COMPUTERSHARE LIMITED. — Interim / Quarterly Report 2024

Feb 12, 2024

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Strong 1H results. Executing strategies to build a simpler, stronger Computershare with higher returns.

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Stuart Irving, CEO noted, “Computershare has continued to deliver strong growth with Management EPS up 23% compared to the prior corresponding period.

In 1H we benefitted from growth in recurring fee revenues, recovery in some of our events and transactional revenues, and with higher yields and stable client balances, record Margin Income.

Management Revenue was up 6.2% to $1.6bn, Management EBIT ex. MI was up 20.7% and MI increased by 24.8% to a 1H record $429.4m.

We are also making good progress executing on our strategies to invest in and strengthen our core businesses and divest non-core assets. We are building a simpler Computershare with stronger and more consistent returns.

In October, we successfully completed the transition of the Corporate Trust (CCT) business we acquired from Wells Fargo. Now the technology and operating environment are in our control we can get on with realising the full planned synergies and integration benefits. Having successfully completed multiple large scale technology upgrades and migrations through the transition period, along with significant operational stand-up activities in the US and India, we are pleased to report this highly complex technology and operational project was finished on time and within budget, with minimal disruption to clients, employees, and key stakeholders. This growing track record of execution certainty highlights Computershare’s technology expertise and project management skills. These strengths will continue to position us well as we capitalise on opportunities in our acquisition pipeline.

The sale of our US Mortgage Servicing business is progressing well and is due to close in March 2024. Internal separation activities are nearing completion. 80% of key state and agency regulatory approvals and client consents have been received.

On a proforma basis, excluding US Mortgage Services, Computershare would have delivered ROIC of 33.4%, a 810 basis point improvement on the group’s results.

Computershare’s overall client balances were up on the prior period at around $76bn. The mix of balances was less profitable in CCT due to weaker issuance levels in the higher margin yielding products. We expect balances across the group to grow as corporate actions volumes recover and bond issuances rebound.

To improve the consistency and stability of our earnings, our current hedge book secures $1.6bn of MI, to be mainly delivered over the next five years.

NOTE: All figures (including comparatives) are presented in US Dollars (unless otherwise stated).

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In 1H, recurring fee revenues increased across all businesses, up 3%. At a headline level, events and transactional revenues remained subdued, down 4%. Adjusting for KCC revenues received in the pcp, these more cyclical revenues grew by 9%.

Issuer Services revenue was up 14% with higher corporate action fees, more Margin Income and stable Registry revenues. While IPO and M&A volumes were lower, this was offset by larger average deal sizes and higher fees.

Employee Share Plans delivered a record result with EBIT ex. MI up 132%. More units were exercised, and assets under administration continued to grow. As we often talk about, employers are using equity more often in remuneration schemes, creating the significant latent earnings power in this business.

Global Corporate Trust EBIT margin was maintained above 50%. With stable/increasing market shares, new contract wins, and recovery potential in bond issuances and client balances, we are well placed for future growth.

Across the group, total costs increased by 1%. Excluding KCC they were up 6.7%, with BAU opex growing by 4%. Cost out programs and CCT synergies are mitigating cost growth and inflationary pressures are now abating.

We have a positive outlook for the rest of the financial year. We reaffirm guidance that Management EPS is expected to increase by around 7.5% in FY24, to around 116 cps. 2H Management EPS is expected to be over 11% higher than 1H. Margin Income is expected to be around $825m, with the levels of interest rates and balances being our largest earnings sensitivities. Guidance does not include the benefit of the share buyback. We also assume we retain US Mortgage Services for the full six months of 2H, although we expect to close the transaction in March. The sale is expected to be earnings neutral this year and we will update investors on completion.

Computershare’s integrated business model with a portfolio of recurring core fee revenues, cyclical event and transaction revenues, and large client cash balances which generate Margin Income, has delivered robust returns through the cycle. Assuming mid-cycle rates of 3% or more and subject to M&A, the new simpler, capital light Computershare is expected to deliver 30%[+] EBIT margins and 25%[+] ROIC on average over the long term.

Our balance sheet continues to strengthen. Debt leverage is now down to 0.85x. We will patiently pursue attractive acquisitions, invest in our growth strategies, drive technology innovation and digitisation to increase value for clients, and reward shareholders. Today the Board determined to pay a 33% rise in the interim dividend to AUD 40 cents per share.”

Interim dividend

40 cents per share (AUD) 20% franked. Up 33.3% on pcp.

Record date: 21 February 2024 Payment date: 20[th] March 2024

The Results Presentation is available for download at https://www.computershare.com/corporate/investor- relations/financial information/results

NOTE: All figures (including comparatives) are presented in US Dollars (unless otherwise stated).

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FOR FURTHER INFORMATION

Michael Brown - Investor Relations Mobile: + 61 400 248 080 Email: Michael.Brown@computershare.com.au

Please refer to the 1H FY24 Results Presentation for guidance assumptions, detailed financial data and the important notice on slide 61 regarding forward looking statements.

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

This announcement was authorised to be given to the ASX by the Board.

NOTE: All figures (including comparatives) are presented in US Dollars (unless otherwise stated).

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