IRESS LIMITED — Earnings Release 2021

Feb 16, 2022

2021

Full year ended 31 December 2021

Full year results presentation

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Iress full year results presentation

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Agenda Andrew Walsh John Harris
Managing Director & CEO Chief Financial Officer
Overview of Iress 3
2021 results summary 4
Performance review 18
Outlook 24
Appendix 32
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Iress full year results presentation

Overview of Iress

Our vision: Simpler, faster with higher returns

~~Highlights~~

Key statistics

2021 pro forma Segment Profit up 6%, pro forma NPAT up 14%: guidance delivered with strong 2H performance.

10,500+ clients

Annual Contract Value $610.8m³ LTV of total portfolio $28.4bn³ Annual Churn Rate 1.4%³

2022 Segment Profit is expected to grow 7-10% incl. Mortgages (6-9% excl. Mortgages). 2025 target of ~$120m with upside reaffirmed.

Executing growth strategies in UK, Superannuation, Investment Infrastructure: major contracts already won, scaling into large addressable markets.

Consistent revenue growth with ~90% recurring²

Transition to Single Technology Platform to drive speed to market and operating leverage. $30m pre tax investment planned for 2022-2023. Team seeded with experienced Iress people, work underway.

5 Year CAGR 8% in constant currency¹

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305.7
271.9
264.7
223.4 236.1
216.5 229.4 239.9 270.7 294.5
2017 2018 2019 2020 2021
2H Revenue 1H Revenue
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Mortgages sale progressing well. Scope for significant capital management: $100m buyback to be completed in 2022, high dividend payout ratio and potential Mortgages sale proceeds to be distributed.

Core business leverages common technology in trading, wealth and data to build scale in large markets with similar regulatory frameworks. Capital light, scalable business model with high levels of recurring revenue and cash conversion.

[(1) ] Figures are presented on a constant currency basis, assuming results are converted at the average foreign exchange rates used for 2020. See slide 46 for FX rates.

[(2) ] Recurring revenue is made up of revenue from subscription and licence fees.

(3) Annual Contract Value (ACV) refers to the annualised value of recurring revenue (calculated by multiplying the exit month by 12) plus the addition of the last 12 months of Non-recurring revenues.

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Iress full year results presentation

2021 constant currency and pro forma fnancial performance

Delivered on pro forma Segment Profit and NPAT guidance

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Delivered on pro forma Segment Profit and NPAT guidance Segment profit
guidance delivered
166.4 164-168
157.1
Pro forma revenue [(1)] Pro forma
Up 3% 583.7 600.2 Segment Profit & margin [(1) (2)] 26.9% 27.7%
Segment Profit up 6%
2020 2021 2020 2021 2021
Guidance
Pro forma NPAT [(1)] Pro forma product & technology
Up 14% 51.7 58.9 % of revenue Stable at 23% [(1)] 23% 23%
2020 2021 2020 2021
Pro forma earnings Pro forma ROIC [(1) (4)]
per share [(1) (3)] 27.6 30.9 Up 30 bps 8.2% 8.5%
Up 12%
2020 2021 2020 2021
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(1) 2020 pro forma results adds back the pre acquisition trading for OneVue and O&M and adjusts to exclude a $5.1m benefit in Non-Operating Expenses relating to provision revaluations for BCG and QuantHouse earn-outs. 2021 pro forma results excludes currency movements (assuming 2021 results are converted at the average foreign exchange rates used for 2020) and excludes a benefit of $15.0m for significant one-off items relating to the finalisation of the QuantHouse and BCG earnout, non-operating costs related to NBIO (Non-binding Indicative Offer) from EQT, and the office closure at Warwick . Refer to slide 35 & 36 for reconciliations from Reported to Pro forma results.

(2) Pro forma Segment Profit margin has been calculated using Pro forma Segment Profit / Pro forma Revenue.

• (3) Pro forma earnings per share has been calculated using Pro forma NPAT / Pro forma weighted average number of ordinary shares used in basic earnings per share. Pro forma weighted average number of ordinary shares for 2020 has been adjusted to include an additional 4.7m shares which assumes the shares issued to raise the capital to acquire OneVue were issued on the 1 January 2020.

• (4) Pro forma ROIC has been calculated using the rolling 12 month Pro forma NPAT (excluding interest and finance costs) as a percentage of the addition of net debt and equity.

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Iress full year results presentation

2021 reported fnancial performance

Earnings growth and improved return on capital

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166.2
152.9
Reported revenue Reported
Up 10% 542.6 595.9 Segment Profit & margin 28.2% 27.9%
Segment Profit up 9%
2020 2021 2020 2021
NPAT guidance
Reported NPAT delivered Reported product & technology
Up 25% % of revenue
2021 NPAT includes $15.0m benefit 59.2 73.8 67-74 [(4)] 23% 24% 23%
of significant one-off items [(1)]
2020 2021 2021 2020 2021
Guidance
Reported earnings Reported ROIC [(3)]
per share [ (2)] 32.4 38.8 Up 130 bps 9.2% 10.5%
Up 20%
2020 2021 2020 2021
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(1) Significant one-offs in the 2021 Reported NPAT results include the $14.2m benefit associated with finalisation of QuantHouse earnout arrangements and the $8.1m benefit relating to the finalisation of the BC Gateways (BCG) earnout. Partly offset by (-$5.5m) costs relating to the Warwick (UK) office closure and (-$4.0m) of non-operating costs incurred in relation to the NBIO (Non-binding Indicative Offer) from EQT. The tax effect for the one-off costs relating to Warwick and EQT is a benefit of $2.2m and finalisation of the BCG and Quanthouse earn out payments have no income tax effect.

(2) Reported earnings per share is calculated using Reported NPAT / Weighted average number of shares.

(3) ROIC has been calculated using Reported NPAT (excluding interest and finance costs) as a percentage of the addition of net debt and equity.

(4) NPAT Guidance of $70m - $77m as per the 30 June 2021 Half year results presentation, has been adjusted to include $3m (post tax) expense incurred in relation to the NBIO (Non-binding Indicative Offer) from EQT.

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Iress full year results presentation

2021 results summary

Delivered

Pro forma Segment Profit up 6% v 2020. Pro forma ROIC is 8.5%.

The final dividend is 30c franked to 15%. The full year 2021 dividend is 46cps franked at 38%.

Impact

New sales leadership, team structure and training programs in place, ready to execute in 2022. Projects progressing and pipelines are strong.

Growth

Strong revenue growth in APAC Trading and Market Data, Mortgages and North America.

APAC Financial Advice revenue stable, ACV up 8%. Xplan continues to be the technology of choice for Australian advisers.

Integration

OneVue-Xplan integration pilot underway, commercial launch in 2022.

Funds registry FUM is $869bn, up 11% (1 Jan 2021 to 31 Dec 2021).

Progress

Super client Guild and two Mortgage clients went live, successful implementation and go live of Australian private wealth management client. Private Wealth had strong growth in the UK.

Future

2022 guidance: Segment Profit in constant currency expected to increase 7-10% incl. Mortgages (6-9% excl. Mortgages).

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Iress full year results presentation

UK growth strategy

Strong progress in private wealth, rejuvenating growth in retail wealth

Financial updates

~~Medium-term targets~~

Progress report

Revenue ($AUDm) ⁽ ¹ ⁾ 2021 Growth vs 2020 Revenue Growth: ~10% Retail Wealth ⁽²⁾ 82.1 (5%) Margin: Private Wealth 27.2 18% ROIC: TAM: $700m + Trading 23.1 9% Total Revenue 132.5 2% Growth drivers & trends Margin ⁽ ³ ⁾ 68% Industry consolidation and ongoing regulatory change. Retail wealth reduction primarily in non-recurring Retail banks re-entering advice market (in new revenue due to a significant project in 2020. forms).

Retail wealth reduction primarily in non-recurring revenue due to a significant project in 2020. New enterprise client win in late 2021 and AO to Xplan migrations reaffirm Retail opportunity.

Competitive product positioning, increasing number of integrations.

New sales leadership and restructure in place. Group CCO now based in the UK with considerable UK experience.

Project underway to improve retail wealth approach and pipeline.

Private wealth growth driven by continued Xplan implementation at blue-chip client with contract in place to grow functionality, adoption and licence fees.

Growing pipeline and revenue in trading technology and market data.

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Choosing a technology partner is like building a house. If you get the wrong builder you have to knock it down and start again. There are bigger players out there who think they can build it themselves, but the right strategic vendor is critical to success at our size and scale. You can’t do it on your own. Working with Iress has been a meeting of minds."

Gregg Clarke, COO, Close Brothers Asset Management

(1) Figures are presented on a constant currency basis, assuming results are converted at the average foreign exchange rates used for 2020. Refer to slide 46 for FX rates. (2) Includes Sourcing & O&M. (3) Direct Contribution Margin.

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Iress full year results presentation

Superannuation growth strategy Successful implementations, pipeline growing

~~Financial updates~~

~~Medium-term targets~~

Revenue ($AUDm)	2021	Growth	vs 2020
Superannuation Recurring	23.3	7%
Non-Recurring	6.7	(47%)
OVH Super⁽²⁾	13.3	(8%)
Pro forma Revenue⁽²⁾ Margin⁽¹⁾	43.2 49%	(11%)

Revenue Growth: >10% p.a. Margin: ROIC: TAM: $1.4bn +

Growth drivers & trends

Target delivery of 1-2 medium clients per year. Client benefits through reduced admin costs by up to 50% with reduced risk.

Good growth in recurring revenue with new clients going live. Non-recurring revenue decreased from 2020 to 2021 primarily due to timing of ESSSuper implementation.

Industry fund consolidation is a trigger for review of service options and outsourcing.

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The feedback we’ve received from employers using the new SuperConnector service has been nothing short of incredible - with one employer going so far as to say they are ‘amazed’ at the improvement in efficiency.”

Greg Everett, General Manager, Guild Trustee Services

~~Progress report~~

Recurring revenue for the period increased 7%. GuildSuper went live in 2021, delivering superior member experience, lowering risk and providing cost certainty to the fund.

ESSSuper is now in live transition delivering enhanced member experience, automated, streamlined processes and recurring revenue.

Sales pipeline momentum—advanced tendering opportunities with several leading super funds.

SuperConnector Clearing House service launched with several clients now onboard.

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(1) Direct Contribution Margin (2) Includes a pro forma adjustment to add back ten months pre-acquisition OneVue Super trading in 2020 results.

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Iress full year results presentation

Investment Infrastructure[1] growth strategy

Commercial launch in 2022

~~Financial updates~~

~~Medium-term targets~~

~~Progress report~~

($AUD) 2021 Growth vs 2020 Revenue Growth: >10% Pro forma Revenue (A$m) ⁽²⁾ 35.0 4% Margin: Margin ⁽³⁾ 63% ROIC: TAM: $3bn + FUA (Platforms) (A$b) 6.1 4% FUM (MFA) (A$b) 869.4 11% Growth drivers & trends Transactions Volume (K) 957.4 29%

Wealth management industry margin pressure. Growing consumer demand for advice and investment.

MFA revenue driven by 11% FUM growth. Platform performance reflects acquired business model. Xplan integration on track but not yet impacting financial performance.

Platform FUA growth. Financial product innovation.

Sales leader appointed to drive commercialisation of Investment Infrastructure.

Successful initial integration of Xplan and OneVue, with live managed funds and equity trades placed in Xplan user pilot in late 2021. Integration focus now on extending execution capabilities to cover additional asset types and automated account opening.

Sales conversations underway with prospective Investment Infrastructure clients: fund managers and private wealth clients.

Commercial launch in 2022 alongside additional near term opportunities.

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Madison has always been a licensee interested in innovation and removing friction in the advice process for advisers and their clients. Our firms have a long history with the Wealth Portal platform so we were excited to partner with Iress around the evolution of changes being built to implement advice with greater efficiencies and transparency. This will make for a better client experience through advice on their platform." Jaime Johns, General Manager, Madison Financial Group

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(1) Investment Infrastructure includes the MFA and Platforms’ business of OneVue and excludes OneVue Super. (2) Includes a pro forma adjustment to add back ten months pre-acquisition OneVue trading in 2020 results. (3) Direct Contribution Margin

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Iress full year results presentation

Single technology platform & operating model

Transition on track

~~2021 update~~

Appointment of Global Head of Technology Platform to lead vision, design and execution.

Team of 60+ product and technology people assembled and deployed across platform, cloud, and investment infrastructure initiatives. Third party arrangements in place to augment teams as necessary.

Clients benefiting from simpler deployment, upgrades and support on the Iress Cloud Platform, as well as gaining earlier access to features.

4,400+ client sites and services now on the Iress Cloud Platform. 95% CommPay, 79% Xplan, 66% IPS sites in cloud. 100% of UK retail trading running on the Iress Cloud Platform. Next series of applications now being optimised for cloud, enabling further limitation of on-premise capex.

~~Medium-term targets~~

Transition to single product & technology platform to decouple revenue growth from variable cost growth and drive operational gearing. Total Investment 2022-2023 of $30m.

$13m-$15m (pre tax) investment planned for 2022 is directed at critical goals and outcomes across transition to cloud, platform enablement, trading uplift, investment infrastructure.

Product & technology costs historically 24% of revenue. Target of 21% of revenue by 2025.

Enables faster development of new product offerings/speed to market.

~~2022 priorities~~

Platform enablement : Key functional capabilities for the platform delivered.

Investment infrastructure : Investment platform enablement of all instruments, including Separately Management Accounts. Automated account opening.

Transition to cloud: Cloud optimisation of priority applications aligned to Iress Platform (Acurity, eApps, Exchange Portal, FIX, CommPay, IressNet).

Trading uplift : Technical uplift of Iress OMS. Deliver initial API-first trade routing and market data capabilities.

Legacy retirement : Continued focus on retirement of legacy applications.

Resourcing of delivery team : Expansion of delivery team leveraging third parties, geographies, and direct recruitment.

Retirement of legacy applications accelerated to not limit technology platform benefits.

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Iress full year results presentation

Australian fnancial advice: analysis

Positive outlook, stable market share

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Xplan user & adviser numbers Total lifetime value [(1)] : increasing
Temporary increase in Dec 19 due to adviser Dec 19 had a temporary spike due to adviser
movements and remediation. Underlying trend stable. movements and remediation.
Modules per user: stable ACV [(2)] : increasing
Some movements as client contracts change shape
but underlying usage trend is stable.
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~~Highlights~~

Digital advice Responding to unmet advice needs and scaled advice delivery.

We are seeing increasing interest from clients looking for digital advice solutions, and actual advice delivery and outcomes scaling with technology.

There were over 41,000 fully-automated, direct-to-consumer retirement advice experiences powered by Xplan platform over the last 6 months, resulting in over 7,500 personal advice documents.

Industry reshaping is ongoing which may generate short-term volatility in these metrics. However, there is a significant unmet need for advice in Australia and we are positive on the medium-term outlook for the industry and the role of technology.

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(1) Calculated by taking the average customer lifetime multiplied by average revenue per customer, multiplied by the direct contribution margin percentage, multiplied by the number of customers at the end of that period. Refer to glossary on slide 48 for definitions. (2) Annual Contract Value (ACV) refers to the annualised value of recurring revenue (calculated by multiplying the average quarterly exit month by 12) plus the addition of the last 12 months of Non-recurring revenues.

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Iress full year results presentation

Mortgages sale update

Process advanced, potential sale proceeds to be distributed

Highlights

Iress announced the assessment of divestment options for the UK mortgages business in June 2021 as part of a wider Iress strategic review.

Mortgages achieved 42% growth in recurring revenue and 10% growth in total revenue in 2021.

The business delivered £16.1m of revenue and £11.5m of Contribution in 2021. This generated a segment profit of £8.2m and NPAT of £6.4m.

The pipeline of emerging client opportunities is very strong. The divestment process is being managed to ensure pipeline opportunities are appropriately reflected in value.

Features

Modern, end-to-end mortgage software that helps lenders of all sizes transform the way they do business to automate and increase lending volume.

Scalable technology combining cutting edge, differentiated capabilities with enterprise grade security and an unparalleled track record of innovation.

Platform addressing critical challenges faced by lenders when managing the whole mortgage process, making Mortgages extremely sticky with clients.

Industry leading, consistent growth, attractive profit margins and strong KPIs in a large and growing addressable market.

The sale process

2021

Adviser engaged to market the business for sale.

Targeted process involving trade and PE buyers.

Advisers engaged to assist with separation and transition and complete financial, commercial and legal due diligence.

2022

Carve out requirements will determine the timeline for completion.

Net proceeds of sale expected to be distributed to shareholders.

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Iress full year results presentation

SaaS metrics summary¹

$28bn of total LTV, 10+ times Iress’ market capitalisation

Highlights

Total LTV of A$28.4b : c.12.4 times the current market capitalisation (based on $11.84 ps price), reflects high quality, enduring client relationships.

Long term client relationships : 30% of Top 20 client relationships are greater than 20 years. 50% are greater than 16 years.

LTV, $7.7b increase vs pcp: change sensitive to small changes in churn levels—1.4% churn, an improvement of 40 bps on 2020.

	2020	2021	Change
Avg. Revenue per Customer (A$k)	51.3k	55.1k	3.8k
Annual Churn rate (%)	1.8%	1.4%	(40 bps)
No. of customers	10,500 +	10,500 +	-
LTV per Customer (A$m)	1.9m	2.6m	0.7m
Total LTV (A$b)	20.7b	28.4b	7.7b
Pro forma revenue growth (A$m)⁽²⁾	11.4m	16.5m	5.1m
Avg. customer lifetime (years)⁽³⁾	55.7	70.4	14.7
Sales & marketing expense (A$m)⁽⁴⁾	66.9m	68.9m	1.9m
Return on sales & marketing (times)⁽⁵⁾	9.5 x	16.9 x	7.4 x

Average Revenue per Customer of A$55.1k increased A$3.8k.

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Relationship - Top 20 clients 2021 total LTV by segments [6]
5% 0-3 years 3% South Africa
15% 3-5 years 4% Canada
20% 6-10 years 10% Super
10% 11-15 years 16% UK
20% 16-20 years 25% APAC Financial Advice
30% 20+ years 42% Trading & Market Data
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High Return on Sales & Marketing Investments : 16.9x ROI.

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(1) Refer to glossary on slide 47 to 48 for definitions. (2) 2020 pro forma revenue growth is sourced from the 2020 year end investor presentation results. Pro forma revenue growth for 2021 has been defined in the glossary on slide 47 (3) Calculated by taking the inverse of the churn rate (i.e. in 2021 this was 1 divided by 1.4%)[ (4) ] Costs incurred for account management, sales and marketing expenditure relating to managing and acquiring new customers during the year.[ (5) ] Pro forma revenue growth multiplied by average customer lifetime (years), divided by sales & marketing expense[ (6) ] Chart excludes Mortgages as no customers churned during the year and excludes OneVue due to insufficient data at this time.

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Iress full year results presentation

Capital management: Consistent returns with conservative gearing

Net debt

ROIC

Leverage

Dividends

Increase in net debt reflects the impact of on-market share buyback commenced in 2H 21, purchase of shares for delivery of employee equity compensation scheme commitments, and settlement of deferred acquisition consideration.

Pro forma 2021 ROIC is 8.5%, above the cost of capital. Pro forma 2020 ROIC was 8.2%.

Sustained investment over the last five years has added non-operating costs and acquisition-related D&A which lowers ROIC. Accounting treatment of software development (which is predominantly expensed) also reduces short-term ROIC.

Iress maintains conservative gearing levels.

Leverage remains below the neutral setting of 2x segment profit.

Iress’ very high dividend payout ratio (100% or more of statutory NPAT) continued in 2021 reflecting significant cash generation. Dividend held flat in context of cash earnings and investments to drive future performance.

The final dividend is 30 cents per share, franked to 15% bringing the full year 2021 dividend to 46.0 cents per share, franked at 38% (average weighted). Franking of interim dividend was high in context of EQT bid.

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2021 Pro forma 2021 Reported

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Iress full year results presentation

Capital management: Scope for signifcant shareholder distributions

Cumulative share buyback (A$m)

Cumulative dividends (cents per share)

Leverage ratio post buyback

c.50% of the $100m buyback to be purchased in 2022¹

Significant dividend under current policy (at least 80% of normalised NPAT). Anticipated franking range 20-30% (previous guidance range 30-40%) reflecting expected Australian tax expense.

Leverage ratio in 2022 likely to be closer to neutral (2 x Segment Profit) with the redistribution of potential sales proceed from Mortgages, the share buyback and dividend distributions.

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[(1) ] Target set on 29 July 2021 at the Investor Strategy Day presentation[ (2) ] Excludes the distribution of Mortgages[(3) ] The average price of the 2021 share buyback is $11.80 ps

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Iress full year results presentation

People: Attraction and retention

~~2021 People Update~~

The market for top talent is under pressure in the current environment. While challenging, Iress has successfully attracted and recruited new people. We successfully recruited and onboarded 380 new people globally during 2021. 20+% of new hires through referrals from existing Iress people. Iress isn’t limited by location in its recruitment of capability, with its own geographic footprint, remote teams, and also extending via nearshore centres of excellence.

Talent & attraction initiatives

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Primary carer leave: Up to 4 months at full pay, 2 months at half pay.

Secondary carer leave: 4 weeks paid leave and 2 weeks unpaid leave.

Starting school leave: 8.5 days of paid leave when your child starts school.

Long Weekend: 6 paid days a year to extend the weekend.

Hybrid working: A balanced approach across

Foundation leave: 3 paid days a year for Iress Foundation charity initiatives.

Equity grants: For top 25% of performers. Iress Hackathon: Global 36-hour event.

Online learning: Access to development programs via Udemy.

Talent Beyond Boundaries: Bringing refugee talent into Iress, a differentiated recruitment channel.

Recruiting partners: New strategic talent sourcing partnerships to extend product and technology teams, increasing scale and accelerating delivery.

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Iress full year results presentation

Environment, Social & Governance

Environment

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Renewable energy in Sydney and Melbourne offices (representing 95% of Australian footprint).

New offices in the UK have been upgraded with PIR low voltage LED lighting to minimise power usage.

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E-waste partnership in Australia, addressing digital inequalities in remote communities (SDGs).

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Social

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All permanent employees and fixed-term contractors at Iress are able to take a Friday or Monday off work for up to six days per calendar year as a Long Weekend.

Employment of two software engineers from Syria and Iraq to support refugee employment through Talent Beyond Boundaries.

New supplier management system that utilises real time monitoring of supplier and supply chain risks using specialist market data vendors to identify human rights and environment risks.

Commitment to 40:40 Vision to achieve gender diversity by 2030.

Foundation

615 volunteering hours

$231,811 donated to charitable causes

36 charities supported

Governance

Inclusion of ESG matters in the Audit & Risk Committee charter formalising Board oversight.

Continuous improvement in disclosures and reporting with ACSI assessing Iress' 2020 ESG report to a ‘Detailed’ rating.

2021 ESG Report published as 4th edition.

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Performance review

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Iress full year results presentation

Segment performance

Constant currency using average 2020 rates

Segment ($AUDm) 2020 2021 2021 vs 2020 Revenue APAC 289.8 336.0 16% UK & Europe 154.6 159.5 3% Mortgages 26.9 29.9 11% South Africa 42.9 42.4 (1%) North America 28.4 32.4 14% Total revenue 542.6 600.2 11% Direct contribution APAC 204.0 239.2 17% UK & Europe 94.4 99.8 6% Mortgages 18.1 21.4 18% South Africa 33.9 33.0 (3%) North America 11.0 14.8 35% Total direct contribution 361.4 408.2 13% Functional segments Product & technology (128.4) (135.9) 6% Operations (42.6) (60.5) 42% Corporate (37.4) (45.5) 21% Segment Proft 152.9 166.4 9%		Historic segment proft performance¹

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(1) 2017 to 2018 numbers have been adjusted for IFRS 16.

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Iress full year results presentation

Pro forma Segment Proft breakdown¹

+6% Pro forma Segment Profit driven by UK & Europe, North America and Mortgages

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Reflecting successful project deliveries and Mortgages growth driven by Project work driven by regulatory
customer wins in trading and market data, two lenders going live in 2020 change and growth in recurring
partly offset with project timing activity in and another two in 2021. revenue from trading systems.
superannuation.
+6%
Milestones achieved at key wealth Impacted by weak economic
and trading clients, favourable conditions. Broad solution
impact on future recurring revenue. deployed to Tier 1 financial
Strong cost discipline. services firm.
Reported Pro forma APAC UK & Europe Mortgages South Africa North America Product & Operations & Pro forma
Segment Profit Segment Profit technology corporate costs Segment Profit
2020 2020 2021
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(1) Pro forma adjustments adds back the pre acquisition earnings for OneVue and O&M to the comparative period and excludes currency movements (assuming 2021 results are converted at the average foreign exchange rates used for 2020) - refer to slide 35 & 36 for a reconciliation.

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Iress full year results presentation

Pro forma costs breakdown¹

Strong cost discipline with focus to scale: jaws positive

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Reported P&T costs were up 5% v 2020. Pro forma P&T costs (adjusting Increased investment in
for acquisitions and internal staff transfers) were down 1% v 2020. information security and
compliance teams.
9% of P&T costs were capitalised in 2021 v 5% in 2020. This increase was Hurdles for the global
due to the nature of the projects undertaken which drives accounting profit share scheme
treatment and does not represent a change in accounting policy. achieved.
Capitalised software is expected within the range of 8-12% of P&T costs in
2022.
+1%
Reported costs Costs Pro forma Pro forma Client Product & Operations & Pro forma Costs Constant
2020 of sales adjustments² people & opex segments technology corporate costs people & opex of sales currency costs
costs 2020 costs 2021 2021
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(1) Pro forma adjustments adds back the pre acquisition costs for OneVue and O&M in 2020 and excludes currency movements (assuming 2021 results are converted at the average foreign exchange rates used for 2020). (2) Pro forma adjustments adds back the pre acquisition People & Opex costs for OneVue $31.6m and O&M $0.7m in 2020.

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Iress full year results presentation

Pro forma net proft after tax analysis¹

14% pro forma NPAT growth vs 2020

Impact of forfeitures in 2021 New UK and Sydney Pro forma corporate tax rate was 27% in Provision release associated with as a result of employees leases, office line with 2020 and guidance. Reported finalisation of QuantHouse earnout leaving the business. equipment and fitout. effective tax rate of 21% reflects non (+$14.2m), BCG earnout (+$8.1m), offset taxable nature of earnout releases. by Warwick office closure (-$5.5m) and costs related to NBIO from EQT (-$4.0m), tax effected (+$2.2m). +14% One-off costs relating to OneVue Return to higher levels of integration costs, costs associated debt since completion of with the potential sale of OneVue acquisition and Mortgages, corporate restructuring commencement of and infrastructure uplift. on-market share buyback. Reported NPAT Pro forma Pro forma Share-based Pro forma Depreciation Interest Tax Pro forma Significant NPAT 2021 2020 NPAT 2020 Segment Profit payments non-operating & amortisation NPAT 2021 one-off items (constant expenses currency)

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(1) Figures are presented on a constant currency basis, assuming results are converted at the average foreign exchange rates used for 2020.

23

Iress full year results presentation

Net debt analysis

Strong cash generation and distributions to shareholders

2021 free cash flow of $76.2m¹ (2020: $107.4m²) reflects the timing of tax payments and prepaid annual expenses across the years. These timing effects normalise over time and free cash flow has averaged $89.4m over the last three years. Average cash dividend payments over this period have been $80.8m and cash conversion has averaged 92%.

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

+87%
Free Cash Flow = $76.2m [(1) ]
Buyback $47.8m
Share-based Payments $19.9m
Net debt 2020 Dividends³ Segment Profit Working Tax & Capital Lease Non-operating Share-based Deferred Impact of Net debt
(reported) capital Interest expenditure payments expense payments / consideration FX/derivatives 2021
share buyback
----- End of picture text -----

(1) 2021 Free Cash Flow = Reported segment profit of $166.2m, add change in working capital (-$16.9m), Tax & Interest ( -$32.1m), Capital Expenditure (-$24.1m) and Lease payments (-$16.9m). (2) 2020 Free Cash Flow = Reported segment profit of $152.9m, add change in working capital ($22.0m), Tax & Interest ( -$38.5m), Capital Expenditure (-$16.4m) and Lease payments (-$12.6m). (3) Dividend payment includes 2020 final dividend and 2021 interim dividend.

Outlook

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25

Iress full year results presentation

2022 Outlook¹

Segment profit expected to grow by 7-10% incl. Mortgages (6-9% excl. Mortgages)

~~Highlights~~

~~Guidance (constant currency) ($AUDm)~~ ¹

Segment profit expected to grow by 7-10% incl. Mortgages (6-9% excl. Mortgages).

Underlying NPAT (excluding Mortgages, $13m - $15m pre tax of investment in Iress’ single technology platform and pro forma adjustments in 2021) is expected to grow by 30-43%.

If Mortgages is retained for the full year, 2022 underlying EPS would be in the range of 40 cps to 44 cps on a constant currency basis.

Guidance is on the path to deliver 2025 targets announced in July 2021. Using 2021 rates, the investor day Underlying NPAT (excl. Mortgages) guidance would be adjusted to be $65m - $70m⁴.

Increase in share-based payments expense reflects new remuneration scheme to align incentives to 2025 targets.

Potential mortgages sale

Guidance is presented including and excluding contribution for 12 months from Mortgages. The price and timing of the potential sale is subject to commercial negotiation and separation activity. Guidance does not include potential gain on sale. Sale proceeds are expected to be distributed to shareholders in 2022.

Excl. Mortgages	Incl. Mortgages
2021 2022 Guidance	2021 2022 Guidance
Actual Low High	Actual Low High
Segment Proft 151 160 165	166 177 183
Share-based payments (17) (20) (20)	(17) (21) (21)
Non-operating expenses⁽²⁾ (13) (8) (7)	(13) (8) (7)
Depreciation & amortisation (47) (41) (40)	(47) (41) (40)
Net interest and fnancing costs (9) (9) (9)	(9) (9) (9)
Tax (Expense)/Beneft(5) (18) (21) (22)	(21) (24) (25)
Underlying NPAT 47 61 67	59 74 81
Investment spend (post tax) - (11) (9)	- (11) (9)
Add back signifcant one-off Items 15 - -	15 - -
NPAT 62 50 58	74 63 72

~~Key assumptions~~

$13m - $15m (pre tax) of investment in Iress’ single technology platform expected in 2022 as disclosed in July 2021. Effective tax rate (ETR) is expected to be in the range of 23% - 26% . Guidance is presented on a constant currency basis using average 2021 FX rates. Guidance does not include the impact of any potential M&A activity in 2022.

(1) Figures are presented on a constant currency basis, assuming 2022 results are converted at the average foreign exchange rates used for 2021. (2) 2021 actuals excludes $13m pre tax pro forma adjustments for QuantHouse & BCG earnout, offset by office closure at Warwick and non-operating costs related to NBIO. 2022 excludes $13m - $15m pre tax investment spend for Iress’ single technology platform. (3) Other Costs relates to Share Based Payments, Non-Operating Expenses, Depreciation & Amortisation, Net Interest and Financing Costs and Tax. (4) Using 2021 FX rates (rather than 2020 rates used on 29 July 2021 for the Investor Strategy day disclosure) there is a $1m decline in the disclosed NPAT target to be $65m - $70m (previously this was disclosed to be $66m - $71m on the 29 July Investor Strategy Day disclosures). (5) 2022 tax expense excludes the benefit of $4m on the investment spend for Iress’ single technology platform of $13m - $15m (pre tax). This is net in the Investment spend (post tax) of $9m - $11m disclosed below underlying NPAT.

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26

Iress full year results presentation

¹ - 2022 Outlook NPAT breakdown

30% - 43% Underlying NPAT growth vs 2021 (Excl. Mortgages)

Provision release associated with finalisation of QuantHouse earnout (+$14.2m), BCG earnout (+$8.1m), offset by Warwick office closure (-$5.5m) and costs Post tax investment in Iress’ single If mortgages was retained for the full related to the non binding offer from EQT (-$4.0), tax technology platform as disclosed year, it is expected to contribute effected (+$2.2m). in July 2021. $13m-$14m to 2022 NPAT. Remove mortgages 2021 earnings to present underlying NPAT excluding the mortgages business. Growth +30%-43% (excluding mortgages) $13m ~ $63m +$5m to ~ $61m -$9m to to $14m to $72m +$9m to +$6m to $67m -$11m +$14m ~ $50m to $58m Reported Significant Underlying Mortgages Underlying Organic Other Underlying Investment NPAT 2022 Mortgages NPAT 2022 NPAT 2021 one-off NPAT 2021 NPAT 2021 growth on costs [2] NPAT 2022 spend (excluding (including adjustments (including (excluding Segment Profit (excluding (post tax) mortgages) mortgages) mortgages) mortgages) mortgages) (1) Figures are presented on a constant currency basis, assuming 2022 results are converted at the average foreign exchange rates used for 2021. (2) Other Costs relates to Share Based Payments, Non-Operating Expenses, Depreciation & Amortisation, Net Interest and Financing Costs and Tax.

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27

Iress full year results presentation

Cash generation & anticipated shareholder returns

Strong cash generation and conservative gearing. Significant dividend opportunity plus distribution of potential Mortgages sales proceeds. Remainder of $100m on-market buyback to be executed in 2022. EPS impact of employee share schemes to be neutralised by buying shares on market.

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

Cash distributed to shareholders & buy back
($160m - $165m). Potential for further
~2.0x
Net cash generation ($70m -$80m) distributions upon sale of Mortgages
Leverage [2]
1.4x
Leverage [2]
Net debt Segment Profit Cash Capex, leases Tax & Dividends On-market Employee Net debt
2021 (Reported) conversion and other interest buyback share plan 2022
investments¹ purchase
----- End of picture text -----

• (1) Includes $13m - $15m (pre tax) of investment in Iress’ single technology platform to support scale and growth.

(2) Leverage ratio is defined as Net debt divided by last twelve months Segment Profit. Net debt is defined as borrowings excluding capitalised borrowing costs, net of derivatives, less cash and cash equivalents.

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28

Iress full year results presentation

Iress’ vision: simpler, faster with higher returns

Benefts We see benefits being realised at a greater rate with the opportunity for acceleration in key areas.

Technology Capital management 2022 A single technology platform New medium term target of Positive outlook. is key to unlock scale and more than 2x NPAT in 2025 2022 has started well. benefits. The transition to this (Base Case) with potential Guidance: in constant platform and operating model upside to 3x, and EPS currency, Segment Profit is already underway. enhanced with capital growth 7-10% incl. Mortgages management. (6-9% excl. Mortgages)

Growth priorities

We are building scale in large addressable markets with a focus on the UK, superannuation and investment infrastructure.

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Q&A

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Close Andrew Walsh Managing Director & CEO

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Thank you

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Appendix

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33

Iress full year results presentation

- Income statement constant currency

¹

		Constant Currency
$AUDm	2020	2021	2021 vs 2020
Operating Revenue	542.6	600.2	11%
Operating Costs	(389.7)	(433.8)	11%
Segment Proft	152.9	166.4	9%
Share Based Payments	(21.0)	(17.4)	(17%)
Segment Proft after SBP	131.9	149.0	13%
Non-Operating Expenses	(6.4)	0.1	large
EBITDA	125.5	149.0	19%
D&A - Operational	(24.7)	(29.2)	18%
D&A - Acquisition Related	(14.5)	(17.8)	23%
EBIT	86.4	102.1	18%
Net Interest and Financing Costs	(8.0)	(9.0)	13%
Tax	(19.1)	(19.1)	-
NPAT	59.2	73.9	25%
EPS	32.4	38.8	20%
EPS (pro forma)	27.6	30.9	12%
DPS	46.0	46.0	-
Effective tax rate	24.4%	20.5%	(16%)

(1) Segment Profit components are presented on a constant currency basis, assuming results are converted at the average foreign exchange rates used for 2020. * The figures below Segment Profit are presented on a reported basis.

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34

Iress full year results presentation

- Income statement reported results

Reported Currency $AUDm 2020 2021 2021 vs 2020 Operating Revenue 542.6 595.9 10% Operating Costs (389.7) (429.7) 10% Segment Proft 152.9 166.2 9% Share Based Payments (21.0) (17.4) (17%) Segment Proft after SBP 131.9 148.8 13% Non-Operating Expenses (6.4) 0.1 large EBITDA 125.5 148.9 19% D&A - Operational (24.7) (29.2) 18% D&A - Acquisition Related (14.5) (17.8) 23% EBIT 86.4 101.9 18% Net Interest and Financing Costs (8.0) (9.0) 13% Tax (19.1) (19.1) - NPAT 59.2 73.8 25% EPS 32.4 38.8 20% EPS (pro forma) 27.6 30.9 12% DPS 46.0 46.0 - Effective tax rate 24.4% 20.5% (16%)

35

Iress full year results presentation

Pro forma NPAT reconciliation

	2020	2021
$AUDm	Reported Add: OneVue Pre-Acq¹ Add: O&M Pre-Acq² One-Off Adjustments³ Pro forma	Reported Remove Currency⁴ One-Off Adjustments⁵ Pro forma
Operating Revenue	542.6 40.3 0.7 - 583.7	595.9 4.3 - 600.2
Operating Costs	(389.7) (36.2) (0.7) - (426.6)	(429.7) (4.1) - (433.8)
Segment Proft	152.9 4.1 (0.0) - 157.1	166.2 0.1 - 166.4
Share-based Payments	(21.0) - - - (21.0)	(17.4) - - (17.4)
Non-operating Items	(6.4) (0.8) - (5.1) (12.3)	0.1 - (12.8) (12.7)
Depreciation and Amort.	(39.1) (5.2) (0.0) - (44.4)	(47.0) - - (47.0)
Interest	(8.0) (1.2) - - (9.2)	(9.0) - - (9.0)
Tax	(19.1) 0.8 - - (18.3)	(19.1) (0.0) (2.2) (21.3)
NPAT	59.2 (2.4) (0.1) (5.1) 51.7	73.8 0.1 (15.0) 58.9
Growth (%)
Operating Revenue		10% 3%
Operating Costs		10% 2%
Segment Proft		9% 6%
NPAT		25% 14%

• (1) Adjustment to include ten months pre-acquisition OneVue trading in 2020 results (business was purchased Nov 2020). (2) Adjustment to include three months pre-acquisition O&M trading in 2020 results (business was purchased Mar 2020).

• (3) Removes the benefit of $1.4m provision revaluation associated with QuantHouse earnout arrangements and $3.7m related to BCG earnout.

• (4) Removes impact of foreign exchange movements in 2021 by converting the results using the 2020 FX rates (refer to slide 46 for FX rates).

• (5) Removes the $14.2m benefit associated with finalisation of QuantHouse earnout arrangements and the $8.1m benefit relating to the finalisation of the BC Gateways (BCG) earnout. Partly offset by (-$5.5m) costs relating to the Warwick (UK) office closure and (-$4.0m) of non-operating costs incurred in relation to the NBIO (Non-binding Indicative Offer) from EQT. The tax effect for the one of costs relating to Warwick and EQT is a benefit of $2.2m and finalisation of the BCG and Quanthouse earnout payments have no income tax effect.

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36

Iress full year results presentation

Pro forma segment proft reconciliation by region

Reported segment profit to pro forma segment profit by region

	2020	2021	2021 vs 2020
$AUDm	Reported Add: OneVue Pre-Acq¹ Add: O&M Pre-Acq² Staff Transfers³ Pro forma	Reported Remove Currency ⁴ Pro forma	Pro forma % Change
APAC	204.0 30.3 - 3.1 237.4	239.1 0.1 239.2	1%
UK & Europe	94.4 - 0.5 0.3 95.2	98.0 1.8 99.8	5%
Mortgages	18.1 - - - 18.1	21.1 0.3 21.4	18%
South Africa	33.9 - - (0.6) 33.3	33.8 (0.8) 33.0	(1%)
North America	11.0 - - (0.5) 10.6	14.5 0.3 14.8	40%
Direct Contribution	361.4 30.3 0.5 2.4 394.6	406.5 1.7 408.2	3%
Product & Technology	(128.4) (6.9) (0.3) (1.1) (136.7)	(135.1) (0.8) (135.9)	(1%)
Operations	(42.6) (14.3) (0.2) (0.5) (57.6)	(60.0) (0.5) (60.5)	5%
Corporate	(37.4) (5.0) (0.1) (0.8) (43.2)	(45.2) (0.3) (45.5)	5%
Segment Proft	152.9 4.1 (0.0) (0.0) 157.1	166.2 0.1 166.4	6%

(1) Adjustment to include ten months pre-acquisition OneVue trading in 2020 results (business was purchased Nov 2020).

(2) Adjustment to include three months pre-acquisition O&M trading in 2020 results (business was purchased Mar 2020).

(3) Adjustment for internal staff transfers between departments to report pro forma numbers on a consistent basis with 2020.

(4) Removes impact of foreign exchange movements in 2021 by converting the results using the 2020 FX rates (refer to slide 46 for FX rates).

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37

Iress full year results presentation

Segment performance

Reported currency

	Segment ($AUDm)	2020	2021	2021 vs 2020
	Revenue
	APAC	289.8	335.3	16%
	UK & Europe	154.6	156.2	1%
	Mortgages	26.9	29.5	9%
	South Africa	42.9	43.4	1%
	North America	28.4	31.5	11%
	Total Revenue	542.6	595.9	10%
	Direct contribution
	APAC	204.0	239.1	17%
	UK & Europe	94.4	98.0	4%
	Mortgages	18.1	21.1	17%
	South Africa	33.9	33.8	-
	North America	11.0	14.5	32%
	Total Direct Contribution	361.4	406.5	12%
	Functional segments
	Product & Technology	(128.4)	(135.1)	5%
	Operations	(42.6)	(60.0)	41%
	Corporate	(37.4)	(45.2)	21%
	Segment Proft	152.9	166.2	9%

38

Iress full year results presentation

APAC

Ongoing demand for financial advice software & high client retention. Super admin client delivery momentum building.

AUD (m)	1H 20	2H 20	2020	1H 21	2H 21	2021	2021 vs 2020
Operating revenue
Trading & Market Data	61.7	63.1	124.8	65.0	68.3	133.3	7%
Financial Advice	63.0	59.9	122.9	60.3	63.5	123.8	1%
Superannuation¹	17.6	19.5	37.1	21.6	21.6	43.2	17%
Investment Infrastructure	0.0	5.0	5.0	17.7	17.3	35.0	large
Total operating revenue	142.3	147.5	289.8	164.6	170.8	335.3	16%
Total operating revenue (ex OneVue)	142.3	139.7	282.0	140.1	146.9	287.0	2%
AUD (m)	1H 20	2H 20	2020	1H 21	2H 21	2021	2021 vs 2020
Operating revenue
Recurring revenue	133.1	136.0	269.1	153.0	161.8	314.8	17%
Non-Recurring revenue	9.2	11.5	20.7	11.6	9.0	20.5	(1%)
Total operating revenue	142.3	147.5	289.8	164.6	170.8	335.3	16%
Direct contribution	102.1	101.9	204.0	116.1	123.0	239.1	17%
Direct contribution margin	72%	69%	70%	71%	72%	71%
Direct contribution margin (ex OneVue)	72%	71%	71%	70%	72%	71%

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(1) Superannuation results are reported numbers and include OneVue superannuation trading from November 2020. For pro forma disclosure results for Superannuation, refer to slide 8.

39

Iress full year results presentation

UK & Europe

Stable underlying revenue. Market data feeds growing. Client delivery and ongoing demand to drive growth.

GBP (m)	1H 20	2H 20	2020	1H 21	2H 21	2021	2021 vs 2020
Operating Revenue
Wealth	17.0	17.9	34.9	17.4	18.0	35.4	1%
Trading	5.7	5.7	11.4	6.0	6.4	12.5	9%
Sourcing	12.2	11.5	23.8	11.7	11.8	23.5	(1%)
QuantHouse Europe	6.4	6.8	13.1	7.0	7.0	14.0	7%
Total operating revenue	41.3	42.0	83.2	42.2	43.3	85.5	3%
Direct contribution	24.6	26.3	50.8	25.7	27.9	53.6	5%
Direct contribution margin	60%	63%	61%	61%	65%	63%

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40

Iress full year results presentation

Mortgages

Two clients went live in 2020. Another two clients in 2021. Size of opportunity remains.

GBP (m)	1H 20	2H 20	2020	1H 21	2H 21	2021	2021 vs 2020
Operating revenue
Recurring revenue	2.9	3.8	6.7	4.4	5.0	9.5	42%
Non-Recurring revenue	3.3	4.6	7.9	3.2	3.5	6.7	(16%)
Total operating revenue	6.2	8.4	14.6	7.6	8.5	16.1	10%
Direct contribution	3.7	6.2	9.8	5.2	6.3	11.5	17%
Direct contribution margin	59%	74%	68%	68%	74%	72%
Segment Proft	1.6	4.5	6.1	3.4	4.7	8.2	34%
NPAT	1.2	3.5	4.7	2.7	3.7	6.4	36%

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41

Iress full year results presentation

South Africa

Successful client deliveries amidst challenging market conditions.

ZAR (m)	1H 20	2H 20	2020	1H 21	2H 21	2021	2021 vs 2020
Recurring revenue	234.3	222.1	456.4	226.5	226.1	452.7	(1%)
Non-Recurring revenue	12.4	14.9	27.3	12.8	16.1	28.9	6%
Operating revenue	246.7	237.0	483.7	239.3	242.3	481.6	(0%)
Direct contribution	195.8	186.6	382.4	189.4	185.3	374.7	(2%)
Direct contribution margin	79%	79%	79%	79%	76%	78%

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42

Iress full year results presentation

North America

Stable underlying client base. QuantHouse broadens market data capability.

CAD (m)	1H 20	2H 20	2020	1H 21	2H 21	2021	2021 vs 2020
Recurring revenue	12.6	12.5	25.2	13.0	14.1	27.1	8%
Non-Recurring revenue	0.5	0.5	1.0	1.4	1.1	2.6	large
Operating revenue	13.1	13.0	26.1	14.4	15.2	29.7	14%
Direct contribution	5.0	5.2	10.1	6.6	7.1	13.7	35%
Direct contribution margin	38%	40%	39%	46%	46%	46%

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43

Iress full year results presentation

Ongoing cost discipline across functional segments¹

Product & Technology (P&T)

Product & Technology (P&T)
	Reported	Pro forma⁽¹⁾
AUD (m)	2020 2021 2021 vs 2020	2020 2021 2021 vs 2020
P&T Costs ($m)	128.4 135.1 5%	136.7 135.9 (1%)
As a % of revenue	24% 23%	23% 23%

Operations

Operations
	Reported	Pro forma⁽¹⁾
AUD (m)	2020 2021 2021 vs 2020	2020 2021 2021 vs 2020
Operations Costs ($m)	42.6 60.0 41%	57.6 60.5 5%
As a % of revenue	8% 10%	10% 10%

Corporate

	Reported	Pro forma⁽¹⁾
AUD (m)	2020 2021 2021 vs 2020	2020 2021 2021 vs 2020
Corporate Costs ($m)	37.4 45.2 21%	43.2 45.5 5%
As a % of revenue	7% 8%	7% 8%

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(1) Pro forma adjustments excludes currency movements (assuming results are converted at the average foreign exchange rates used for 2020), adds back the pre acquisition results for OneVue and O&M to the comparative period and adjust for internal staff transfers.

44

Iress full year results presentation

Strong balance sheet and cash conversion averaging >90% over time

$AUDm	2020	2021
Total current assets	133.8	148.6
Total non-current assets	872.6	884.0
Total Assets	1,006.5	1,032.6
Total current liabilities	103.8	108.8
Total non-current liabilities	315.9	386.9
Total Liabilities	419.7	495.7
Net Assets	586.8	536.9
$AUDm	2020	2021
Cash	63.1	64.4
Borrowings	(188.4)	(296.5)
Net debt⁽¹⁾	125.1	233.8
Leverage⁽²⁾	0.8	1.4

Cash conversion (%) ³

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Cash conversion of 82% due to timing of invoices in 2020 and 2021. After normalising for these factors, 2021 cash conversion was 90% which is largely line with the historic average.

(1) Measured as borrowings excluding capitalised borrowing costs, net of derivatives, and less cash and cash equivalents.

(2) Leverage = Net debt divided by the last twelve months of segment profit.

(3) Cash conversion = Cash generated from operating activities / Reported segment profit. The business generated $135.8m of cash from operating activities in 2021 from a rolling segment profit of $166.2m. (4) Normalised cash flow removes the impact from the timing of the prepayment of expenses in each year and also the one off impact of UK value added tax payments deferred from 2020 to 2021 ($8.0m).

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45

Iress full year results presentation

Depreciation and Amortisation (D&A)

D&A – Operational

D&A – Operational
$AUDm	1H 20	2H 20	2020	1H 21	2H 21	2021
Depreciation
Plant & Equipment	5.4	5.6	11.0	5.7	6.0	11.7
Amortisation
Software	0.6	0.8	1.4	0.8	0.8	1.6
Leases	5.7	6.6	12.3	7.5	8.3	15.9
Total D&A - Operational	11.7	13.0	24.7	14.1	15.1	29.2

D&A – Acquisition Related¹

D&A – Acquisition Related¹
$AUDm 1H 20 2H 20 2020 1H 21 2H 21 2021 1H 22 2H 22 2022	1H 23 2H 23 2023
Computer Software
BC Gateways - 0.1 0.1 0.1 0.1 0.2 0.1 0.1 0.2 0.1 0.1 0.2
Financial Synergy 1.1 1.1 2.2 1.1 1.1 2.2 1.1 1.1 2.2 1.1 1.1 2.2
INET 0.8 0.8 1.6 0.8 0.8 1.6 0.3 0.2 0.5 0.2 0.2 0.4
Lucsan 0.6 0.6 1.2 0.6 0.9 1.5 - - - - - -
OneVue - 0.6 0.6 1.8 1.9 3.7 1.7 1.7 3.4 1.7 1.7 3.4
Pathways 0.1 0.1 0.2 - - - - - - - - -
Avelo 0.4 0.2 0.6 0.2 0.2 0.4 - - - - - -
O&M 0.2 0.2 0.4 0.2 0.2 0.4 0.2 0.2 0.4 0.2 0.2 0.4
Proquote & Pulse 0.2 0.2 0.4 - - - - - - - - -
QuantHouse 1.0 1.0 2.0 1.0 1.0 2.0 1.0 1.0 2.0 1.0 1.0 2.0
Customer Relationships
Financial Synergy 0.6 0.6 1.2 0.6 0.8 1.4 0.6 0.6 1.2 0.6 0.6 1.2
OneVue - 0.2 0.2 0.6 0.6 1.2 0.6 0.6 1.2 0.6 0.6 1.2
Avelo 0.9 - 0.9 - - - - - - - - -
O&M 0.2 0.2 0.4 0.2 0.2 0.4 0.2 0.2 0.4 0.2 0.2 0.4
Proquote & Pulse 1.3 1.3 2.6 1.3 1.3 2.6 1.3 0.9 2.2 0.6 0.6 1.1
QuantHouse - - - - - - - - - - - -
Brands
Proquote & Pulse - - - - 0.2 0.2 - - - - - -
Total D&A - Acquisition Related 7.3 7.1 14.5 8.5 9.3 17.8 7.1 6.6 13.7 6.2 6.2 12.4

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(1) Figures are converted at the average foreign exchange rates used for 2020.

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Iress full year results presentation

Foreign exchange rates

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2021 foreign exchange rates 2020 foreign exchange rates
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2021 Rate GBP 0.5477 CAD 0.9435 ZAR 11.0981 EUR 0.6367	2020 Rate GBP 0.5391 CAD 0.9244 ZAR 11.3504 EUR 0.6052

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47

Iress full year results presentation

Glossary

	Pro forma	2020 pro forma	results adds back the pre acquisition trading for OneVue and O&M and adjusts to exclude a $5.1m beneft in Non-Operating Expenses relating to provision revaluations for BCG and
		QuantHouse earn-outs.
		2021 pro forma	results excludes currency movements (assuming 2021 results are converted at the average foreign exchange rates used for 2020) and excludes a beneft of $15.0m for signifcant
		one-off items relating to the fnalisation of the QuantHouse +$14.2m, and BCG earnout +$8.1m, non-operating costs related to NBIO (Non-binding Indicative Offer) from EQT -$4m, and the ofce closure
		at Warwick -$5.5m. The tax effect for the one-off costs relating to Warwick and EQT is a beneft of $2.2m and fnalisation of the BCG and Quanthouse earn out payments have no income tax effect.
	Cash fow conversion	Cash generated from operating activities / Reported segment proft
	ROIC	NPAT (excluding Interest and fnance costs) / (net debt + equity)
	Pro forma ROIC	Calculated using Pro forma NPAT (excluding interest and fnance costs) as a percentage of the addition of net debt and equity
	Net debt	Borrowings excluding capitalised borrowing costs, net of derivatives, and less cash and cash equivalents
	Leverage	Net debt / Segment proft
	Recurring revenue	Revenue from subscription and licence fees
	Non-recurring revenue	Revenue from project implementation fees and consulting
	Retention rate	Percentage of revenue from customers retained from prior year total group revenue
	Pro forma Earnings per share	Calculated using Pro forma NPAT / Pro forma Weighted average number of ordinary shares used in basic earnings per share
	Pro forma weighted average	Pro forma weighted average number of ordinary shares is the weighted average number of ordinary shares for the year adjusted to include an additional 4.7m shares which assumes
	number of shares used in EPS	The shares issued to raise the capital to acquire OneVue were issued on the 1 January 2021 (an additional 5 months from when the capital was actually raised on June 2021).
	Reported Earnings per share	Reported NPAT / Weighted average number of shares

48

Iress full year results presentation

Glossary

Annual Churn rate	Measured as the percentage of revenue from lost customers / prior year total group revenue. Value of revenue from lost customers is equal to the last 12 months of revenue recognised prior to the	Measured as the percentage of revenue from lost customers / prior year total group revenue. Value of revenue from lost customers is equal to the last 12 months of revenue recognised prior to the
	month of leaving.
Avg. Customer Lifetime	Calculated by taking the inverse of the churn rate (i.e. 1 divided by churn rate)
Lifetime Value (LTV) per customer	Calculated by taking the average customer lifetime multiplied by average revenue per customer, multiplied by the direct contribution margin percentage
Average Revenue Per Customer	Total revenue in the period divided by average number of customers during fnancial year
(ARPC)
Total Lifetime Value (LTV)	LTV per customer multiplied by the number of customers at the end of that period
Return on Sales & Marketing	Calculated by taking the revenue growth multiplied by the average customer lifetime, divided by sales & marketing expense

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49

Iress full year results presentation

Disclaimer

The material in this presentation is intended to be general background information on Iress Limited and its activities, current at the date of the presentation. The information is provided in summary form and does not purport to be complete or to contain all of the information that an investor should consider when making an investment decision. It should be read in conjunction with Iress’ other periodic and continuous disclosure announcements lodged with the ASX, which are available at www.asx.com.au.

It is not intended to be relied upon as advice to investors or potential investors and does not consider the individual circumstances of any particular investor. Prior to making a decision in relation to Iress’ securities, products or services, investors or potential investors should consider their own investment objectives, financial situation and needs and obtain professional advice. Nothing contained in this document constitutes investment, legal, tax or other advice.

No representations or warranties

The material contained in this presentation may include information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information.

To the maximum extent permitted by law, Iress, any of its related bodies corporate or its directors, officers, employees, professional advisors and agents (Related Parties) do not accept any liability for any loss arising from or in connection with this presentation including, without limitation, any liability arising from fault or negligence, or make any representations or warranties regarding, and take no responsibility for, any part of this presentation and make no representation or warranty, express or implied, as to the currency, accuracy, reliability, or completeness of information in this presentation.

Forward looking statements

This presentation contains forward-looking statements, which may be identified by words such as ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘intend’, ‘will’, ‘plan’, ‘may’, ‘could’, ‘should’, ‘predict’, ‘forecast’, ‘target’ and similar expressions. Indications of, and guidance on, future earnings, financial position, distributions and performance are also forward-looking statements as are statements regarding Iress’ businesses, future developments, market outlook, market conditions, results of operations, the outcome of the strategies described in this presentation and the use of proceeds. Such forward-looking statements are based on Iress’ current views and assumptions, and involve known and unknown risks and uncertainties, many of which are beyond the control of Iress and its Related Parties.

These risks include domestic and international economic conditions, exchange rates (including foreign exchange rates), competition in the markets in which Iress will operate, the substantial technological changes taking place in the financial software industry, the continuing growth in the technology markets where Iress will operate, and the risk of information security breaches and/or failure of critical systems. A number of these factors are described in the “material business risks” section of our Annual Report for the year ended 31 December 2020, which was lodged with the ASX on 18 February 2021 and is available on Iress’ website: www.iress.com/resources/investors/reports-presentations

In addition to the risks and uncertainties outlined above, there are particular risks and uncertainties in connection with the implementation of the strategies and targets described in this presentation including: the response of customers to changes in Iress’ products, services and platform, including if Iress determines that a product or service should be discontinued; that detailed business plans have not been developed for the entirety of the strategy; that the full scope and cost of implementation may vary as plans are developed and as Iress engages with third parties; that Iress may not successfully execute and manage implementation of these strategies and plans in a sequenced, controlled and effective manner and in accordance with the relevant project and business plans (once developed), including due to a lack of sufficient qualified personnel or loss of key personnel; and Iress’ ability to execute productivity initiatives and realise operational synergies, cost savings and revenue benefits in accordance with its plans.

These risks and uncertainties could cause actual results, performance or events to differ materially from those expressed or implied. There are usually differences between forecast and actual results because events and actual circumstances frequently do not occur as forecast and their differences may be material. Forward-looking statements contained in this presentation are not guarantees or representations of future performance and should not be relied upon as such. Neither Iress, nor its Related Parties, give any representation, warranty, assurance, nor will guarantee that the occurrence of the events expressed or implied in any forward-looking statement will occur. Readers should not place undue reliance on these forward-looking statements (including projections, guidance on future earnings and estimates), which speak only as of the date of this presentation. Each recipient of this publication should make its own enquiries and investigations regarding all information included in this publication including the assumptions, uncertainties and contingencies which may affect Iress’ future operations and the values and the impact that future outcomes may have on Iress. To the maximum extent permitted by law, Iress and its Related Parties disclaim any obligation, undertaking or responsibility to update or revise any forward-looking statement to reflect any change in Iress’ financial condition, status or affairs or any change in the expectations, assumptions, events, conditions or circumstances on which a statement is based after the date of this presentation, except as required by Australian law (including applicable disclosure requirements).

Securities

This presentation is not intended to (nor does it) constitute an offer, invitation or recommendation by or on behalf of Iress or its Related Parties to subscribe for, purchase, sell or otherwise deal in any equity instrument or other securities, nor are they intended to be used for the purpose of or in connection with offers, invitations or recommendations to subscribe for, purchase, sell or otherwise deal in any equity instruments or other securities.

Figures

Unless otherwise noted, financial information, including forward-looking figures, in this presentation is based on IFRS. This presentation contains financial information and disclosures which are extracted or derived from the Consolidated Interim Financial Report for the year ended 31 December 2021, which has not been reviewed by Iress’ independent auditor.

All amounts and dollar values are in Australian dollars (A$) and financial data is presented within the twelve months ended 31 December 2021 unless otherwise stated. Certain figures, amounts, percentages, estimates, calculations of value and fractions may be subject to rounding differences. All market share information in this presentation is based on management estimates based on internally available information unless otherwise indicated.

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Contact

~~Andrew Walsh~~ Managing Director & CEO ~~John Harris~~ Chief Financial Officer +61 3 9018 5800 ~~iress.com~~

© Iress 2022