.0 +26.7%
Governance Services $118.7 $109.5 +8.4%
Margin Income $235.9 $250.4 -5.8%
Total revenue $1,251.7 $1,211.3 +3.3%
Mgmt EBIT ex MI $217.8 $196.9 +10.6%
Mgmt EBIT ex MI margin 21.4% 20.5% up 90 bps

Registered Agents Units Administered (‘000)

Corporate Actions fee revenue ($m)

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120.0
97.1 95.5 94.3
100.0 83.0 79.5 81.2 76.3
80.0
60.0 54.4
40.0
10.7 19.2 14.0 10.0 10.4 16.2
20.0
0.0
FY19 FY20 FY21 FY22 FY23 FY24 FY25 @
CC
Corp. Actions ex HK Corp. Actions HK
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21

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Corporate Trust

Management EBIT  7.3% $514.5m Margin 52.6%  140bps

Total revenue breakdown ($m)

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957.9 936.3 978.7
213.8
273.0 234.7
764.9
684.8 701.6
FY23 FY24 FY25 @ CC
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Structured Products Conventional Debt and Agency

Revenue breakdown FY25 CC FY24 Actual CC Variance
Trust Fee and Other Revenue $507.1 $467.2 +8.5%
MMF Fee Revenue $54.7 $49.2 +11.2%
Margin Income $416.9 $419.9 -0.7%
Total revenue $978.7 $936.3 +4.5%
Mgmt EBIT ex MI $97.7 $59.5 +64.1%
Mgmt EBIT ex MI margin 17.4% 11.5% up 590 bps

CCT Cost Synergy Plan – Cumulative Benefits ($m)

Mandates under Management (MUM) vs. Mandates won

15.1% improvement in mandates won FY25 v FY24; 24.2% increase in Structured Products mandates won

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80
72
52
53
29
16 30
7
10 17
8 Mths FY23 FY24 FY25 FY26 FY27
FY22
Actual Planned
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13,030 1,475
9,444 1,075
9,668 12,720 1,188
1,027
MUM - Conv. Debt & MUM - Structured Mandates Won - Mandates Won -
Agency Products Conv. Debt & Agency Structured Products
FY24 FY25
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22

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Employee Share Plans

Management EBIT  15.2% $207.5m

Margin 41.5%  220bps

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Transactional revenue ($m)
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263.6
220.0
159.9 159.5 155.5
128.9
+15.4%
CAGR
FY20 FY21 FY22 FY23 FY24 FY25
@CC
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Revenue breakdown FY25 CC FY24 Actual CC Variance
Fee Revenue $173.1 $166.5 +4.0%
Transactional $263.6 $220.0 +19.8%
Other $14.6 $18.0 -18.9%
Margin Income $49.1 $53.4 -8.1%
Total revenue $500.3 $457.9 +9.3%
Mgmt EBIT ex MI $158.4 $126.7 +25.0%
Mgmt EBIT ex MI margin 35.1% 31.3% up 380 bps

Client fees ($m)

Assets under administration ($bn)

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300.0
250.0 267.0
250.2 246.2
200.0 218.0
200.0
150.0 176.8
100.0
50.0
0.0
FY20 FY21 FY22 FY23 FY24 FY25
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184.5 187.6
164.4 162.2
156.9
149.9
+4.6%
CAGR
FY20 FY21 FY22 FY23 FY24 FY25
@CC
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23

Actual FX rate analysis

2

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Key Financial Indicators

1H23
2H23
1H24
2H24
1H25
2H25		 FY23 FY24 FY25
Total Management Revenue
1,510.6
1,705.3
1,611.7
1,697.8
1,507.6
1,612.6
Operating expenditure
970.5
1,029.4
990.1
1,032.6
908.9
967.5
Management EBITDA
540.3
676.1
621.7
665.6
598.8
645.1
Management EBIT
440.7
591.8
546.0
602.7
564.6
609.7
Management EBIT ex Margin Income
96.5
160.6
115.2
196.9
170.4
242.7
EBIT Margin %
29.2%
34.7%
33.9%
35.5%
37.5%
37.8%
EBIT ex MI Margin %
8.3%
12.6%
9.8%
15.2%
15.3%
19.5%
Management Profit Before Tax
387.0
511.7
460.7
525.1
505.4
552.8
Management NPAT
268.9
383.1
331.1
377.2
384.1
409.7		 3,215.9
1,999.9		 3,309.5
2,022.7		 3,120.2
1,876.3
1,216.3 1,287.3 1,244.0
1,032.5 1,148.8 1,174.3
257.1 312.1 413.1
32.1%
10.5%
898.7		 34.7%
12.6%
985.8		 37.6%
17.5%
1,058.2
652.1 708.4 793.8
Management EPS(US cps)
44.55
63.46
54.97
63.36
65.34
69.94
Management EPS(AU cps)
66.35
94.27
83.70
96.62
98.86
110.03		 108.01 118.33 135.28
160.62 180.31 208.89
Statutory NPAT
177.1
267.7
105.2
247.41
287.8
319.2
Statutory EPS (US cps)
29.33
44.34
17.47
41.43
48.95
54.50
Revenue split - Recurring
83%
85%
85%
86%
84%
84%
Revenue split - Non Recurring
17%
15%
15%
14%
16%
16%
Weighted average number of shares1
603,729,336
603,729,336
602,390,548
598,649,609
587,867,266
586,791,638
Net operating cash flows excluding SLS advances
247.5
376.2
369.9
361.2
354.2
469.4
Operating cash to EBITDA conversion ratio
0.5
0.6
0.6
0.5
0.6
0.7
Days Sales Outstanding
53
39
45
45
45
38
Dividend (AU cents)
30
40
40
42
45
48
Franking (%)
0%
0%
20%
0%
0%
0%
Dividend payout ratio
45%
42%
48%
43%
46%
44%
ROE2
22.3%
30.1%
34.1%
34.7%
37.8%
38.7%
ROIC2
15.5%
22.7%
25.3%
30.2%
31.9%
35.8%
Net debt to EBITDA3
1.33 0.85 0.85 0.36 0.39 0.42		 444.7 352.6 607.0
73.67 58.90 103.45
85%
86%
84%
15%
14%
16%
603,729,336
598,649,609
586,791,638
623.7
731.1
823.7
0.5
0.6
0.7
39
45
38
70
82
93
0%
0%
0%
44%
45%
45%
30.1%
34.7%
38.7%
22.7%
30.2%
35.8%
0.85 0.36 0.42

1 Weighted average number of ordinary shares used as a denominator in calculating basic earnings per share as at December (1H) or June (FY). The 2H EPS is the difference between FY and 1H EPS. 2 As at Dec (1H) and June (2H).

3 Ratio excluding non-recourse SLS advance debt and lease liabilities.

Notable acquisitions: SunDoc Filings (1[st] Jun 23), Solium Capital UK (1[st] Dec 23), Ingage IR Limited (31[st] Dec 24), CMi2i Limited (31[st] Dec 24), BNY Trust Company of Canada (4th Mar 25). Notable divestments: Bankruptcy and Class Actions business (1[st] May 23), CMC Funding (3[rd] May 23), US Mortgage Services business (1[st] May 24).

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25

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Computershare Profit & Loss

USD M (at actual rates)
1H23
2H23
1H24
2H24
1H25
2H25
Total Revenue ex MI
1,166.5
1,274.0
1,180.9
1,292.0
1,113.3
1,245.7
Margin Income
344.1
431.3
430.8
405.8
394.2
366.9
Total Management Revenue
1,510.6
1,705.3
1,611.7
1,697.8
1,507.6
1,612.6
Operating expenditure
970.5
1,029.4
990.1
1,032.6
908.9
967.5
Share of net profit/(loss) of associates and jv
-0.1
-0.2
-0.1
-0.4
-0.1
0.0
Management EBITDA
540.3
676.1
621.7
665.6
598.8
645.1
Depreciation
35.8
40.1
32.9
32.8
32.2
33.5
Amortisation
63.8
44.1
42.8
30.0
1.9
2.0
Depreciation & Amortisation
99.6
84.2
75.7
62.9
34.2
35.5
Management EBIT
440.7
591.8
546.0
602.7
564.6
609.7
Management EBIT Margin
29.2%
34.7%
33.9%
35.5%
37.5%
37.8%
Management EBIT ex MI
96.5
160.6
115.2
196.9
170.4
242.7
Management EBIT ex MI Margin
8.3%
12.6%
9.8%
15.2%
15.3%
19.5%
Interest Expense
53.7
80.2
85.4
77.6
59.2
56.8
Management PBT
387.0
511.7
460.7
525.1
505.4
552.8
Management ITE
117.8
128.9
129.4
147.7
121.0
142.8
OEI
0.3
-0.3
0.2
0.1
0.3
0.3
Management NPAT
268.9
383.1
331.1
377.2
384.1
409.7
Management Adjustments (after tax)1
Amortisation
-35.1
-35.6
-34.5
-36.0
-36.0
-34.7
Acquisitions and Disposals
-30.0
-55.6
-60.2
-178.3
-17.7
-17.9
Other
-26.8
-24.3
-131.2
84.4
-42.7
-38.0
Total Management Adjustments
-91.9
-115.5
-225.9
-129.8
-96.3
-90.5
Statutory NPAT
177.1
267.7
105.2
247.4
287.8
319.2
Management EPS(cps)
44.55
63.46
54.97
63.36
65.34
69.94
Statutory EPS(cps)
29.33
44.34
17.47
41.43
48.95
54.50
Mgt ETR
30.4%
25.2%
28.1%
28.1%
23.9%
25.8%
Stat ETR
32.6%
24.6%
37.8%
24.2%
23.4%
23.4%		 FY23
FY24
FY25
2,440.5
2,472.9
2,359.0
775.4
836.6
761.1
3,215.9
3,309.5
3,120.2
1,999.9
2,022.7
1,876.3
-0.3
-0.4
-0.1
1,216.3
1,287.3
1,244.0
75.9
65.7
65.7
107.9
72.8
4.0
183.8
138.5
69.7
1,032.5
1,148.8
1,174.3
32.1%
34.7%
37.6%
257.1
312.1
413.1
10.5%
12.6%
17.5%
133.8
163.0
116.1
898.7
985.8
1,058.2
246.7
277.1
263.8
0.0
0.3
0.6
652.1
708.4
793.8
-70.7
-70.5
-70.6
-85.6
-238.5
-35.5
-51.1
-46.8
-80.7
-207.3
-355.7
-186.8
444.7
352.6
607.0
108.01
118.33
135.28
73.67
58.90
103.45
27.4%
28.1%
24.9%
28.0%
28.9%
23.4%

1 Refer to slide 28 for detail on management adjustments.

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26

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Statutory results

Statutory results FY24 FY25 FY25 v 24
Total revenue 3,297.8 3,114.6 -5.6%
Other income 12.6 13.9 10.2%
Total Revenue 3,310.4 3,128.5 -5.5%
Total Expenses 2,580.2 2,335.3 9.5%
Statutory Net Profit (post NCI) 352.6 607.0 72.1%
Earnings per share (post NCI) 58.90 103.45 75.6%
Reconciliation of Statutory NPAT to Management Results FY25
Net profit after tax per statutory results 607.0
Management Adjustments (after tax)
Amortisation 70.6
Acquisitions and Disposals 35.5
Other 80.7
Total Management Adjustments 186.8
Netprofit after taxper management results 793.8
Management Earnings per share (cps)* 135.28

*EPS in FY25 is inclusive of buyback

Management results are used, along with other measures, to assess operating business performance. The Company believes that exclusion of certain items permits better analysis of the Group’s performance on a comparative basis and provides a better measure of underlying operating performance. These items are typically non-recurring costs associated with significant restructuring programs and integration of acquisitions and profits and losses arising from the sale of businesses and investments.

Management adjustments are made on the same basis as in prior years.

Non-cash management adjustments include significant amortisation of identified intangible assets from businesses acquired in recent years, which will recur in subsequent years, asset disposals and other one-off charges.

Cash adjustments are predominantly expenditure on acquisitionrelated and other restructures and will cease once the relevant acquisition integrations and restructures are complete.

A description of the current financial year’s management adjustments is included on the next slide.

The non-IFRS financial information contained within this document has not been reviewed or audited in accordance with Australian Auditing Standards.

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27

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Management adjustment items

USD M (at actual rates) 1H23 FY23 1H24 FY24 1H25 FY25
Management adjustments items (net of tax)
Amortisation 35.1 70.7 34.5 70.5 36.0 70.6
Amortisation of acquisition related intangible assets 35.1 70.7 34.5 70.5 36.0 70.6
Acquisitions and Disposals 30.0 85.6 60.2 238.5 17.7 35.5
Acquisition and disposal related expenses 3.6 3.4
Disposal related expenses - KCC Business 2.9
Gain on the sale of Private Capital Solutions client accounts in Canada -0.1
Gain on the sale of CMC Funding in USA -1.3
Loss on sale of US Mortgage Services 129.4 -1.3 -9.2
Acquisition related integration expenses 31.9 89.9 53.7 85.2 18.9 44.7
Adjustment of contingent consideration receivable -1.9 -2.9 20.5
Other 26.8 51.1 131.2 46.8 42.7 80.7
Major restructuring costs 11.8 29.3 14.7 47.1 27.9 60.7
Marked to market adjustments - derivatives 2.7 -0.7 0.1 -0.3 -0.9 0.1
Voucher Services impairment 9.9
UK Mortgage Services impairment 12.3 12.6
US Mortgage Services impairment 116.4
Margin income hedge modification 15.7 19.9
Total Management Adjustments 91.9 207.3 225.9 355.7 96.3 186.8

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28

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Issuer Services Profit and loss

USD M (at actual rates)
1H23
2H23
1H24
2H24
1H25
2H25
FY23
FY24
FY25
Register Maintenance
306.7
354.7
308.2
365.4
324.1
373.5
661.5
673.6
697.5
Corporate Actions
43.7
42.5
52.6
53.3
59.5
50.8
86.2
105.9
110.3
Stakeholder Relationship Management
23.6
29.4
28.9
43.1
37.6
54.2
53.0
72.0
91.8
Governance Services
50.5
40.7
51.1
58.3
53.1
65.8
91.3
109.5
119.0
Total Revenue ex MI
424.6
467.4
440.9
520.0
474.3
544.3
892.0
960.9
1,018.6
Margin Income
82.1
116.3
134.3
116.1
117.7
118.8
198.4
250.4
236.4
Total Management Revenue
506.7
583.7
575.2
636.1
592.0
663.1
1,090.4
1,211.3
1,255.1
Operating expenditure
337.5
367.8
366.2
395.3
374.5
421.3
705.3
761.4
795.8
Share of net profit/(loss) of associates and jv
0.1
0.1
0.0
0.4
0.0
0.1
0.2
0.4
0.1
Management EBITDA
169.2
216.1
209.0
241.2
217.5
241.9
385.3
450.2
459.4
Depreciation
1.3
1.3
1.4
1.6
2.0
1.7
2.6
2.9
3.7
Amortisation
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Management EBIT
168.0
214.7
207.6
239.7
215.5
240.2
382.7
447.2
455.7
EBIT Margin
33.2%
36.8%
36.1%
37.7%
36.4%
36.2%
35.1%
36.9%
36.3%
Management EBIT ex MI
85.9
98.4
73.3
123.6
97.9
121.4
184.3
196.9
219.3
EBIT ex MI Margin
20.2%
21.1%
16.6%
23.8%
20.6%
22.3%
20.7%
20.5%
21.5%
Register Maintenance revenue breakdown
Issuer paid
208.8
251.2
201.6
244.4
202.4
249.4
460.0
446.0
451.9
Holder/Broker paid
97.9
103.5
106.6
121.0
121.6
124.1
201.5
227.6
245.7
Register Maintenance MI
41.8
63.8
67.8
70.9
70.0
71.5
105.6
138.6
141.5
Total Register Maintenance
348.5
418.5
376.0
436.2
394.0
445.0
767.0
812.2
839.0		 FY25 Revenue by
Region
ANZ
Asia
UCIA
CEU
USA Canada
Total
Register Maintenance
90.1
50.1 119.8
61.2 452.4
65.4
839.0
Corporate Actions
20.9
17.3
35.8
0.0
99.3
32.0
205.3
SRM
1.5
4.0
11.6
8.2
66.5
0.0
91.8
Governance Services
1.0
1.5
12.0
3.4 100.0
1.1
119.0
Issuer Services
113.5
72.9 179.2
72.8 718.2
98.5 1,255.1
PCP
115.2
68.1 141.4
70.1 704.2
112.2 1,211.3
Issuer Servicescomprise register maintenance, corporate
actions, stakeholder relationship management, corporate
governance and related services. Note - UCIA includes
United Kingdom, Channel Islands, Ireland and South
Africa.
Global managed shareholder accounts ($m)
37.9
38.1
38.4
37.5
36.7
35.1
10.0
20.0
30.0
40.0

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40.0 37.9 38.1 38.4 37.5 36.7 35.1
30.0
20.0
10.0
0.0
FY20 FY21 FY22 FY23 FY24 FY25
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29

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Corporate Trust Profit & Loss

USD M (at actual rates)
1H23
2H23
1H24
2H24
1H25
2H25
Revenue ex MI - CCT USA
226.0
249.5
225.7
233.7
242.5
259.5
Revenue ex MI - Other
25.6
28.4
26.5
30.6
26.6
31.6
Total Revenue ex MI
251.5
278.0
252.1
264.3
269.0
291.1
MI - CCT USA
163.4
208.9
180.9
191.8
194.8
174.9
MI - Other
35.2
20.8
24.1
23.2
25.4
20.6
Margin Income
198.6
229.7
205.0
215.0
220.2
195.5
Total Revenue - CCT USA
389.4
458.5
406.5
425.4
437.3
434.4
Total Revenue - Other
60.8
49.2
50.6
53.8
52.0
52.2
Total Management Revenue
450.2
507.7
457.1
479.2
489.3
486.6
Opex - CCT USA
185.9
209.8
198.7
211.7
213.0
220.9
Opex - Other
14.4
15.4
15.5
15.9
14.6
11.2
Operating expenditure
200.3
225.2
214.2
227.6
227.6
232.1
EBITDA - CCT USA
203.5
248.7
207.8
213.8
224.3
213.5
EBITDA - Other
46.4
33.8
35.0
37.9
37.4
41.0
Management EBITDA
249.9
282.5
242.9
251.7
261.7
254.5
Depreciation
4.2
6.4
6.9
8.2
2.2
2.1
Amortisation
0.0
0.0
0.0
0.0
0.0
0.0
EBIT - CCT USA
199.3
242.3
200.9
205.6
222.1
211.4
EBIT - Other
46.4
33.8
35.0
37.9
37.4
41.0
Management EBIT
245.7
276.1
235.9
243.5
259.5
252.4
EBIT Margin
54.6%
54.4%
51.6%
50.8%
53.0%
51.9%
Management EBIT ex MI
47.1
46.4
31.0
28.6
39.3
57.0
EBIT ex MI Margin
18.7%
16.7%
12.3%
10.8%
14.6%
19.6%
100% CCT USA
Revenue breakdown*		 FY23
FY24
FY25
475.5
459.4
502.0
54.0
57.1
58.2
529.5
516.4
560.2
372.4
372.6
369.7
56.0
47.3
46.0
428.3
419.9
415.7
847.9
832.0
871.7
110.0
104.4
104.2
957.9
936.3
975.9
395.7
410.3
433.9
29.7
31.4
25.8
425.4
441.8
459.7
452.2
421.6
437.8
80.2
72.9
78.4
532.4
494.5
516.2
10.6
15.1
4.2
0.0
0.0
0.0
441.6
406.6
433.6
80.2
72.9
78.4
521.8
479.4
512.0
54.5%
51.2%
52.5%
93.4
59.5
96.3
17.6%
11.5%
17.2%
Structured Products - CCT USA
294.1 347.4 313.9 338.1 351.6 358.6
Structured Products - Other
20.9 22.5 24.7 24.8 30.8 22.3		 641.5
652.0
710.2
43.4 49.6 53.1
Structured Products
314.9
369.9
338.7
362.9
382.4
380.9		 684.8
701.6
763.3
Conventional Debt and Agency - CCT USA
95.3 111.1 92.6 87.4 85.7 86.0
Conventional Debt and Agency- Other
39.9 26.7 25.8 28.9 21.2 19.6		 206.4
179.9
171.7
66.6 54.8 40.8
Conventional Debt and Agency
135.2
137.8
118.4
116.3
106.9
105.7
Total Management Revenue
450.2
507.7
457.1
479.2
489.3
486.6		 273.0
234.7
212.5
957.9
936.3
975.9

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FY25 Revenue by Region
ANZ Asia UCIA CEU USA Canada Total
USD M (at actual rates)
Corporate Trust 0.0 0.0 0.0 0.0 881.9 94.0 975.9
PCP 0.0 0.0 0.0 0.0 848.4 87.9 936.3
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Corporate Trust comprises trust and agency services in connection with the administration of debt securities in the US and the legacy corporate trust operations in Canada and the US (previously reflected within Business Services).

Structured Products – Offers trustee and agency services supporting securitizations and lending arrangements for investment banks, hedge funds and asset managers, private equity firms and government agencies which are collateralized by a variety of assets, including residential and commercial mortgages, leveraged loans, auto and other consumer receivables.

Conventional Debt and Agency - Offers trustee and agency services on bond and debt programs created by public and private corporations and government entities. In addition, offers services in connection with various corporate escrow arrangements as well as services supporting the insurance trust market.

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Employee Share Plans & Voucher Services Profit & Loss

USD M (at actual rates)
Fee revenue		 1H23
71.4		 2H23
75.9		 1H24
79.0		 2H24
87.4		 1H25
88.0		 2H25
87.6		 FY23
147.3		 FY24
166.5		 FY25
175.6
Transactional revenue 59.3 96.2 84.3 135.8 113.6 153.7 155.5 220.0 267.3
Other revenue 5.6 9.3 7.9 10.1 7.1 7.6 14.9 18.0 14.7
Employee Share Plans
Vouchers		 136.3
3.1		 181.4
1.8		 171.2
-0.6		 233.3
1.0		 208.7
1.0		 248.9
3.6		 317.7
5.0		 404.5
0.4		 457.6
4.6
MI - Employee Share Plans 9.3 19.6 27.6 25.8 26.8 23.5 28.9 53.4 50.2
MI - Vouchers 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.1
Margin Income 9.4 19.7 27.6 25.9 26.8 23.5 29.0 53.5 50.4
Total Revenue - Employee Share Plans 145.6 201.0 198.8 259.1 235.5 272.3 346.7 457.9 507.8
Total Revenue - Vouchers 3.2 1.9 -0.5 1.1 1.1 3.6 5.1 0.6 4.8
Total Management Revenue 148.8 202.9 198.3 260.2 236.6 276.0 351.7 458.5 512.6
Opex - Employee Share Plans 116.9 127.6 128.0 144.4 136.4 156.1 244.5 272.3 292.5
Opex - Vouchers
Operating expenditure		 0.3
117.2		 -0.5
127.1		 -1.4
126.6		 -1.1
143.2		 -1.6
134.8		 -1.6
154.5		 -0.2
244.3		 -2.6
269.8		 -3.2
289.3
EBITDA - Employee Share Plans 28.7 73.4 70.8 114.7 99.1 116.2 102.2 185.5 215.3
EBITDA - Vouchers 2.9 2.4 0.9 2.2 2.7 5.3 5.3 3.2 8.0
Management EBITDA 31.6 75.8 71.7 117.0 101.8 121.5 107.4 188.7 223.3
Depreciation* 0.8 0.6 0.6 1.0 0.8 0.8 1.4 1.7 1.6
Amortisation* 1.9 1.7 1.9 1.9 1.9 2.0 3.6 3.8 3.9
EBIT - Employee Share Plans 26.0 71.2 68.3 111.8 96.4 113.5 97.2 180.1 209.8
EBIT - Vouchers 2.9 2.4 0.9 2.2 2.7 5.3 5.3 3.2 8.0
Management EBIT 28.9 73.6 69.2 114.0 99.1 118.7 102.5 183.2 217.8
EBIT Margin 19.4% 36.3% 34.9% 43.8% 41.9% 43.0% 29.1% 40.0% 42.5%
Management EBIT ex MI 19.6 53.9 41.6 88.1 72.2 95.2 73.5 129.7 167.5
EBIT ex MI Margin 14.4% 29.7% 24.3% 37.8% 34.6% 38.3% 23.1% 32.1% 36.6%
FY25 Revenue by
Region
Employee Share Plans
Vouchers		 ANZ
18.4
0.0		 Asia
53.2
0.0		 UCIA
356.5
4.8		 CEU
0.4
0.0		 USA
59.2
0.0		 Canada

20.3

0.0		 Total
507.8
4.8
Employee Share Plans &
Voucher Services		 18.4 53.2 361.3 0.4 59.2
20.3		 512.6
PCP 15.8 46.2 312.7 0.8 62.9 20.1 458.5

Employee Share Plans & Voucher Services comprise the provision of administration and related services for employee share and option plans, together with Childcare Voucher administration in the UK.

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Assets under Administration
Units (bn)
28.4
26.9 27.4 27.0
23.8
22.1
FY20 FY21 FY22 FY23 FY24 FY25
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*100% Employee Share Plans

Employee Share Plans revenue breakdown
Fee revenue 71.4 75.9 79.0 87.4 88.0 87.6 147.3 166.5 175.6
Transactional revenue 59.3 96.2 84.3 135.8 113.6 153.7 155.5 220.0 267.3
Other revenue 5.6 9.3 7.9 10.1 7.1 7.6 14.9 18.0 14.7
Employee Share Plans MI 9.3 19.6 27.6 25.8 26.8 23.5 28.9 53.4 50.2
Employee Share Plans Revenue 145.6 201.0 198.8 259.1 235.5 272.3 346.7 457.9 507.8

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Mortgage Services & Property Rental Services Profit & Loss

USD M (at actual rates)
Total Revenue ex MI		 1H23
226.3		 2H23
227.6		 1H24
219.6		 2H24
167.3		 1H25
51.9		 2H25
49.7		 FY23
453.9		 FY24
386.9		 FY25
101.6
Margin Income
Total Management Revenue		 39.9
266.2		 55.0
282.6		 63.9
283.5		 48.9
216.2		 29.5
81.4		 29.2
78.8		 94.9
548.8		 112.8
499.7		 58.7
160.2
Operating expenditure
Share of net profit/(loss) of associates and jv		 214.0
0.0		 205.5
0.0		 210.6
0.0		 166.4
0.0		 63.1
0.0		 60.7
0.0		 419.5
0.0		 376.9
0.0		 123.8
0.0
Management EBITDA 52.2 77.1 73.0 49.8 18.3 18.1 129.4 122.8 36.4
Depreciation 1.0 1.6 -0.1 0.4 0.1 0.2 2.6 0.3 0.3
Amortisation 60.8 42.0 40.8 28.1 0.0 0.0 102.8 69.0 0.0
Management EBIT -9.6 33.5 32.2 21.3 18.2 17.9 23.9 53.5 36.2
EBIT Margin -3.6% 11.9% 11.4% 9.9% 22.4% 22.7% 4.4% 10.7% 22.6%
Management EBIT ex MI -49.5 -21.4 -31.7 -27.6 -11.2 -11.3 -71.0 -59.3 -22.5
EBIT ex MI Margin -21.9% -9.4% -14.4% -16.5% -21.7% -22.7% -15.6% -15.3% -22.2%
Mortgage Services revenue breakdown
US Mortgage Services Revenue 198.6 205.1 201.7 130.2 0.0 0.0 403.6 331.9 0.0
UK Mortgage Services Revenue 49.8 52.5 52.6 57.6 51.7 49.1 102.3 110.2 100.9
Fee revenue 0.4 0.3 0.4 0.3 0.2 0.5 0.7 0.7 0.7
UK Property Rental Services MI 17.5 24.8 28.8 28.1 29.5 29.2 42.3 56.9 58.7
UK Property Rental Services Revenue 17.8 25.1 29.2 28.4 29.6 29.7 43.0 57.6 59.3
UK Mortgage Services
USD M (at actual rates) 1H23 2H23 1H24 2H24 1H25 2H25 FY23 FY24 FY25
Total Management Revenue 49.8 52.5 52.6 57.6 51.7 49.1 102.3 110.2 100.9
Operating expenditure 45.5 49.8 49.9 51.2 48.8 43.8 95.4 101.0 92.7
Management EBITDA 4.2 2.7 2.8 6.4 2.9 5.3 6.9 9.2 8.2
Depreciation -0.4 0.0 0.0 0.0 0.1 0.2 -0.4 0.0 0.3
Amortisation 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Management EBIT 4.7 2.7 2.8 6.4 2.8 5.1 7.4 9.2 8.0
EBIT Margin 9.4% 5.2% 5.3% 11.1% 5.5% 10.5% 7.2% 8.3% 7.9%
FY25 Revenue by Region
USD M (at actual rates)
US Mortgage Services
UK Mortgage Services &
Property Rental Services		 ANZ
0.0
0.0		 Asia
0.0
0.0		 UCIA
0.0
160.2		 CEU
0.0
0.0		 USA
0.0
0.0		 Canada

0.0

0.0		 Total
0.0
160.2
Mortgage Services &
Property Rental Services		 0.0 0.0 160.2 0.0 0.0
0.0		 160.2
PCP 0.0 0.0 167.8 0.0 331.9 0.0 499.7

Mortgage Services & Property Rental Services comprise mortgage servicing and related activities, together with tenancy deposit protection services in the UK.

  • Servicing performed on a contractual basis.

UK includes bureau UPB value, however, excludes the number of bureau loans. Drop in UPB value since FY23 due to client exits and UPB book runoff.

UK Mortgage Services

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201.1
148.3 141.1
26.9 23.6 22.9
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31.9 16.2 16.0 26.9 23.6 22.9
3.6 3.2 3.1
UPB £bn - UPB £bn - Non- Loans no. (k) - Loans no. (k) -
Performing performing Performing Non-performing
FY23 FY24 FY25
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Communication Services & Utilities Profit & Loss

USD M (at actual rates) 1H23 2H23 1H24 2H24 1H25 2H25 FY23 FY24 FY25
Communication Services 77.2 81.7 83.8 92.1 87.1 95.8 158.9 175.8 182.9
Utilities 3.6 4.3 4.4 4.8 4.8 4.9 8.0 9.2 9.7
Total Management Revenue 80.9 86.0 88.2 96.8 91.9 100.7 166.9 185.0 192.5
Operating expenditure 73.0 69.0 79.3 79.0 84.2 80.9 142.0 158.2 165.1
Management EBITDA 7.8 17.0 8.9 17.9 7.7 19.8 24.8 26.8 27.5
Depreciation 2.2 2.2 2.1 2.0 2.7 2.3 4.4 4.2 5.0
Management EBIT 5.6 14.8 6.8 15.8 5.0 17.4 20.4 22.6 22.5
EBIT Margin 6.9% 17.2% 7.7% 16.4% 5.5% 17.3% 12.2% 12.2% 11.7%

Communication Services and Utilities operations comprise document composition and printing, intelligent mailing, inbound process automation, scanning and electronic delivery.

FY25 Revenue by Region
USD M (at actual rates)		 ANZ
Asia
UCIA
CEU
USA Canada
Total
Communication Services
& Utilities		 76.0
0.0
12.7
25.3
61.0
17.5
192.5
PCP 72.3
0.0
11.2
26.6
64.3
10.7
185.0

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Technology Services & Operations Profit & Loss

USD M (at actual rates) 1H23 2H23 1H24 2H24 1H25 2H25 FY23 FY24 FY25
Total Revenue ex MI 1.3 3.9 9.5 9.3 16.4 7.4 5.3 18.7 23.8
Margin Income 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total Management Revenue 1.3 3.9 9.5 9.3 16.4 7.4 5.3 18.7 23.8
Operating expenditure -21.1 1.3 -6.7 21.2 24.8 17.9 -19.8 14.5 42.7
Share of net profit/(loss) of associates and jv 0.0 0.1 0.1 0.0 -0.1 -0.1 0.1 0.1 -0.2
Management EBITDA 22.4 2.8 16.3 -11.9 -8.3 -10.6 25.2 4.3 -18.9
Depreciation 26.3 27.9 21.9 19.7 24.6 26.4 54.2 41.6 51.0
Amortisation 0.4 0.0 0.0 0.0 0.0 0.0 0.4 0.0 0.0
Management EBIT -4.3 -25.2 -5.6 -31.7 -32.8 -37.0 -29.5 -37.3 -69.8
Management EBIT ex MI -4.3 -25.2 -5.6 -31.7 -32.8 -37.0 -29.5 -37.3 -69.8

Technology Services & Operations includes operations and shared service functions including Risk, Internal Audit, People, Facilities, Global Information Security and Corporate. Computershare allocates out all corporate expenses to our business lines. The residual Corporate and Technology revenues reflect some third-party technology revenues, rental income, interest income and other corporate related transaction income (this includes the provision of the KCC and US Mortgage Services business transitional services agreement).

FY25 Revenue by Region
USD M (at actual rates)		 ANZ
Asia
UCIA
CEU
USA Canada
Total
Technology Services &
Operations		 3.7
0.0
5.9
0.0
13.4
0.8
23.8
PCP 1.9
0.0
5.3
0.0
10.7
0.8
18.7

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Revenue definitions

Classification USD M
FY23
FY24
FY25
FY25 @ CC		 USD M
FY23
FY24
FY25
FY25 @ CC		 USD M
FY23
FY24
FY25
FY25 @ CC		 USD M
FY23
FY24
FY25
FY25 @ CC		 USD M
FY23
FY24
FY25
FY25 @ CC
Issuer Services
Client Fees Register Maintenance - Issuer Paid 460.0 446.0 451.9 450.0
Transactional Fees Register Maintenance - Holder/Broker Paid 201.5 227.6 245.7 245.4
Event Fees Corporate Actions 86.2 105.9 110.3 110.5
Event Fees Stakeholder RelationshipManagement 53.0 72.0 91.8 91.3
Client Fees Governance Services 91.3 109.5 119.0 118.7
Global Corporate Trust
Client Fees Computershare Corporate Trust 475.5 459.4 502.0 502.0
Client Fees Corporate Trust 54.0 57.1 58.2 59.8
Employee Share Plans & Voucher Services
Client Fees Plans - Fee revenues 147.3 166.5 175.6 173.1
Transactional Fees Plans - Transactional revenues 155.5 220.0 267.3 263.6
Client Fees Plans - Other revenues 14.9 18.0 14.7 14.6
Client Fees Vouchers 5.0 -0.8 4.6 4.4
Mortgage Services & Property Rental Services
Client Fees US Mortgage Services - Base 189.9 161.9 0.0 0.0
Transactional Fees US Mortgage Services - service 47.6 44.9 0.0 0.0
Transactional Fees US Mortgage Services - Other 113.4 69.2 0.0 0.0
Client Fees UK Mortgage Services 102.3 110.2 100.9 98.3
Transactional Fees PropertyRental Services 0.7 0.7 0.7 0.7
Business Services
Event Fees Bankruptcy& Class Actions 70.2
Communication Services & Utilities
Client Fees Communication Services 158.9 175.8 182.9 184.1
Client Fees Utilities 8.0 9.2 9.7 9.8
Client Fees Technology Services & Operations
5.3
20.0
23.8
23.7
Total Revenue excluding Margin Income 2,440.5 2,472.9 2,359.0 2,349.9
Margin Income 775.4 836.6 761.1 759.1
Total Revenue 3,215.9 3,309.5 3,120.2 3,109.0
Client Fees
Transactional Fees
Event Fees		 Total Revenue excluding Margin Income
1,712.4
1,732.6
1,643.2
1,638.5
Total Revenue excluding Margin Income
518.7
562.4
513.7
509.6
Total Revenue excluding Margin Income
209.5
177.9
202.1
201.8
2,440.5
2,472.9
2,359.0
2,349.9

Revenue definitions:

Event based businesses include Corporate Actions, Stakeholder Relationship Management, Bankruptcy and Class Actions (KCC).

Transactional revenue fees are inclusive of Registry Maintenance (holder/broker paid), Plans transactional fees, US Mortgage Servicing (servicing related fees and other fees)

Client fee revenue is inclusive of Register Maintenance (Issuer paid), Governance Services, UK and US Mortgage Servicing (base servicing), Plans & Vouchers (excluding Plans transactional), Corporate Trust, CCS & Utilities and Corporate and Technology Revenue.

The group disposed off KCC on the 1st May 2023 and US Mortgage Services on the 1st May 2024.

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FY25 Revenue by Country (USD and Local Currency)

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USD M (at actual rates)
USD M (at actual rates) Australia Hong Kong UK & Offshore Switzerland South Africa Germany USA Canada Other Total Revenue FY25
Register Maintenance 81.3 50.1 89.9 11.0 11.2 25.6 452.4 65.4 52.1 839.0
ANZ 211.6
Corporate Actions 19.0 17.3 24.2 0.0 9.2 0.0 99.3 32.0 4.4 205.3
Stakeholder Relationship Management 1.5 4.0 11.6 0.0 0.0 0.0 66.5 0.0 8.2 91.8 Asia 126.1
Governance Services 0.7 1.5 11.6 0.0 0.2 0.6 100.0 1.1 3.3 119.0 UCIA 719.4
Issuer Services 102.5 72.9 137.2 11.0 20.5 26.2 718.2 98.5 68.0 1,255.1 CEU 98.5
Corporate Trust 0.0 0.0 0.0 0.0 0.0 0.0 881.9 94.0 0.0 975.9
Employee Share Plans & Voucher Services 18.4 53.0 196.2 138.0 0.0 0.0 59.2 20.3 27.6 512.6 USA 1,733.6
Mortgage Services & Property Rental Services 0.0 0.0 160.2 0.0 0.0 0.0 0.0 0.0 0.0 160.2 Canada 231.0
Communication Services & Utilities 76.0 0.0 12.7 0.0 0.0 25.3 61.0 17.5 0.0 192.5 Total Revenue 3,120.2
Technology Services & Operations 3.7 0.0 5.2 0.6 0.1 0.0 13.4 0.8 0.1 23.8
Total Revenue 200.6 125.9 511.6 149.6 20.6 51.5 1,733.6 231.0 95.7 3,120.2
EBITDA FY25
Australia Hong Kong UK & Offshore Switzerland South Africa Germany USA Canada Other ANZ 30.2
AUD HKD GBP CHF RAND EUR USD CAD USD Asia 45.9
Register Maintenance 125.5 390.2 69.5 9.6 202.6 23.5 452.4 91.2 52.1
UCIA 301.9
Corporate Actions 29.3 134.7 18.7 0.0 166.5 0.0 99.3 44.6 4.4
Stakeholder Relationship Management 2.4 30.9 9.0 0.0 0.3 0.0 66.5 0.0 8.2 CEU 22.7
Governance Services 1.1 12.0 8.9 0.0 3.4 0.6 100.0 1.5 3.3 USA 712.0
Issuer Services 158.3 567.7 106.0 9.6 372.9 24.0 718.2 137.4 68.0
Canada 131.2
Corporate Trust 0.0 0.0 0.0 0.0 0.0 0.0 881.9 131.1 0.0
Employee Share Plans & Voucher Services 28.4 413.2 151.6 119.5 0.0 0.0 59.2 28.2 27.6 Total EBITDA 1,244.0
Mortgage Services & Property Rental Services 0.0 0.0 123.8 0.0 0.0 0.0 0.0 0.0 0.0
Communication Services & Utilities 117.3 0.0 9.8 0.0 0.0 23.3 61.0 24.4 0.0 EBIT FY25
Technology Services & Operations 5.7 0.1 4.0 0.5 1.3 0.0 13.4 1.1 0.1 ANZ 21.4
Total Revenue 309.7 981.1 395.2 129.6 374.2 47.3 1,733.6 322.2 95.7 Asia 42.9
UCIA 283.6
Equatex Revenue of $141.7m has been split between Switzerland $138.0m and Norway $3.7m. This revenue is classified as UCIA consistent CEU 19.3
with prior periods. USA 678.4
Canada 128.6
In addition, Switzerland includes revenue for Register Maintenance $11.0m. Total EBIT 1,174.3
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Revenue excluding acquisitions and disposals

USD M (at actual rates) 1H23 2H23 1H24 2H24 1H25 2H25 FY23 FY24 FY25
Management Revenue 1,510.6 1,705.3 1,611.7 1,697.8 1,507.6 1,612.6 3,215.9 3,309.5 3,120.2
Less acquisitions* 324.8 0.0 2.8 22.2 16.0 13.0 324.8 25.0 29.0
Less disposals* 70.7 132.2 236.9 150.9 0.0 0.0 203.0 387.8 0.0
Less Margin Income 243.2 408.7 395.7 385.0 394.2 364.3 651.9 780.7 758.5
Management Revenue excluding MI,
acquisitions and disposals 872.0 1,164.4 976.4 1,139.6 1,097.4 1,235.3 2,036.3 2,116.0 2,332.6
  • Acquisitions: reflects first 12 months revenue contribution and disposals: reflects 12 months historical contribution prior to disposal.

Acquisitions: Solium Capital UK (1[st] Dec 23), Ingage IR Limited (31[st] Dec 24), CMi2i Limited (31[st] Dec 24), BNY Trust Company of Canada (4th Mar 25). Disposals: Bankruptcy and Class Actions business (1[st] May 23), US Mortgage Services business (1[st] May 24).

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37

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Cost out programs

$86m cost out benefit achieved in FY25

$M
Activity
Total cost
savings estimates		 FY24A
FY25A
FY25 change
vs. last
disclosure1
FY26E		 Total change vs. last
disclosure1
Stage 1 Total
25 - 30
Stage 2 Total
60 - 70
Stage 3 Total
40 - 80
Stage 4 Total
40 - 55		 28.1
28.1
►
0.0
28.1
66.2
66.2
►
0.0
66.2
61.1
61.1
►
0.0
61.1
43.1
43.1
►
0.0
43.1		 COMPLETE
COMPLETE
COMPLETE
COMPLETE
Stage 5 Total
45 - 65		 0.0
39.0
▲
13.8
61.9		 ▲ 4.2m
Total estimate
210 - 300		 198.5
237.5
▲
13.8
260.4		 ▲ 4.2m
Equatex synergies
40		 27.5
40.0
▲
10.2
40.0		 COMPLETE
UK Mortgage Services
85-100
CCT synergies
80		 82.8
93.8
▲
4.7
96.8
29.7
53.1
▲
1.1
76.9		 ▲ 7.7m
▲4.9m
Total cost savings
415-520		 338.5
424.5
▲
29.8
474.0		 ▲ 18.2m
Cost to achieve (post tax)2 441.0
537.0
▲
37.0
608.9		 ▲ 88.9m

$86.0m of benefits achieved in FY25 of which $75.2m is operating expense, $2.0m is cost of sales and $8.8m revenue synergies.

Stage 3 is now complete. Some existing benefits have rolled into stage 5 and will now be reported against this stage.

Cost out program for Equatex synergies is now complete.

Notes:[1] Last disclosure at 1H25 and includes cumulative benefits up to FY26.[2] Costs to achieve are cumulative.

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Other expenditure

Operating costs
1H23
2H23
1H24
2H24
1H25
2H25		 Operating costs
1H23
2H23
1H24
2H24
1H25
2H25		 FY23
FY24
FY25
Cost of Sales
183.6
187.2
182.0
202.4
162.0
198.3		 370.8
384.3
360.3
Personnel
652.9
678.3
653.2
671.5
601.3
620.5		 1,331.1
1,324.6
1,221.8
Occupancy
15.9
18.3
19.7
17.8
18.6
16.9		 34.2
37.5
35.5
Other Direct
66.4
92.1
78.2
78.7
69.1
72.8		 158.5
156.9
141.9
Computer/External Technology
51.7
53.6
57.1
62.2
57.9
58.9		 105.3
119.3
116.8
Total Controllable Costs
786.8
842.3
808.2
830.2
746.9
769.1		 1,629.1
1,638.3
1,516.0
Total Operating Expenditure
970.5
1,029.4
990.1
1,032.6
908.9
967.4		 1,999.9
2,022.7
1,876.3

Note 1: Computer / external technology includes hardware, software licenses, network and voice costs, 3[rd] party vendor fees and data centre costs.

Technology Costs
1H23
2H23
1H24
2H24
1H25
2H25		 FY23
FY24
FY25
Development
63.0
79.2
64.5
72.4
48.3
61.4		 142.2
136.9
109.7
Infrastructure
59.7
60.3
63.3
68.0
63.0
72.4		 120.0
131.3
135.3
Maintenance
25.6
30.3
21.8
20.6
19.1
28.1		 56.0
42.3
47.2
Admin
9.7
13.5
12.2
14.4
11.7
13.4		 23.2
26.6
25.1
Total Technology Costs
158.1
183.3
161.8
175.3
142.1
175.2		 341.4
337.1
317.3
Technology costs as a % of revenue
10.5%
10.8%
10.0%
10.3%
9.4%
10.9%		 10.6%
10.2%
10.2%

Note 2: Technology costs include personnel, occupancy and other direct costs to technology services. No internal development cost is capitalised.

Capex breakdown
1H23
2H23
1H24
2H24
1H25
2H25		 FY23
FY24
FY25
Information Technology
11.3
24.9
12.0
7.1
14.2
15.6		 36.3
19.1
29.8
Communication Services Facilities
0.0
1.1
0.0
4.0
0.6
1.2		 1.2
4.0
1.8
Occupancy
5.5
6.6
2.4
6.1
2.1
6.5		 12.1
8.5
8.6
Other
0.4
0.0
0.9
3.9
5.3
1.3		 0.4
4.9
6.6
Total Capex
17.2
32.7
15.3
21.2
22.2
24.7		 49.9
36.5
46.8

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39

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Margin Income Returns

FY25 Margin Income is $761.1 ($759.1m in constant currency)

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----- Start of picture text -----

Margin Income Average Balances and Yields
45.0 6.00%
40.0
5.00%
35.0
30.0 4.00%
25.0
3.00%
20.0
15.0 2.00%
10.0
1.00%
5.0
0.0 0.00%
1H18 2H18 1H19 2H19 1H20 2H20 1H21 2H21 1H22 2H22 1H23 2H23 1H24 2H24 1H25 2H25
Avg Balances ($bn) CPU Yield Fed Effective
1H18 2H18 1H19 2H19 1H20 2H20 1H21 2H21 1H22 2H22 1H23 2H23 1H24 2H24 1H25 2H25
At Actual Rates
MI ($m) 79.6 99.9 125.2 121.2 116.0 83.4 55.5 51.5 62.1 125.0 344.1 431.3 430.8 405.8 394.2 366.9
----- End of picture text -----

Central Bank Rate Changes (July 2023 to June 2025)*

US: 26 Jul 23 +0.25%, 19 Sep 24 -0.50%, 7 Nov 24 -0.25%, 18 Dec 24 -0.25% UK: 3 Aug 23 +0.25%, 1 Aug 24 -0.25%, 7 Nov 24 -0.25%, 6 Feb 25 -0.25%, 8 May 25 -0.25% CA: 12 Jul 23 +0.25%, 5 Jun 24 -0.25%, 24 Jul 24 -0.25%, 4 Sep 24 -0.25%, 23 Oct 24 -0.50%, 11 Dec 24 -0.50%, 29 Jan 25 -0.25%, 12 Mar 25 -0.25% AU: 7 Nov 23 +0.25%, 18 Feb 25 -0.25%, 20 May 25 -0.25%

  • Source: Bloomberg
Total Group Total Group
1H25 2H25 FY25
Margin Income $m 394.2 366.9 761.1
Avgbalances - Total $bn 30.2 29.6 29.9
Total MIyield % 2.61% 2.48% 2.55%
MMF fee revenue $m 26.8 29.1 55.9
MMF avgbalances $bn 54.0 55.2 54.6
MMFyield % 0.10% 0.11% 0.10%

Margin Income and Balances translated at Actual fx rates. 1H25 Margin Income in constant currency is $393.0m. 2H25 Margin Income in constant currency is $366.1m.

MI yield reflects the Margin Income generated from the cash balances only (exposed and non-exposed). Money market fund (MMF) fees are classified as fee revenue and included in EBIT excluding Margin Income.

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40

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Breakdown of average client balances

Legacy
CCT
Total
FY24 Actual
Total Balances($bn)
14.5
14.6
29.2
Hedged balances
4.3
5.0
9.3
By Profile
4.3
5.0
9.3
Fixed rate term deposits
2.8
1.4
4.2
Fixed rate swaps
1.5
3.6
5.1
Split by Currency
4.3
5.0
9.3
AUD
0.1
0.0
0.1
CAD
0.5
0.0
0.5
GBP
1.5
0.0
1.5
USD
2.2
5.0
7.2
Exposed balances
4.9
4.2
9.1
Split by Currency
4.9
4.2
9.1
AUD
0.3
0.0
0.3
CAD
1.3
0.0
1.3
GBP
0.3
0.0
0.3
USD
2.5
3.8
6.3
Other
0.5
0.4
0.9
Non-Exposed balances
5.3
5.5
10.8		 Legacy
CCT
Total		 Legacy
CCT
Total		 Legacy
CCT
Total
1H25 Actual
14.3
15.9
30.2
4.6
5.3
9.9
4.6
5.3
9.9
2.8
1.6
4.3
1.8
3.8
5.5
4.6
5.3
9.9
0.1
0.0
0.1
0.5
0.0
0.5
1.8
0.0
1.8
2.2
5.3
7.5
4.3
4.6
9.0
4.3
4.6
9.0
0.3
0.0
0.3
1.8
0.0
1.8
0.3
0.0
0.3
1.2
3.9
5.2
0.7
0.7
1.4
5.4
6.0
11.4		 2H25 Actual
13.7
15.9
29.6
4.4
5.6
9.9
4.4
5.6
9.9
2.6
1.5
4.1
1.8
4.0
5.8
4.4
5.6
9.9
0.1
0.0
0.1
0.5
0.0
0.5
1.8
0.0
1.8
2.0
5.6
7.6
4.3
4.0
8.3
4.3
4.0
8.3
0.2
0.0
0.2
1.5
0.0
1.5
0.4
0.1
0.5
1.5
3.4
4.9
0.7
0.5
1.2
5.1
6.3
11.4		 FY25 Actual
13.9
16.0
29.9
4.4
5.5
9.9
4.4
5.5
9.9
2.7
1.6
4.2
1.8
3.9
5.7
4.4
5.5
9.9
0.1
0.0
0.1
0.5
0.0
0.5
1.8
0.0
1.8
2.1
5.5
7.6
4.3
4.3
8.6
4.3
4.3
8.6
0.3
0.0
0.3
1.6
0.0
1.6
0.4
0.0
0.4
1.4
3.7
5.1
0.7
0.6
1.2
5.2
6.2
11.4

On 1 May 2024, the Group disposed of the US Mortgage Services business, which formed part of the Mortgage Services & Property Rental Services segment, which accounts for ~$1.5b of average balances in FY24 (1H24: $1.9bn).

Other includes CHF, DKK, EUR, HKD, NOK, NZD, ZAR, SEK.

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41

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Breakdown of Margin Income

Legacy
CCT
Total
FY24 Actual
463.9
372.7
836.6
118.7
154.1
272.8
118.7
154.1
272.8
71.3
41.8
113.1
47.4
112.3
159.7
1.5
0.0
1.5
16.2
0.0
16.2
30.1
0.0
30.1
70.8
154.1
224.9
226.8
213.3
440.2
10.5
0.0
10.5
60.1
0.0
60.1
13.2
0.0
13.2
133.3
200.8
334.1
9.8
12.4
22.2
118.3
5.3
123.6
3.19%
2.55%
2.87%
2.77%
3.08%
2.93%
4.59%
5.10%
4.82%
2.23%
0.10%
1.15%
2.73%
3.08%
2.92%		 Legacy
CCT
Total		 Legacy
CCT
Total		 Legacy
CCT
Total
At actual rates 1H25 Actual
197.8
196.4
394.2
68.4
86.9
155.3
68.4
86.9
155.3
39.4
25.3
64.7
29.0
61.6
90.6
1.1
0.0
1.1
9.5
0.0
9.5
21.3
0.0
21.3
36.5
86.9
123.4
66.7
106.4
173.1
4.8
0.0
4.8
29.6
0.0
29.6
6.5
0.0
6.5
22.7
97.5
120.2
3.1
8.9
12.0
62.7
3.1
65.8
2.77%
2.46%
2.61%
3.02%
3.25%
3.15%
3.05%
4.62%
3.86%
2.34%
0.10%
1.16%
3.02%
3.25%
3.15%		 2H25 Actual
192.1
174.8
366.9
66.6
93.0
159.6
66.6
93.0
159.6
36.7
27.4
64.1
30.1
65.6
95.7
0.9
0.0
0.9
9.3
0.0
9.3
22.5
0.0
22.5
33.9
93.0
126.9
77.6
80.8
158.4
5.3
0.0
5.3
21.8
0.0
21.8
7.3
0.9
8.2
32.0
75.1
107.1
11.2
4.8
16.0
47.9
1.0
48.9
2.80%
2.21%
2.48%
3.04%
3.35%
3.21%
3.68%
4.00%
3.81%
1.87%
0.03%
0.86%
3.04%
3.35%
3.21%		 FY25 Actual
Total Margin Income 389.9
371.3
761.1
Hedged
By Profile
Fixed rate term deposits
Fixed rate swaps
Australia
Canada
UK
US
Exposed
Australia
Canada
UK
US
Other
Non-Exposed
Average annualised yield
Hedged
Exposed
Non-exposed
Hedged (underlying)
1
2		 135.0
180.0
314.9
135.0
180.0
314.9
76.9
52.7
129.6
59.1
127.3
186.4
2.0
0.0
2.0
18.9
0.0
18.9
43.8
0.0
43.8
70.3
180.0
250.2
144.3
187.2
331.5
10.1
0.0
10.1
51.4
0.0
51.4
13.9
0.9
14.8
54.6
172.6
227.2
14.3
13.7
28.0
110.7
4.1
114.7
2.81%
2.33%
2.55%
3.03%
3.30%
3.18%
3.38%
4.33%
3.84%
2.11%
0.07%
1.01%
3.03%
3.30%
3.18%

1 The lower adjusted yield reflects the removal of the benefit of hedges unwound in June 2020. $1.60m in FY24 and closed out in Jan 2024. Ten months of US Mortgage Services margin income accounted for $56m in FY24.

Other includes CHF, EUR, HKD, NZD, and ZAR.

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42

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Exposed and non-exposed average balances by business

FY23 Balances FY23 Balances Margin FY24 Balances FY24 Balances Margin FY25 Balances FY25 Balances Margin
(USD bn) Income (USD bn) Income (USD bn) Income
Exp +
Hedge		 Non-Exp (USD m) Exp +
Hedge		 Non-Exp (USD m) Exp +
Hedge		 Non-Exp (USD m)
Register Maintenance 3.3 0.4 105.6 3.4 0.3 138.7 3.6 0.8 141.4
Corporate Actions 2.6 0.8 92.8 2.4 0.4 111.7 2.2 0.3 94.9
Issuer Services 5.9 1.2 198.4 5.8 0.7 250.4 5.8 1.1 236.3
Computershare Corporate Trust 10.8 5.9 372.4 9.2 5.5 372.7 9.8 6.2 371.3
Legacy Corporate Trust 1.4 2.7 56.0 0.9 1.9 47.2 1.2 1.8 44.4
Corporate Trust 12.2 8.6 428.4 10.1 7.4 419.9 11.0 8.0 415.7
Employee Share Plans & Voucher Services 1.1 0.2 29.0 1.1 0.4 53.5 0.8 0.9 50.4
Business Services 0.7 0.3 24.8 0.0 0.0 0.0 0.0 0.0 0.0
Mortgage Services & Property Rental Services 2.6 1.2 94.9 1.4 2.3 112.8 0.9 1.4 58.7
Totals 22.5bn 11.5bn 775.4m 18.4bn 10.8bn 836.6m 18.5bn 11.4bn 761.1m
Total average balances 34.0bn 29.2bn 29.9bn

The Group disposed of the KCC business on the 1[st] of May 2023 (FY23 $1.0bn of average balances) and the US Mortgage Services business on the 1st May 2024 (FY24 $1.5bn of average balances).

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43

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Protecting margin income across the interest rate cycle

55% of exposed balances hedged in 2H25; $1.7bn of Margin Income locked in irrespective of interest rate movements

Total client balances ($bn)

Total Hedged Margin Income ($m)

==> picture [828 x 276] intentionally omitted <==

----- Start of picture text -----

450 3.80%
100 70% 76% of total hedged margin income ($1.3bn) to be
90 81.2 82.9 84.2 84.7 60% 400 delivered in next 5 years. Replacement of run-off increases it to ($1.5bn) 3.70%
80 75.9 350
73.6
$0.2bn 3.60%
70 50% 300 6 17
46
60 44.1 53.4 54.0 55.2 40% 250 71 105 3.50%
42.7 47.1
50
200 $1.7bn
3.40%
30%
40
150 298 287
30 17.7 20% 258 233 3.30%
20 $1.2bn 15.7 14.1 15.2 16.0 15.9 100 199
10% 3.20%
50
10 19.4
15.2 14.7 14.3 14.2 13.7
0 0% 0 3.10%
1H23 2H23 1H24 2H24 1H25 2H25 Total Hedge FY26 FY27 FY28 FY29 FY30
MI FY26 -
FY35
Average Client Balances - Legacy Average Client Balances - CCT Notional replacement of run-off/planned activity
Average MMF MI - Existing hedge book at 30 June 25
Hedge Book as a % of Avg Exposed Balances Existing Hedge Book Yield
----- End of picture text -----

  • FY23 through FY25 translated at actual rates. FY26 and beyond are translated at the FY25 average FX rate.

  • Client balances: 2H23 includes 4 months for KCC and 2H24 includes 4 months for US Mortgage Services.

  • US Mortgage Services Balances: 1H23 $1.8bn, 2H23 $1.8bn, 1H24 $1.9bn, 2H24 $1.1bn.

  • Replacement of run off is for illustrative purposes only. Our strategy is to replace maturing trades with new hedges.

  • WAL (Weighted Average Life) of the hedge book – 5.29 years at 30 June 2025 compared to 4.86 years at 31 December 2024.

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44

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Profile of our existing swap, fixed, and floating term book

Hedged balances($bn) 1H26 2H26 1H27 2H27 1H28 2H28 1H29 2H29 1H30 2H30 1H31 2H31 1H32 2H32 1H33 2H33 1H34 2H34 1H35 2H35
By Profile 8.8 8.6 8.4 8.1 7.6 7.4 7.0 6.6 6.2 5.7 4.9 4.2 3.8 3.6 2.4 2.2 1.5 0.8 0.5 0.1
Fixed rate term balances 2.7 2.6 2.6 2.4 2.2 2.1 2.0 1.8 1.6 1.4 1.1 0.5 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Fixed rate swaps 6.1 6.0 5.8 5.7 5.4 5.3 5.0 4.8 4.6 4.3 3.8 3.7 3.7 3.6 2.4 2.2 1.5 0.8 0.5 0.1
Split by Currency 8.8 8.6 8.4 8.1 7.6 7.4 7.0 6.6 6.2 5.7 4.9 4.2 3.8 3.6 2.4 2.2 1.5 0.8 0.5 0.1
AUD 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
CAD 0.5 0.5 0.5 0.3 0.2 0.2 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
GBP 0.4 0.4 0.4 0.4 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
USD 7.8 7.6 7.5 7.4 7.3 7.2 6.9 6.5 6.2 5.7 4.9 4.2 3.8 3.6 2.4 2.2 1.5 0.8 0.5 0.1
Average Weighted Hedged Yield 3.44% 3.44% 3.45% 3.47% 3.45% 3.44% 3.42% 3.43% 3.42% 3.31% 3.19% 3.20% 3.20% 3.21% 3.43% 3.50% 3.54% 3.72% 3.76% 3.85%
Exposed balances($bn) 1H26 2H26 1H27 2H27 1H28 2H28 1H29 2H29 1H30 2H30 1H31 2H31 1H32 2H32 1H33 2H33 1H34 2H34 1H35 2H35
By Profile 0.8 0.5 0.2 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Floatingrate term balances 0.8 0.5 0.2 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Split by Currency 0.8 0.5 0.2 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
AUD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
CAD 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
GBP 0.4 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
USD 0.3 0.3 0.2 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

  • Figures represent average notional balances for each half as at 30 June 2025.

  • CPU manages client balances in line with internal policies around counterparty credit risk, concentration of deposit risk and minimum levels of hedging.

  • Replacement/additional fixed rate deposits/swaps will continue to be implemented throughout FY26 and beyond.

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45

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Balance and interest rate sensitivities on annualised Margin Income

A 3% interest rate environment is expected to generate $670m in annual MI, assuming FY26E client balance profile

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----- Start of picture text -----

FY26E Margin Income Bridge ($m) FY26E Average Balances Bridge ($b)
11 0.2
0.5
48 47 29
761
749 30.2
713 713 720 720 29.9
FY25 Actual Impact of Impact of Impact of Impact of Non FY26E FY25 Average Balances Corporate Trust Employee FY26E
Rate Curve on Net Balances on Hedging Activity Exposed Share Plans
Exp Balances Exp Balances
Rate Sensitivity on FY26E Balances
Cash rate assumptions for FY26 guidance 904
1,000 857
810
763
FY26 Q1 FY26 Q2 FY26 Q3 FY26 Q4 Average 800 720 717 670
623
USD 4.30% 4.05% 3.78% 3.55% 3.92% 577
AUD 3.70% 3.31% 3.09% 3.02% 3.28% 600 330 514 467 421 374 327 280 234 187
400
GBP 4.11% 3.87% 3.72% 3.60% 3.83%
CAD 2.73% 2.65% 2.65% 2.67% 2.68% 200 304 304 304 304 304 304 304 304 304
86 86 86 86 86 86 86 86 86
Weighted Avg 3.78% 3.58% 3.45% 3.29% 3.53% 0
FY26E 5.5% 5% Rates 4.5% 4% Rates 3.5% 3% Rates 2.5% 2.0%
Rates Rates Rates Rates Rates
[[th]]
Margin Income ($m)
----- End of picture text -----

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----- Start of picture text -----

904
1,000 857
810
763
720 717
800 670
623
577
600 330 514 467 421 374 327 280 234 187
400
200 304 304 304 304 304 304 304 304 304
86 86 86 86 86 86 86 86 86
0
FY26E 5.5% 5% Rates 4.5% 4% Rates 3.5% 3% Rates 2.5% 2.0%
Rates Rates Rates Rates Rates
Non Exposed Hedged Exposed
Margin Income ($m)
----- End of picture text -----

Quarterly average of daily market implied rates. Source: Bloomberg – World Interest Rate Probability at 8[[th]] August 2025.

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46

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Debt Facilities Maturity Profile and Composition – 30 June 2025

Composition of drawn debt facilities

Maturity Profile

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----- Start of picture text -----

• Diverse sources of debt now in the
portfolio with public and private bonds
combined with Bank facilities
30%
• Average debt facility maturity is 3.8
yrs. Drawn debt maturity is 4.3yrs 43%
1000 Undrawn Bank Facilities: $633.1m • Total debt drawn – 0% fixed and 100% $1,847.6m
floating; The currency composition is
900 73% USD, 23% GBP and 4% CAD
• Average cost of debt for FY25 is 6.75% 27%
800
(pcp 8.12%)
700
600
153.4
500
400
300 584.3
550.0
496.6
200
350.0
100 200.0 216.8
0
FY26 FY27 FY28 FY29 FY30 FY31 FY32
USPP Drawn Bank Debt Undrawn Bank Debt Debt Capital Markets
USD Million
----- End of picture text -----*

  • New methodology adopted in 1H25. (FY25 interest expense / Total debt (average of open (Jun-24) and close position (Jun-25))).

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Balance sheet

At actual rates 1H23 FY23 1H24 FY24 1H25 FY25
Dec Jun Dec Jun Dec Jun
Current Assets USD M 2,081.0 2,173.4 2,955.7 1,987.2 1,938.9 2,066.4
Non Current Assets USD M 4,131.3 3,972.9 3,225.8 3,131.4 3,109.4 3,269.0
Total Assets USD M 6,212.4 6,146.4 6,181.5 5,118.6 5,048.3 5,335.4
Current Liabilities USD M 792.2 1,292.4 1,260.8 675.4 1,285.0 941.3
Non Current Liabilities USD M 3,344.2 2,713.0 2,808.1 2,494.7 1,842.5 2,240.1
Total Liabilities USD M 4,136.4 4,005.4 4,068.9 3,170.0 3,127.5 3,181.3
Total Equity USD M 2,075.9 2,141.0 2,112.6 1,948.6 1,920.8 2,154.1
Net debt including non-recourse SLS Advance debt USD M 1,465.6 1,216.2 1,310.7 461.4 494.9 527.6
Net debt to EBITDA ratio Times 1.55 1.00 1.01 0.36 0.39 0.42
Net debt excluding non-recourse SLS Advance debt USD M 1,258.2 1,029.9 1,105.1 461.4 494.9 527.6
Net debt to EBITDA ratio excluding non-recourse SLS Advance debt Times 1.33 0.85 0.85 0.36 0.39 0.42
EBITDA Interest Coverage ratio Times 10.1 9.1 7.3 7.9 10.1 10.7
ROE1 % 22.3% 30.1% 34.1% 34.7% 37.8% 38.7%
ROIC2 % 15.5% 22.7% 25.3% 30.2% 31.9% 35.8%

1 Return on equity (ROE) = rolling 12 month Mgt NPAT / Equity*

2 Return on invested capital (ROIC) = (Mgt EBITDA less depreciation and amortization less income tax expense) / (net debt + total equity) *Includes the average of the opening and closing position.

Cash classified as an “asset held for sale” is included in the net debt calculation in FY25 ($0.3m) and 1H24 ($104.4m). FY25 net debt calculation of $527.6m is 100% floating rate debt (FY24: $461.4m).

Non-recourse SLS advance debt disposed of as part of sale of US MS completed on 1 May 2024.

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Cash flow summary

USD M(at actual rates) 1H23 FY23 1H24 FY24 1H25 FY25
Net operatingreceipts andpayments 377.4 914.2 543.2 1,020.9 512.2 1,096.0
Net interest and dividends -49.1 -109.5 -65.2 -113.6 -40.4 -79.4
Income taxespaid -80.8 -181.0 -108.1 -176.2 -117.6 -192.9
Net operating cash flows excluding SLS advances 247.5 623.7 369.9 731.1 354.2 823.7
Cash outlayon business capital expenditure -17.2 -41.9 -17.2 -42.8 -25.2 -43.6
Net cash outlayon MSRpurchases* -102.0 -70.6 -56.5 -76.0 0.0 0.0
Free cash flow excluding SLS advances 128.3 511.1 296.3 612.3 329.1 780.1
SLS advance fundingrequirements1 -57.9 -27.7 -28.2 1.9 0.0 0.0
Cash flowpost SLS advance funding1 70.4 483.5 268.1 614.2 329.1 780.1
Investing cash flows
Acquisitions(net of cash acquired) -0.3 -9.6 -36.0 -37.1 -56.0 -120.9
Disposal of Kurtzman Carson Consultants 39.2 3.8
Disposal of US Mortgage Services and CMC Funding 4.2 577.8 26.8
Other 2.5 3.0 10.2 10.2 2.2 1.5
Total investing cash flows 2.2 36.8 -25.8 550.9 -53.8 -88.8
Net operating and investing cash flows 72.6 520.3 242.3 1,165.1 275.2 691.3

1 Net operating and financing cash flows.

*Net cash outlay on MSR purchases discontinued with the sale of US MS, completed on 1 May 2024.

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Exchange rates

Currency 1H23 FY23 1H24 FY24 1H25 FY25
USD 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000
AUD 1.4895 1.4872 1.5309 1.5250 1.5130 1.5441
HKD 7.8423 7.8386 7.8190 7.8190 7.7870 7.7897
NZD 1.6506 1.6270 1.6539 1.6481 1.6635 1.6923
INR 80.6575 81.4939 82.9649 83.0972 84.1159 85.0896
CAD 1.3278 1.3408 1.3509 1.3545 1.3812 1.3948
GBP 0.8502 0.8319 0.7974 0.7939 0.7746 0.7725
EUR 0.9880 0.9571 0.9242 0.9246 0.9238 0.9191
ZAR 17.1471 17.6191 18.6898 18.7048 17.9406 18.1584
RUB 59.2694 67.8286 93.4421 92.1030 94.4223 90.2862
DKK 7.3497 7.1225 6.8905 6.8945 6.8912 6.8568
SEK 10.6446 10.5526 10.7236 10.6293 10.5964 10.3605
CHF 0.9683 0.9423 0.8848 0.8870 0.8715 0.8661

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Important notice

  • › Summary information: This announcement contains summary information about Computershare and its activities current as at the date of this announcement.

  • › This announcement is for information purposes only and is not a prospectus or product disclosure statement, financial product or investment advice or a recommendation to acquire Computershare’s shares or other securities. It has been prepared without taking into account the objectives, financial situation or needs of a particular investor or a potential investor. Before making an investment decision, a prospective investor should consider the appropriateness of this information having regard to his or her own objectives, financial situation and needs and seek specialist professional advice.

  • › Financial data: Management results are used, along with other measures, to assess operating business performance. The company believes that exclusion of certain items permits better analysis of the Group’s performance on a comparative basis and provides a better measure of underlying operating performance.

  • › Management adjustments are made on the same basis as in prior years.

  • › The non-IFRS financial information contained within this document has not been reviewed or audited in accordance with Australian Auditing Standards.

  • › All amounts are in United States dollars, unless otherwise stated.

  • › Past performance: Computershare’s past performance, including past share price performance and financial information given in this announcement is given for illustrative purposes only and does not give an indication or guarantee of future performance.

  • › Future performance and forward-looking statements

  • › This announcement may contain forward-looking statements regarding Computershare’s intent, belief or current expectations with respect to Computershare’s business and operations, market conditions, results of operations and financial condition, specific provisions and risk management practices.

  • › When used in this announcement, the words ‘may’, ‘will’, ‘expect’, ‘intend’, ‘plan’, ‘estimate’, ‘anticipate’, ‘believe’, ‘continue’, ‘should’, ‘could’, ‘objectives’, ‘outlook’, ‘guidance’ and similar expressions, are intended to identify forward-looking statements. Indications of, and guidance on, plans, strategies, management objectives, sales, future earnings and financial performance are also forward-looking statements.

  • › Forward-looking statements are provided as a general guide only and should not be relied upon as a guarantee of future performance. They involve known and unknown risks, uncertainties, contingencies, assumptions and other important factors that are outside the control of Computershare.

  • › Actual results, performance or achievements may differ materially from those expressed or implied in such statements and any projections and assumptions on which these statements are based. Computershare makes no representation or undertaking that it will update or revise such statements.

  • › Disclaimer: No representation or warranty, expressed or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this announcement. To the maximum extent permitted by law, none of Computershare or its related bodies corporate, or their respective directors, employees or agents, nor any other person accepts liability for any loss arising from the use of this announcement or its contents or otherwise arising in connection with it, including, without limitation, any liability from fault or negligence.

  • › Not intended for foreign recipients

  • › No part of this announcement is intended for recipients outside Australia. Accordingly, recipients represent and warrant that they are able to receive this announcement without contravention of any applicable legal or regulatory restrictions in the jurisdiction in which they reside or conduct business.

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