Appendix 4D | 1

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Steadfast Group Limited and controlled entities

Appendix 4D (rule 4.3A)

Preliminary final report for the half year ended 31 December 2024

Results for announcement to the market

(All comparisons to half year ended 31 December 2023)

	31 Dec 2024 $’m	Up/Down $’m	Movement %
Revenues from ordinary activities	779.7	126.6	19%
Underlying EBITA before non-trading items	262.4	33.4	15%
Net profit after tax attributable to shareholders (Statutory NPAT) (Note 1)	106.4	6.0	6%
Underlying net profit after tax attributable to shareholders (Underlying NPAT) (Note 1)	128.1	22.1	21%
Total comprehensive income attributable to shareholders	112.4	16.7	17%

Note 1:

The table below provides the reconciliation between statutory and underlying NPAT:

	31 Dec 2024 $’m	31 Dec 2023 $’m
Statutory NPAT	106.4	100.4
Adjustments for non-trading items (net of tax and NCI):
Net deferred/contingent consideration expense (excluding Sure Insurance)	2.7	9.2
Impairment expense (including current period net adjustment relating to Sure Insurance acquisition)	6.51	0.4
Mark-to-market losses/(gains) from revaluation and/or sale of listed investments	8.4	(3.3)
Net loss/(gain) from change in value or sale of businesses and other movements	4.1	(0.7)
Underlying NPAT attributable to owners of Steadfast Group Limited	128.1	106.0

Includes deferred/contingent consideration income of $35.8 million and impairment expense of $38.5 million ($37.4 million net of tax) pertaining to the accounting for the earnout and carrying value of Sure Insurance. The remaining $4.9 million relates to impairment expense on other subsidiaries.

Some of the financial data in the table above is disclosed on an underlying basis to provide a more meaningful analysis of the Group’s financial results from normal operating activities. The adjustments to statutory NPAT have been extracted from the books and records that have been reviewed. Underlying NPAT has been disclosed in accordance with ASIC’s Regulatory Guide RG230.

Appendix 4D | 2

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Dividend information

Dividend information
	Amount per share Cents	Franked amount per share Cents	Tax rate for franking credit %
Interim 2025 dividend per share	7.80	7.80	30.0
Interim dividend dates
Ex-dividend date			3 March 2025
Record date			4 March 2025
Payment date			27 March 2025

The Company’s Dividend Reinvestment Plan (DRP) will operate by purchasing ordinary shares on market. No discount will be applied. The last election notice for participation in the DRP in relation to this interim dividend is 5 March 2025.

A copy of the full terms and conditions for the DRP is available at http://investor.steadfast.com.au/InvestorCentre/?page=Dividends.

	31 Dec 2024 $	30 Jun 2024 $
Net tangible liabilities per ordinary share*	(0.12)	(0.02)

Net tangible liabilities per ordinary share are based on 1,106,290,675 shares on issue at 31 December 2024. There has been no increase in ordinary shares on issue since 30 June 2024.

Appendix 4D | 3

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Other information

As at the end of the reporting period, Steadfast Group Limited held an interest in the following associates and joint ventures:

joint ventures:
	Ownership interest %
Associates
Ausure GroupPtyLtd – associates thereof	22.8%
Baileys Premium FundingLimited	40.0%
Blackburn(Insurance Brokers)PtyLtd and LiabilityBrokers PtyLtd	40.0%
Calliden GroupPtyLtd - associates thereof	45.0%
CommunityBroker Network PtyLtd - associates thereof	36.0%
CovercorpPtyLtd	49.0%
Coverforce HoldCo PtyLtd - associates thereof	33.3%
Flame SecurityInternational PtyLtd and its subsidiaries	26.3%
HJS Unit Trust	33.3%
Insurance Brands Australia PtyLtd – associates thereof	22.4%
J.D.I.(Young)Pty. Limited	25.0%
Johansen Insurance Brokers Pty. Ltd.	48.4%
McKillops Insurance Brokers Pty. Ltd.	49.0%
McLardyMcShane Partners PtyLtd and McLardyMcShane Insurance Brokers PtyLtd	37.0%
Meridian Lawyers Limited	25.0%
Origin Insurance Brokers PtyLtd	49.0%
RothburyGroupLimited and its subsidiaries and associates	44.2%
RSM Build PtyLtd	49.0%
RSM GroupPtyLtd	49.0%
RSM Tasmania PtyLtd	49.0%
Seneca Insurance Brokers Limited	40.0%
Southside Insurance Brokers PtyLtd	49.0%
Steadfast Life PtyLtd and its subsidiaries	43.8%
SterlingInsurance PtyLimited	39.5%
Transport Plus Insurance Brokers PtyLtd	49.0%
UnisonSteadfast AG - associates thereof	30.0%
Watkins Insurance Brokers PtyLimited and its subsidiary	35.0%
Joint ventures
Abbott NZ Holdings Limited -joint ventures thereof	50.0%
Ausure GroupPtyLtd -joint ventures thereof	35.3%
BAC Insurance Brokers PtyLtd and its subsidiary	50.0%
Blend Insurance Solutions PtyLtd and its subsidiary	50.0%
Coverforce HoldCo PtyLtd -joint ventures thereof	49.3%
Network Insurance GroupPtyLtd -joint ventures thereof	32.5%
Steadfast Risk GroupPtyLtd -joint ventures thereof	50.0%

The aggregate share of profits after tax of associates and joint ventures accounted for using the equity method is $17.8 million. (Refer Note 11 Share of associated & joint ventures’ profit after income tax)

Additional Appendix 4D disclosure requirements can be found in the Directors’ Report and the 31 December 2024 financial statements and accompanying notes.

This report is based on the consolidated financial statements which have been reviewed by KPMG.

Appendix 4D | 4

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Attachment A

Steadfast Group Limited Half Year Report – 31 December 2024

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Steadfast Group Half Year Report 2025

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Contents
Directors’ Report	03
Operating and financial review	04
Lead Auditor's Independence Declaration	07
Consolidated statement of profit or loss and other comprehensive income	09
Consolidated statement of financial position	11
Consolidated statement of changes in equity	13
Consolidated statement of cash flows	15
Notes to the financial statements	17
Directors' declaration	40
Independent Auditor's Review Report	41
Glossary of terms	43
Corporate directory	44

02 Steadfast Group Half Year Report 2025

Directors’ Report

The Directors present their report together with the consolidated financial statements of Steadfast Group Limited (Steadfast or the Company), its subsidiaries and interests in associates and joint ventures (collectively Steadfast Group or the Group) for the half year ended 31 December 2024 (1H25) and the Independent Auditor's Review Report thereon.

Directors

The Directors of the Company in office at any time during or since the end of the half year are as follows:

Name	Date of appointment
Chair
Frank O’Halloran AM	21 October 2012
Managing Director & CEO
Robert Kelly AM	18 April 1996
Other Directors
Vicki Allen	18 March 2021
Andrew Bloore	15 November 2023
Joan Cleary	28 July 2022
Gai McGrath	1 June 2018
Greg Rynenberg	10 August 1998
Former Director
David Liddy AM (Deputy Chair) 1	1 January 2013

1 David Liddy AM retired as a Non-Executive Director on 31 October 2024.

Steadfast Group Half Year Report 2025 03

Directors’ Report continued

Operating and financial review

A. Operating results for the half year

The trading results for the half year are summarised as follows (refer Note 4 and Note 5):

	31 Dec 2024	31 Dec 2023
	$'m	$'m
Statutory NPAT	106.4	100.4
Adjustments for non-trading items (net of tax and NCI):
Net deferred/contingent consideration expense (excluding Sure Insurance)	2.7	9.2
Impairment expense (including current period net adjustment relating to Sure Insurance
acquisition) (refer to Note 7E)	6.51	0.4
Mark-to-market losses/(gains) from revaluation and/or sale of listed investments	8.4	(3.3)
Net loss/(gain) from change in value or sale of businesses and other movements	4.1	(0.7)
Underlying NPAT attributable to owners of Steadfast Group Limited	128.1	106.0
Underlying diluted earnings per share (EPS) (cents per share)	11.6	10.2
Statutory diluted EPS (cents per share)	9.6	9.6

1 Includes deferred/contingent consideration income of $35.8 million and impairment expense of $38.5 million ($37.4 million net of tax) pertaining to the accounting for the earnout and carrying value of Sure Insurance. The remaining $4.9 million relates to impairment expense on other subsidiaries.

Underlying NPAT was $128.1 million compared with $106.0 million for the period to 31 December 2023. The increase was mainly due to:

revenue growth from price increases by insurers as well as moderate volume increases;

further acquisition of insurance intermediary businesses, including H.W. Wood located in the UK, France and Greece; acquisition of additional equity stakes in existing insurance intermediary businesses; and

a full period contribution from Sure Insurance, ISU Group and other businesses acquired in the financial year ended 30 June 2024 (FY24).

Underlying NPAT reflects the basis upon which performance is measured and monitored by the Board and management. Underlying NPAT has been disclosed in accordance with ASIC’s Regulatory Guide RG230. The adjustments to profit have been extracted from the reviewed books and records. Underlying NPAT is disclosed to provide a more meaningful analysis of the Group's financial results from normal operating activities.

B. Review of financial condition

I. Financial position

During the half year, total equity decreased by $83.2 million. The increase in equity from the statutory profit of $106.4 million was offset by the the payment of the final FY24 dividend and reductions in other reserves due to changes in equity interests in subsidiaries ($68.9 million), predominantly relating to the accounting requirement regarding step-up transactions where the price paid to acquire additional interests exceeded the original book value, due to growth in the underlying businesses.

Debt drawdowns were deployed on acquisitions, which increased goodwill by $67.4 million and identifiable intangibles by $22.6 million as detailed in Note 10 to the financial statements, and the purchase of additional equity interests in existing subsidiaries (which reduced non-controlling interests in equity).

II. Cash from operations

Net cash inflows from operating activities of $184.9 million (excluding trust account and premium funding movements) reflected continued full conversion of pre tax profits into cash flows. After funding dividends to shareholders, the remaining free cash flow is available for corporate activities, including future acquisitions of business interests.

04 Steadfast Group Half Year Report 2025

III. Capital management

At 31 December 2024, the Company had 1,106.3 million ordinary shares on issue, unchanged since 30 June 2024. The Company continues to acquire shares on market to provide for future share issues to employees, including Key Management Personnel (KMP), under equity-based incentive schemes.

The Group leverages its equity, adopting a maximum 30.0% total gearing ratio (excluding premium funding borrowings) at the balance date. As part of the Group’s disciplined approach to capital management, the Board has undertaken a review of its gearing policy to ensure alignment with its strategic objectives and market conditions. Following this review, the Board has approved an updated gearing policy adopting a maximum 35.0% total gearing ratio (excluding premium funding borrowings), which will be implemented on a go-forward basis. At 31 December 2024, the Group's gearing ratio was 24.8% (30 June 2024: 20.2%). Refer Note 9C.

At 31 December 2024, the Group had an $860.0 million multibank syndicated facility with a combination of three year and five year tranches, extending to 2026 and 2028 respectively, with the Group having an unutilised amount of $103.2 million within this facility. There is also the ability to access an accordion facility for a further $300.0 million.

At 31 December 2024, the Warehouse Trust limit for IQumulate Premium Funding Pty Ltd was $720.0 million (including a $60.0 million overdraft facility) with an availability period to July 2025. The premium funding borrowings, secured primarily by the premium funding receivables, have a one-year term (renewed on an annual basis) to attract a lower cost of borrowing which is standard commercial practice for this sector. Whilst the contractual availability period ends in July 2025, the premium funding borrowings have been classified as non-current in the statement of financial position as the contractual maturity date includes an amortisation period giving the Group 12 months to repay from the date of the last maturing premium funding loan in the Warehouse Trust.

The corporate debt and premium funding facilities are not cross collateralised.

Events after the reporting period

Subsequent to 31 December 2024, the Board declared an interim dividend of 7.8 cents per share, fully franked. The dividend will be paid on 27 March 2025.

Likely developments

The Group’s strategy is to grow shareholder value through maintaining and growing its market position both organically and through acquisitions, with a core focus on general insurance intermediation. Details are provided in the strategy and prospects section of the Directors’ Report in the Annual Report for the year ended 30 June 2024.

A number of acquisitions in 1H25 reflected increased ownership interests in our existing businesses. The technical accounting requirements for such step up acquisitions mean that the acquired EBITA is reflected as a reduction in non-controlling interests and not as an increase in EBITA. As a result, the Board reaffirms previous FY25 guidance except for a revision to EBITA guidance as follows:

Underlying EBITA of $585.0 million to $595.0 million (previously $590.0 million to $600.0 million) Underlying NPAT of $290.0 million to $300.0 million Underlying NPATA of $340.0 million to $350.0 million

Underlying diluted EPS (NPAT) growth of 12% to 16%

This is subject to the following key assumptions:

insurance premium price increases of mid-single digits by our strategic partners in 2H25; and completing $300.0 million of acquisitions throughout FY25.

Key risks are set out in the 2024 Annual Report (pages 50 to 51).

Lead Auditor's Independence Declaration

The Lead Auditor's Independence Declaration is set out on page 7 and forms part of the Directors’ Report for the half year ended 31 December 2024.

Steadfast Group Half Year Report 2025 05

Directors’ Report continued

Rounding

The Group is of the kind referred to in the ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191 issued by the Australian Securities & Investments Commission. In accordance with that Instrument, amounts in the Directors’ Report and financial report have been rounded to the nearest hundred thousand dollars, unless otherwise stated.

Signed at Sydney on 25 February 2025 in accordance with a resolution of the Directors.

Frank O’Halloran AM Chair

Robert Kelly AM Managing Director & CEO

06 Steadfast Group Half Year Report 2025

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Lead Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001

To the Directors of Steadfast Group Limited

I declare that, to the best of my knowledge and belief, in relation to the review of Steadfast Group Limited for the half-year ended 31 December 2024 there have been:

i. no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the review; and
ii. no contraventions of any applicable code of professional conduct in relation to the review

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KPMG

David Kells Partner Sydney 25 February 2025

KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme approved under Professional Standards Legislation.

Steadfast Group Half Year Report 2025 07

The 1H25 results continue Steadfast’s record of delivering consistent accretive growth to shareholders since listing.

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1H25 underlying EBITA of $262.4m up 14.6%

08 Steadfast Group Half Year Report 2025

Steadfast Group Limited

Consolidated statement of profit or loss and other comprehensive income

For the half year ended 31 December 2024

		31 Dec 2024	31 Dec 2023
	Notes	$'m	$'m
Fee and commission income		773.6	701.3
Less: brokerage commission paid		(151.8)	(151.6)
Net fee and commission income		621.8	549.7
Premium funding interest income		67.3	60.3
Share of profits of associates and joint ventures	11	17.8	17.9
Fair value (loss)/gain on listed investments		(12.1)	4.7
Net gain/(loss) from change in ownership in equity businesses and deferred/
contingent consideration		44.4	(7.4)
Interest income		32.9	23.8
Other income		7.6	4.1
Total income net of brokerage commission paid		779.7	653.1
Employment expense		(329.0)	(285.6)
Operating, brokers’ support service and other expenses		(104.6)	(93.4)
Selling expense		(43.2)	(36.5)
Amortisation expense	7	(36.2)	(33.6)
Depreciation expense		(15.1)	(13.4)
Impairment expense	7,11	(43.6)	(0.4)
Finance cost		(31.5)	(21.9)
Total expenses		(603.2)	(484.8)
Profit before income tax expense		176.5	168.3
Income tax expense		(49.7)	(48.7)
Profit after income tax expense for the financial period		126.8	119.6
PROFIT FOR THE FINANCIAL PERIOD IS ATTRIBUTABLE TO:
Non-controlling interests		20.4	19.2
Owners of Steadfast Group Limited	4	106.4	100.4
		126.8	119.6

Steadfast Group Half Year Report 2025 09

Consolidated statement of profit or loss and other comprehensive income continued

and other comprehensive incomecontinued
		31 Dec 2024	31 Dec 2023
	Notes	$'m	$'m
OTHER COMPREHENSIVE INCOME/(LOSS)
Items that may be reclassified subsequently to profit or loss
Net movement in foreign currency translation reserve		7.0	(3.7)
Cash flow hedge effective portion of change in fair value		(1.4)	(1.4)
Income tax benefit on other comprehensive income		0.4	0.4
Total other comprehensive income/(loss) for the financial period, net of tax		6.0	(4.7)
Total comprehensive income for the financial period, net of tax		132.8	114.9
TOTAL COMPREHENSIVE INCOME FOR THE FINANCIAL PERIOD IS
ATTRIBUTABLE TO:
Non-controlling interests		20.4	19.2
Owners of Steadfast Group Limited		112.4	95.7
		132.8	114.9
EARNINGS PER SHARE
Basic earnings per share (cents per share)	5	9.6	9.6
Diluted earnings per share (cents per share)	5	9.6	9.6

The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the notes to the financial statements.

10 Steadfast Group Half Year Report 2025

Steadfast Group Limited

Consolidated statement of financial position

As at 31 December 2024

		31 Dec 2024	30 Jun 2024
	Notes	$'m	$'m
ASSETS
Current assets
Cash and cash equivalents		375.9	300.4
Cash held on trust		1,114.7	1,026.0
Trade and other receivables	12	268.2	339.5
Premium funding receivables	12	831.3	775.6
Income tax receivable		1.3	-
Other		40.5	22.4
Total current assets		2,631.9	2,463.9
Non-current assets
Goodwill	7	2,334.5	2,303.1
Intangible assets	7	380.3	387.1
Investments in associates and joint ventures	11	247.4	238.2
Property, plant and equipment		66.9	66.9
Right-of-use assets		77.9	73.1
External shareholder loans		44.8	43.7
Loans to associates and joint ventures		4.3	6.0
Other financial assets		17.2	48.5
Deferred tax assets		38.8	51.7
Other		24.4	23.6
Total non-current assets		3,236.5	3,241.9
Total assets		5,868.4	5,705.8

Steadfast Group Half Year Report 2025 11

Consolidated statement of financial position continued

		31 Dec 2024	30 Jun 2024
	Notes	$'m	$'m
LIABILITIES
Current liabilities
Payables on broking/underwriting agency operations		1,079.0	1,005.5
Trade and other liabilities		198.3	193.5
Premium funding payables		182.3	188.6
Corporate and subsidiary borrowings	8	2.9	4.9
Premium funding borrowings	8	55.7	46.3
Lease liabilities		20.3	20.0
Deferred/contingent consideration	10	96.6	121.2
Provisions		66.3	70.8
Income tax payable		-	22.6
Total current liabilities		1,701.4	1,673.4
Non-current liabilities
Corporate and subsidiary borrowings	8	802.6	634.2
Premium funding borrowings	8	645.6	530.3
Deferred tax liabilities		137.1	164.1
Lease liabilities		65.1	60.8
Provisions		15.0	14.0
Deferred/contingent consideration	10	16.3	60.4
Other		0.3	0.4
Total non-current liabilities		1,682.0	1,464.2
Total liabilities		3,383.4	3,137.6
Net assets		2,485.0	2,568.2
EQUITY
Share capital	9	2,293.3	2,293.3
Treasury shares held in trust	9	(18.6)	(16.9)
Revaluation reserve		12.1	12.1
Other reserves		(195.4)	(161.2)
Retained earnings		194.5	202.6
Equity attributable to the owners of Steadfast Group Limited		2,285.9	2,329.9
Non-controlling interests		199.1	238.3
Total equity		2,485.0	2,568.2

The above consolidated statement of financial position should be read in conjunction with the notes to the financial statements.

12 Steadfast Group Half Year Report 2025

Steadfast Group Limited

Consolidated statement of changes in equity

For the half year ended 31 December 2024

31 Dec 2024	Equity attributable to owners of Steadfast Group Limited
	Share capital $'m Treasury shares held in trust $’m Reval- uation reserve $'m Other reserves $’m Retained earnings $’m Total $’m Non- controlling interests $’m Total equity $’m
Balance at 1 July 2024	2,293.3 (16.9) 12.1 (161.2) 202.6 2,329.9 238.3 2,568.2
Profit after income tax expense	- - - - 106.4 106.4 20.4 126.8
Other comprehensive income, net of tax	- - - 6.0 - 6.0 - 6.0
Total comprehensive income	- - - 6.0 106.4 112.4 20.4 132.8
TRANSACTIONS WITH OWNERS IN THEIR CAPACITY AS OWNERS:
Shares acquired and held in trust (Note 9)	- (8.2) - - - (8.2) - (8.2)
Share-based payments	- - - 3.5 - 3.5 - 3.5
Shares allocated/(allotted) (Note 9)	- 6.5 - (6.7) - (0.2) - (0.2)
Non-controlling interests of acquired entities (Note 10)	- - - - - - 0.5 0.5
Additions to/revaluations of put options over non-controlling interests (Note 10G)	- - - 0.3 - 0.3 - 0.3
Change in equity interests in subsidiaries without loss of control	- - - (37.3) - (37.3) (31.6) (68.9)
Final dividend declared and paid (Note 6)	- - - - (114.5) (114.5) (28.5) (143.0)
Balance at 31 December 2024	2,293.3 (18.6) 12.1 (195.4) 194.5 2,285.9 199.1 2,485.0

Steadfast Group Half Year Report 2025 13

Consolidated statement of changes in equity continued

31 Dec 2023	Equity attributable to owners of Steadfast Group Limited
	Share capital $'m Treasury shares held in trust $’m Reval- uation reserve $'m Other reserves $’m Retained earnings $’m Total $’m Non- controlling interests $’m Total equity $’m
Balance at 1 July 2023	1,949.0 (15.9) 12.1 (46.5) 142.7 2,041.4 203.5 2,244.9
Profit after income tax expense	- - - - 100.4 100.4 19.2 119.6
Other comprehensive loss, net of tax	- - - (4.7) - (4.7) - (4.7)
Total comprehensive income	- - - (4.7) 100.4 95.7 19.2 114.9
TRANSACTIONS WITH OWNERS IN THEIR CAPACITY AS OWNERS:
Issue of share capital (Note 9)	344.4 - - - - 344.4 - 344.4
Shares acquired and held in trust (Note 9)	- (8.2) - - - (8.2) - (8.2)
Share-based payments	- - - 3.7 - 3.7 - 3.7
Shares allocated/(allotted) (Note 9)	- 8.4 - (8.4) - - - -
Non-controlling interests of acquired entities (Note 10)	- - - - - - 13.2 13.2
Additions to/revaluations of put options over non-controlling interests (Note 10G)	- - - (33.8) - (33.8) - (33.8)
Change in equity interests in subsidiaries without loss of control	- - - (48.1) - (48.1) 19.5 (28.6)
Final dividend declared and paid (Note 6)	- - - - (93.5) (93.5) (21.0) (114.5)
Balance at 31 December 2023	2,293.4 (15.7) 12.1 (137.8) 149.6 2,301.6 234.4 2,536.0

The above consolidated statement of changes in equity should be read in conjunction with the notes to the financial statements.

14 Steadfast Group Half Year Report 2025

Steadfast Group Limited

Consolidated statement of cash flows

For the half year ended 31 December 2024

		31 Dec 2024	31 Dec 2023
	Notes	$'m	$'m
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers		858.1	710.1
Payments to suppliers, employees and Network broker rebates		(603.2)	(513.7)
Dividends received from associates and joint ventures		16.1	14.0
Interest received		32.9	22.9
Interest and other finance costs paid		(31.3)	(19.6)
Net cash from operating activities before tax, customer trust account and premium
funding movements		272.6	213.7
Income taxes paid		(87.7)	(91.5)
Net cash from operating activities before customer trust account and premium
funding movements		184.9	122.2
Net cash outflow to premium funding customers		(59.5)	(213.9)
Net movement in customer trust accounts (net cash receipts/payments on behalf
of customers)		38.9	77.4
Net cash from/(used in) operating activities	15	164.3	(14.3)
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for acquisitions of subsidiaries and business assets		(78.4)	(262.9)
Cash acquired from acquisitions of subsidiaries and business assets	10	57.3	30.2
Payments for investments in associates and joint ventures	11	(6.1)	(8.3)
Payments for step-up investment in subsidiaries and restructures		(72.0)	(56.0)
Dividends received from listed investment		0.5	0.3
Proceeds from/payments for shares in other financial assets		17.3	(5.4)
Payments of deferred/contingent consideration for subsidiaries, associates and
business assets	10	(54.6)	(59.5)
Proceeds from part disposal of investment in subsidiaries and restructures		8.3	16.3
Proceeds from disposal of investment in associates		-	1.6
Payments for property, plant and equipment		(3.2)	(3.0)
Payments for intangible assets		(2.1)	(0.5)
Net cash used in investing activities		(133.0)	(347.2)

Steadfast Group Half Year Report 2025 15

Consolidated statement of cash flows continued

		31 Dec 2024	31 Dec 2023
	Notes	$'m	$'m
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of shares		-	348.1
Payments for transaction costs on issue of shares		-	(5.3)
Dividends paid to owners of Steadfast		(114.5)	(93.5)
Dividends paid to non-controlling interests		(28.5)	(21.0)
Proceeds from borrowings (excluding premium funding)	8	272.5	533.6
Repayment of borrowings (excluding premium funding)	8	(105.3)	(469.4)
Net cash inflow from premium funding borrowings	8	124.7	193.6
Payments for purchase of treasury shares	9	(8.2)	(8.2)
Proceeds from repayment of related party loans		3.7	4.1
Payments for related party loans		(2.6)	(4.3)
Proceeds from repayment of non-related party loans		2.8	4.6
Payments for non-related party loans		(1.8)	-
Payment of lease liabilities		(9.4)	(10.9)
Net cash from financing activities		133.4	471.4
Net increase in cash and cash equivalents		164.7	109.9
Cash and cash equivalents at the beginning of the financial period		1,326.4	1,138.0
Effect of movements in exchange rates on cash held		(0.5)	0.5
Cash and cash equivalents at the end of the financial period		1,490.6	1,248.4

The above consolidated statement of cash flows should be read in conjunction with the notes to the financial statements.

16 Steadfast Group Half Year Report 2025

Steadfast Group Limited

Notes to the financial statements

For the half year ended 31 December 2024

Note 1. General information

This condensed consolidated interim financial report for the half year ended 31 December 2024 comprises the consolidated financial statements for Steadfast Group Limited (Steadfast or the Company) and its subsidiaries and the Group’s interests in associates and joint ventures (Steadfast Group or the Group). These financial statements are presented in Australian dollars, which is Steadfast’s functional and presentation currency.

The Company is a for-profit listed public company limited by shares, which is incorporated and domiciled in Australia. Its registered office and principal place of business is Level 4, 99 Bathurst Street, Sydney NSW 2000.

This interim financial report was authorised for issue by the Board on 25 February 2025.

This report should be read in conjunction with the Annual Report for the year ended 30 June 2024 and any public announcements made by the Company during the half year reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.

Note 2. Material accounting policies

A. Statement of compliance

This interim financial report is a general purpose financial report prepared in accordance with AASB 134 Interim Financial Reporting, the Corporations Act 2001, and the Australian Securities Exchange (ASX) Listing Rules.

It does not include all of the information required for a complete set of annual financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last annual consolidated financial statements as at and for the year ended 30 June 2024.

B. Basis of preparation of the financial report

The material accounting policies adopted in the preparation of this interim financial report have been applied consistently by all entities in the Group and are the same as those applied for the previous reporting period unless otherwise noted. These interim financial statements have been prepared under the historical cost convention, modified, where applicable, by the measurement at fair value of certain non-current assets, financial assets and financial liabilities.

I. Rounding

The Group is of the kind referred to in the ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191 issued by the Australian Securities and Investments Commission. In accordance with that Instrument, amounts in this interim financial report have been rounded to the nearest hundred thousand dollars, unless otherwise stated.

C. New and amended standards adopted by the Group

The Group has adopted the following revised or amending Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board that are mandatory for the year ended 30 June 2025. Adoption of these standards has not had any material effect on the financial position or performance of the Group.

Title		Description
AASB	2020-1	Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-current
AASB	2022-6	Amendments to Australian Accounting Standards – Non-current Liabilities with Covenants

Steadfast Group Half Year Report 2025 17

Notes to the financial statements continued

Note 3. Critical accounting judgements, estimates and assumptions

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenues and expenses. Management bases its judgements, estimates and assumptions on historical experience and on various other factors, including expectations of future events management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates may differ from the actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities subsequent to the half year ended 31 December 2024 are discussed below.

The Group has considered the impact of economic conditions such as inflation and the higher interest rate environment when preparing the consolidated financial statements and related note disclosures, including the impact on the Group's forecast cash flows and liquidity. While the effects of these uncertainties do not change the significant estimates, judgements and assumptions considered by management in the preparation of the consolidated financial statements, they increase the level of estimation uncertainty and the application of further judgement within these identified areas.

A. Goodwill

Goodwill is not amortised but is assessed for impairment annually or more frequently when there are indicators of impairment.

The recoverable amount of goodwill is estimated using the higher of fair value or the value in use of the relevant cash-generating unit (CGU) deducting the carrying amount of the identifiable net assets of the CGU. Key assumptions used in the calculation of recoverable amounts are the discount rates, terminal value growth rates and revenue and expense growth assumptions.

B. Intangible assets

The carrying amounts of intangible assets with finite lives are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset's recoverable amount is estimated on the same basis as goodwill above. An impairment loss is recognised if the carrying amount of the intangible asset exceeds its recoverable amount.

C. Investments in associates and joint ventures

Investments in associates and joint ventures are carried at the lower of the equity-accounted amount and the recoverable amount.

The carrying amounts of investments in associates and joint ventures are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset's recoverable amount is estimated on the same basis as goodwill above.

An impairment loss is recognised if the carrying amount of the investment in associates and joint ventures exceeds its recoverable amount.

D. Fair value of assets acquired

The Group measures the net assets acquired in a business combination at their fair value at the date of acquisition. If new information obtained within one year from the acquisition date about facts and circumstances that existed at the acquisition date identifies adjustments to the fair value, then the amounts recognised at the acquisition date will be retrospectively revised.

Fair value is estimated with reference to market transactions for similar assets or discounted cash flow analysis.

E. Expected credit loss provision

The expected credit loss (ECL) provision is estimated based on the analysis of aged receivables, as the Group assumes that the credit risk on fee and commission receivables increases significantly if it is more than 90 days past due, as well as based on assumptions made on forward-looking information. For the premium funding businesses, the ECL provision is based on historical analysis of credit losses for loans in arrears, having considered whether this remains appropriate.

18 Steadfast Group Half Year Report 2025

F Hedge accounting

The Group may utilise derivative financial instruments such as forward currency contracts to mitigate its exposure to foreign currency risk. The Group designates and documents the hedge relationship at its inception and the initial recognition on the date of entering into a derivative contract is measured at fair value, followed by subsequent remeasurement at fair value. Derivatives are categorised as other assets or other liabilities based on whether their fair value is positive or negative, respectively. In the cash flow hedge reserve, the gain or loss on the hedging instrument is recognised as other comprehensive income for the effective portion, while the ineffective portion is recognised directly in profit or loss.

G Climate change

Climate change is a global risk that is material for the insurance industry including insurers’ operations, customers and the whole economy. Climate change may increase the frequency and severity of acute weather-related events such as floods, bushfire and storms, as well as giving rise to changes such as rising sea levels, increased heat waves and droughts.

The Group does not believe it is as exposed to climate change risk to the same extent as insurers that underwrite the insurance risk. Whilst the potential risks of climate change (including availability of insurance coverage for clients) and related opportunities are considered in the preparation of our financial statements, based on what is currently known it is not currently expected that climate risks will have a significant adverse impact on the Group's principal activities.

H Fair value of assets and liabilities

The Group's assets and liabilities are measured at fair value at balance date. The following table gives information about how the fair value of assets and liabilities is determined, including the valuation techniques and inputs used. For the Group's assets and liabilities where a fair value methodology is not noted below, their carrying amounts provide a reasonable approximation of their fair values.

Fair values are categorised into different levels in a fair value hierarchy, based on the inputs used in the valuation techniques, as follows:

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3: inputs for the asset or liability that are not based on observable market data.

Steadfast Group Half Year Report 2025 19

Notes to the financial statements continued

	Fair value		Significant	Relationship of unobservable
Asset or liability	hierarchy	Valuation technique	unobservable inputs	inputs to fair value
Deferred/	Level 3	The fair value is calculated	Forecast EBITA or fees	The estimated fair value would
contingent		based on a contracted multiple,	and commissions	increase/decrease if the forecast
consideration		typically of forecast EBITA or fees and commissions, discounted to	Discount rate	EBITA or fees and commissions were higher/lower
		present value where appropriate.		The estimated fair value would
				decrease/increase if the discount
				rate used was higher/lower
Land and buildings	Level 3	The fair value is determined	Forecast cash flows and	The estimated fair value would
		using an independent appraisal	market value are driven	decrease/increase if market yields
		by qualified property valuers.	largely by market yield. Yield	were higher/lower
		An appraisal was performed for the year ended 30 June 2023, which formed the basis for management's valuation in	is impacted by numerous factors including rental growth, occupancy rates and rental incentives which	The estimated fair value would decrease/increase if the discount rate used was higher/lower
		HY25. The valuation is based on	are all driven by supply
		the capitalisation of net income	and demand. Forecast cash
		(discounted cash flow) and direct	flows are discounted to
		comparison approaches.	present value at current
			risk-free rates.
Interest rate swaps	Level 2	The fair value is determined	Not applicable	Not applicable
(other assets)		with reference to the estimated
		future cash flows, discounted to
		present value by application of
		observable discount rates derived
		from relevant yield curves.
Foreign currency	Level 2	The fair value is determined	Not applicable	Not applicable
forward contract		with reference to the estimated
(other assets)		future cash flows, discounted to
		present value by application of
		observable discount rates derived
		from relevant yield curves and
		forward rates.
Investment in	Level 1	The fair value is calculated	Not applicable	Not applicable
listed shares (other		based on the number of shares
financial assets)		multiplied by the quoted price on
		the ASX at balance date.
Investment in	Level 3	The fair value is calculated based	Forecast EBITA or fees	The estimated fair value would
unlisted equities		on a contracted multiple, typically	and commissions	increase/decrease if the forecast
(other assets)		of current year EBITA or fees and commissions.	Discount rate	EBITA or fees and commissions were higher/lower
				The estimated fair value would
				decrease/increase if the discount
				rate used was higher/lower

20 Steadfast Group Half Year Report 2025

Note 4. Operating segments

The Group's corporate structure includes equity investments in insurance intermediary entities (insurance broking and underwriting agencies), premium funders and complementary businesses. Discrete financial information about each of these service lines is reported to management on a regular basis and, accordingly, management considers each service line to be a discrete business operation.

The Group distributes insurance and issues premium funding products primarily in Australia and New Zealand. The Group is also expanding its footprint in the United States of America (USA), Europe and Singapore, and has a controlling interest in ISU Group and UnisonSteadfast, networks headquartered in the USA and Germany respectively. The revenue and non-current assets attributed to geographies outside of Australia are not sufficiently significant to require separate geographical disclosures.

The financial performance of the Group's operating segments is regularly provided to the Chief Operating Decision Maker (considered to be the Managing Director & CEO) for each discrete business operation. The table below presents the financial performance for the Group's insurance intermediaries and premium funders on an aggregated basis as each discrete business operation within these operating segments is considered to have similar economic characteristics. The financial performance of each of these operating segments is presented on an unconsolidated basis, that is, gross of transactions between reportable segments. Intercompany eliminations between insurance intermediaries and premium funders are disclosed separately below.

							Non-
	Insurance	Premium		Intercompany	Total	Re-	trading	Total
Half year to	intermediary	funding	Other	eliminations	underlying	classifications	items	statutory
31 Dec 2024	$'m	$’m	$’m	$’m	$’m	$’m1	$’m2	$’m
Total revenue	804.7	66.4	14.8	(4.6)	881.3	(133.4)	31.8	779.73
Total expenses	(622.2)	(57.1)	(20.5)	4.6	(695.2)	148.2	(56.2)	(603.2)
Share of EBITA
from associates and
joint ventures	23.8	0.1	0.8	-	24.7	(23.8)	(0.9)	0.0
Finance cost - associates	(1.3)	-	-	-	(1.3)	1.3	-	-
Amortisation expense
- associates	(0.8)	-	(0.3)	-	(1.1)	1.1	-	-
Net profit/(loss) before
income tax	204.2	9.4	(5.2)	-	208.4	(6.6)	(25.3)	176.5
Income tax
(expense)/benefit	(58.0)	(2.1)	(0.7)	-	(60.8)	6.6	4.5	(49.7)
Net profit/(loss) after
income tax	146.2	7.3	(5.9)	-	147.6	-	(20.8)	126.8
Non-controlling interests	(19.0)	(0.5)	-	-	(19.5)	-	(0.9)	(20.4)
Net profit/(loss) after
income tax attributable
to owners of Steadfast
Group Limited	127.2	6.8	(5.9)	-	128.1	-	(21.7)	106.4

1 Much of the reclassification relates to commissions paid by the Group's underwriting agencies. Such commissions are netted off against fee and commission income in the statutory numbers, and are disclosed as expenses in the underlying numbers.

2 Refer Note 5B for a breakdown of non-trading items.

3 Total statutory revenue includes all income net of brokerage commission, as set out in the statement of profit or loss and other comprehensive income.

Steadfast Group Half Year Report 2025 21

Notes to the financial statements continued

							Non-
	Insurance	Premium		Intercompany	Total	Re-	trading	Total
Half year to	intermediary	funding	Other	eliminations	underlying	classifications	items	statutory
31 Dec 2023	$'m	$’m	$’m	$’m	$’m	$’m1	$’m2	$’m
Total revenue	726.2	59.2	11.2	(6.2)	790.4	(134.4)	(2.9)	653.1
Total expenses	(567.9)	(52.4)	(17.6)	6.2	(631.7)	149.2	(2.3)	(484.8)
Share of EBITA
from associates and
joint ventures	22.5	0.1	(0.1)	-	22.5	(23.5)	0.9	(0.1)
Finance cost - associates	(1.3)	-	-	-	(1.3)	1.3	-	-
Amortisation expense
- associates	(0.7)	-	(0.3)	-	(1.0)	1.1	-	0.1
Net profit/(loss) before
income tax	178.8	6.9	(6.8)	-	178.9	(6.3)	(4.3)	168.3
Income tax
(expense)/benefit	(52.1)	(1.8)	0.4	-	(53.5)	6.3	(1.5)	(48.7)
Net profit/(loss) after
income tax	126.7	5.1	(6.4)	-	125.4	-	(5.8)	119.6
Non-controlling interests	(19.4)	(0.5)	0.5	-	(19.4)	-	0.2	(19.2)
Net profit/(loss) after
income tax attributable
to owners of Steadfast
Group Limited	107.3	4.6	(5.9)	-	106.0	-	(5.6)	100.4

2 Refer Note 5B for a breakdown of non-trading items.

Note 5. Earnings per share

A. Reporting period value

	Half year to	Half year to
	31 Dec 2024	31 Dec 2023
	Cents	Cents
Basic earnings per share	9.6	9.6
Diluted earnings per share	9.6	9.6
Excluding non-trading items, the underlying earnings per share would be as follows:
Basic earnings per share	11.6	10.2
Diluted earnings per share	11.6	10.2

22 Steadfast Group Half Year Report 2025

B. Reconciliation of earnings used in calculating earnings per share

	Half year to	Half year to
	31 Dec 2024	31 Dec 2023
	$'m	$'m
Profit after income tax	126.8	119.6
Non-controlling interests	(20.4)	(19.2)
Statutory NPAT	106.4	100.4
Adjustments for non-trading items (net of tax and NCI):
Net deferred/contingent consideration expense (excluding Sure Insurance)	2.7	9.2
Impairment expense (including current period net adjustment relating to Sure Insurance
acquisition) (refer to Note 7E)	6.51	0.4
Mark-to-market losses/(gains) from revaluation and/or sale of listed investments	8.4	(3.3)
Net loss/(gain) from change in value or sale of businesses and other movements	4.1	(0.7)
Underlying NPAT attributable to owners of Steadfast Group Limited	128.1	106.0

C. Reconciliation of weighted average number of shares used in calculating earnings per share

	Half year to	Half year to
	31 Dec 2024	31 Dec 2023
	Number of	Number of
	shares	shares
	'm	'm
I. Weighted average number of ordinary shares issued
Weighted average number of ordinary shares issued	1,106.3	1,044.7
Weighted average number of treasury shares held in trust	(2.6)	(3.1)
Weighted average number of ordinary shares used in calculating basic earnings per share	1,103.7	1,041.6
II. Weighted average number of dilutive potential ordinary shares
Weighted average number of ordinary shares	1,103.7	1,041.6
Dilutive potential ordinary shares issuable under share-based payments arrangements	1.6	1.4
Weighted average number of ordinary shares used in calculating diluted earnings per share	1,105.3	1,043.0

The weighted average number of ordinary shares or dilutive potential ordinary shares is calculated by taking into account the period from the issue date of the shares to the reporting date.

Steadfast operates share-based payment arrangements (being an employee rights scheme, a short-term incentive plan and a long-term incentive plan) where eligible employees may receive conditional rights (rights) instead of cash. One right will convert to one ordinary share subject to vesting conditions being met. These share-based payment arrangements are granted to employees free of cost and no consideration is payable on conversion to Steadfast’s ordinary shares. These arrangements have a dilutive effect on the basic EPS.

Steadfast Group Half Year Report 2025 23

Notes to the financial statements continued

Note 6. Dividends

A. Dividends on ordinary shares

		Total amount		Tax rate for	Percentage
	Cents per share	$'m	Payment date	franking credit	franked
31 Dec 2024
2024 final dividend	10.35	114.5	24 September 2024	30%	100%
31 Dec 2023
2023 final dividend	9.00	93.5	21 September 2023	30%	100%

It is standard practice that the Board declares the dividend for a period after the relevant reporting date. A dividend is not accrued until it is declared and so the dividends for a period are generally recognised and measured in the financial reporting period following the period to which the dividends relate.

B. Dividend policy

The Company targets a dividend payout ratio in the range of 65% to 85% of underlying NPAT attributable to shareholders of the Company with a minimum dividend payout ratio of 50% of net profit after tax and before amortisation, impairment and other non-trading items (NPATA).

C. Dividend Reinvestment Plan

A Dividend Reinvestment Plan (DRP) allows equity holders to elect to receive their dividend entitlement in the form of the Company's ordinary shares. The price of DRP shares is the average share market price calculated over the pricing period (which is at least five trading days) less any discount as determined by the Board for each dividend payment date.

D. Dividend not recognised at reporting date

On 25 February 2025, the Board resolved to pay the following dividend. As this occurred after the reporting date, the dividends declared have not been recognised in this financial report.

			Total amount	Expected	Tax rate for	Percentage
		Cents per share	$'m	payment date	franking credit	franked
2025	interim dividend	7.80	86.3	27 March 2025	30%	100%

The Company's DRP will operate by the on-market purchase of shares. No discount will be applied. The last election notice for participation in the DRP in relation to this final dividend is 5 March 2025.

24 Steadfast Group Half Year Report 2025

Note 7. Intangible assets

A. Composition

			Other
	Customer	Capitalised	intangible
	relationships	software	assets	Total	Goodwill
31 Dec 2024	$'m	$'m	$'m	$'m	$'m
At cost	692.1	113.5	5.0	810.6	2,497.4
Accumulated amortisation and impairment	(356.3)	(69.4)	(4.6)	(430.3)	(162.9)
Balance at the end of the financial period	335.8	44.1	0.4	380.3	2,334.5

B. Movements

Half year to 31 Dec 2024	Identifiable intangible assets Customer relationships $'m Capitalised software $'m Other intangible assets $'m Total $'m Goodwill $'m
Balance at the beginning of the financial period	343.2 43.8 0.1 387.1 2,303.1
Additions	2.5 7.31 0.7 10.5 -
Additions through business combinations	22.6 - - 22.6 67.4
Reduction upon loss of control	(0.3) - - (0.3) (1.4)
Amortisation expense	(28.8) (7.0) (0.4) (36.2) -
Impairment expense	(4.3) - - (4.3) (39.3)
Net foreign currency exchange difference	0.9 - - 0.9 4.7
Balance at the end of the financial period	335.8 44.1 0.4 380.3 2,334.5

1 Comprises $6.6 million of internally developed software and $0.7 million of acquired software.

C. Composition

			Other
	Customer	Capitalised	intangible
	relationships	software	assets	Total	Goodwill
30 Jun 2024	$'m	$'m	$'m	$'m	$'m
At cost	666.6	108.5	5.2	780.3	2,426.4
Accumulated amortisation and impairment	(323.4)	(64.7)	(5.1)	(393.2)	(123.3)
Balance at the end of the financial year	343.2	43.8	0.1	387.1	2,303.1

Steadfast Group Half Year Report 2025 25

Notes to the financial statements continued

D. Movements

			Other
	Customer	Capitalised	intangible
	relationships	software	assets	Total	Goodwill
Year to 30 Jun 2024	$'m	$'m	$'m	$'m	$'m
Balance at the beginning of the financial year	303.9	41.8	0.9	346.6	1,985.7
Additions	0.5	15.91	0.2	16.6	-
Additions through business combinations	101.4	-	-	101.4	387.3
Reduction upon loss of control	(2.4)	(0.1)	(0.6)	(3.1)	(13.2)
Amortisation expense	(55.4)	(13.8)	(0.4)	(69.6)	-
Impairment expense	(4.6)	-	-	(4.6)	(56.6)
Net foreign currency exchange difference	(0.2)	-	-	(0.2)	(0.1)
Balance at the end of the financial year	343.2	43.8	0.1	387.1	2,303.1

1 Comprises $15.1 million of internally developed software and $0.8 million of acquired software.

E Impairment

For 1H25, the Group recognised an impairment expense of $43.6 million primarly related to Sure Insurance ($38.5 million, or $37.4 million net of tax) and a gain on reassessment of deferred/contingent consideration of $35.8 million. It was anticipated that the FY25 EBITA projected by Sure Insurance's management would be achieved, however the 1H25 underlying EBITA is behind budget due to increased competition and this is projected to continue during 2H25. This reduced the earnout for the deferred/contingent consideration to nil as well as reducing the carrying value of the asset. The remaining $4.9 million relates to impairment expense on other subsidiaries.

Note 8. Borrowings

The Group has two types of borrowings, as follows:

I. Corporate and subsidiary borrowings - Bank loans and lines of credit in corporate and subsidiaries for the purpose of carrying out the Group's principal activities including the distribution of insurance policies through insurance brokerages and underwriting agencies and related services, as well as acquisitions and bolt-ons. These loans are secured against the Group’s assets, excluding IQumulate Premium Funding Pty Ltd (IQumulate).
II. Premium funding borrowings - Borrowings and issuance of notes to finance only the premium funding businesses (predominantly IQumulate). These loans have recourse only to the assets of that premium funding business.

These two types of borrowings are not cross-collateralised, and therefore are shown separately.

The corporate debt facility contains covenants that must be met at the end of each reporting period (all excluding IQumulate):

Total leverage ratio: net debt not to exceed 2.5x EBITA;

Interest coverage ratio: EBITA must be at least 4.0x interest expense;

Debt to equity ratio: total debt must not exceed 40% of debt plus equity; and

Guarantor group test: obligors must comprise at least 85% of the EBITA and total assets of the Group and all of its wholly-owned subsidiaries.

The Group complied with the covenants at the end of the financial period and expects to comply with the covenants for at least 12 months after the reporting date. Accordingly, the loans are classified as a non-current liability at 31 December 2024.

26 Steadfast Group Half Year Report 2025

A. Corporate and subsidiary borrowings

I. Bank loans

	31 Dec 2024	30 Jun 2024
	$'m	$'m
Proceeds from loans and borrowings
Current	2.9	4.9
Non-current	806.2	637.0
Net proceeds	809.1	641.9
Interest recoverable	(2.7)	(1.0)
Capitalised transaction costs	(0.9)	(1.8)
Carrying amount of liability at end of financial period	805.5	639.1

II. Bank facilities available

	31 Dec 2024	30 Jun 2024
	$'m	$'m
a. Bank facilities drawn down or applied
Bank loans - corporate facility	748.0	562.0
Bank loans - subsidiaries	61.1	79.9
Total bank loans	809.1	641.9
Lines of credit - corporate facility1	8.8	7.2
	817.9	649.1
b. Bank facilities not drawn down or applied
Bank loans - corporate facility	102.0	288.0
Bank loans - subsidiaries	12.5	11.8
Lines of credit - corporate facility	1.2	2.8
Lines of credit - subsidiaries	1.9	-
	117.6	302.6
c. Total bank facilities available
Bank loans	923.6	941.7
Lines of credit	11.9	10.0
	935.5	951.7

1 Lines of credit represent bank guarantees granted by the Company on behalf of controlled entities, principally in respect of their contractual obligations on commercial leases. They are contingent liabilities and therefore sit outside the Group balance sheet.

III. Corporate facility details

At 31 December 2024:

the Company had an $860.0 million multibank syndicated facility (corporate facility) (30 June 2024: $860.0 million); and $748.0 million of the $860.0 million facility had been drawn down which, together with $8.8 million for bonds and rental guarantees, leaves $103.2 million available in the corporate facility for future drawdowns (30 June 2024: $290.8 million).

Steadfast Group Half Year Report 2025 27

Notes to the financial statements continued

IV. Key terms and conditions of corporate facility

The $860.0 million corporate facility includes the following tranches:

two revolving tranches totalling $385.0 million, maturing August 2026; two fixed-term tranches totalling $175.0 million, maturing August 2026; a $200.0 million fixed-term tranche, maturing November 2026; and a $100.0 million fixed-term tranche, maturing August 2028.

Other key terms of the corporate facility are:

variable interest rate – based on BBSY plus an applicable margin for all tranches of the corporate facility; and

the facility is guaranteed by certain wholly-owned subsidiaries and is secured over all of the present and future acquired property of the Company and the guarantors (other than certain excluded property), which is standard in facilities of this nature.

The Company had an interest rate swap with a face value of $62.5 million, where the Company swaps the floating rate payment into fixed rate payments. The swap, designed to hedge interest costs associated with the underlying corporate debt obligations, matured in January 2025.

B. Premium funding borrowings

	31 Dec 2024	30 Jun 2024
	$'m	$'m
I. Premium funding borrowings
Current	55.7	46.3
Non-current	645.6	530.3
	701.3	576.6
II. Premium funding borrowings available
Premium funding borrowings drawn down or applied	701.3	576.6
Premium funding borrowings not drawn down or applied	71.7	34.9
	773.0	611.5

The Group's premium funding borrowings are primarily comprised of its subsidiary, IQumulate. IQumulate has a Warehouse Trust to finance its Australian lending operation through the issuance of notes. The Warehouse Trust is a secured lending facility whereby the collateral is a pool of insurance premium loans receivable rather than an individual property or asset. During the financial period, the Warehouse Trust limit increased to $720.0 million (including a $60.0 million overdraft facility) from $660.0 million with an availability period to July 2025. Whilst the contractual availability period ends in July 2025, the premium funding borrowings have been classified as non-current in the statement of financial position as the contractual maturity date includes an amortisation period giving the Group 12 months to repay from the date of the last maturing premium funding in the Warehouse Trust.

IQumulate continues to hold trade credit insurance coverage, and recourse to the assets is limited to IQumulate only and is not cross-collateralised with other borrowings in the Group.

28 Steadfast Group Half Year Report 2025

C. Reconciliation of movements of liabilities and cash flows arising from financing activities

			Bank loans -
	Bank loans -		corporate	Premium
	corporate	Bank loans -	facility and	funding	Total
	facility	subsidiaries	subsidiaries	borrowings	borrowings
	$'m1	$'m	$'m	$'m	$'m
Half year to 31 Dec 2024
Balance at the beginning of the financial period	559.2	79.9	639.1	576.6	1,215.7
Proceeds from borrowings	271.0	1.5	272.5	174.3	446.8
Repayment of borrowings	(85.0)	(20.3)	(105.3)	(49.6)	(154.9)
Accrued interest	(1.7)	-	(1.7)	-	(1.7)
Capitalised transaction costs	0.9	-	0.9	-	0.9
Balance at the end of the financial period	744.4	61.1	805.5	701.3	1,506.8

1 The opening balance comprises $562.0 million drawn down less capitalised transaction costs of $1.8 million less interest recoverable of $1.0 million. The closing balance comprises $748.0 million drawn down less capitalised transaction costs of $0.9 million less interest recoverable of $2.7 million.

Note 9. Notes to the statement of changes in equity

A. Share capital

	Half year to	Year to	Half year to	Year to
	31 Dec 2024	30 Jun 2024	31 Dec 2024	30 Jun 2024
	Number of	Number of
	shares	shares
	'm	'm	$'m	$'m
Balance at the beginning of the financial period	1,106.3	1,038.6	2,293.3	1,949.0
Shares issued for institutional and retails share placement	-	67.7	-	348.1
Less: Transaction costs, net of income tax	-	-	-	(3.8)
Balance at the end of the financial period	1,106.3	1,106.3	2,293.3	2,293.3

Ordinary shares in the Company have no par value and entitle the holder to participate in dividends as declared from time to time. All ordinary shares rank equally with regard to the Company's residual assets.

B. Treasury shares held in Trust

	Half year to	Year to	Half year to	Year to
	31 Dec 2024	30 Jun 2024	31 Dec 2024	30 Jun 2024
	Number of	Number of
	shares	shares
	'm	'm	$'m	$'m
Balance at the beginning of the financial period	3.1	3.3	16.9	15.9
Shares acquired	1.2	1.8	8.2	9.9
Shares allocated to employees	(1.3)	(2.1)	(6.7)	(9.2)
Shares allotted through the Dividend Reinvestment Plan	0.1	0.1	0.2	0.3
Balance at the end of the financial period	3.1	3.1	18.6	16.9

Treasury shares are ordinary shares of the Company bought on market by the trustee (a wholly-owned subsidiary of the Group) of an employee share plan to meet future obligations under that plan when rights vest and shares are allocated to participants.

Steadfast Group Half Year Report 2025 29

Notes to the financial statements continued

C. Capital risk management

The Group's objectives when managing capital are to safeguard its ability to continue as a going concern, so that it can provide returns for shareholders and benefits for other stakeholders, maintain an optimal capital structure to minimise the cost of capital and continue its listing on the ASX, within the risk appetite approved by the Board.

In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, take on borrowings or sell assets to reduce debt.

The Group monitors capital on the basis of its total gearing ratio excluding premium funding borrowings, as these borrowings are secured only against the assets of the premium funder. The total gearing ratio is calculated as total borrowings of the Company and its subsidiaries (excluding premium funding borrowings) divided by total equity and total borrowings of the Company and its subsidiaries (excluding premium funding borrowings). Currently the total gearing ratio excluding premium funding borrowings is 24.8% compared with the maximum gearing ratio determined by the Board of 30.0%.

The total gearing ratio has been calculated both including and excluding the premium funding borrowings as follows:

				Maximum
		31 Dec 2024	30 Jun 2024	Board
	Note	$'m	$'m	approved
Total borrowings of the Company and its subsidiaries (excluding
premium funding borrowings)	8	817.9	649.1
Total Group equity		2,485.0	2,568.2
Total Group equity and total borrowings of the Company and
its subsidiaries		3,302.9	3,217.3
Total gearing ratio excluding premium funding borrowings		24.8%	20.2%	30.0%
Total borrowings of the Company and its subsidiaries (including
premium funding borrowings)	8	1,519.2	1,225.7
Total Group equity		2,485.0	2,568.2
Total Group equity and total borrowings of the Company and
its subsidiaries		4,004.2	3,793.9
Total gearing ratio including premium funding borrowings		37.9%	32.3%

30 Steadfast Group Half Year Report 2025

Note 10. Business combinations

Acquisitions

During the half year ended 31 December 2024, the Group completed a number of acquisitions in accordance with its strategy. The following disclosures provide the financial impact to the Group at the acquisition date. This note does not include purchases of additional interests in existing subsidiaries of the Group.

Acquisition of subsidiaries

The following tables provide aggregated information for 12 acquisitions. No individual acquisition was material to the Group and hence the information is shown in aggregate.

A. Consideration paid/payable

	Half year to	Year to
	31 Dec 2024	30 Jun 2024
	$'m	$'m
Cash	79.4	297.6
Consideration shares	0.8	7.0
Deemed consideration(i)	2.4	15.0
Deferred/contingent consideration(ii)	10.7	130.6
	93.3	450.2

Table notes

i. This amount represents the fair value of the original investments at the date the Group gained control of an entity which was previously an associate of the Group.
ii. Pursuant to the Share Purchase Agreements, some of the consideration will be settled based on future years’ actual financial performance and thus was recognised as deferred/contingent consideration by the Group. The deferred/contingent consideration is estimated based on a multiple of forecast revenue and/or earnings and discounted to present value where appropriate. Any variations at the time of settlement will be recognised as an expense or income in the consolidated statement of profit or loss and other comprehensive income. The deferred/contingent consideration shown above represents $10.7 million of deferred/contingent consideration for which the maximum payment is variable and not capped.

Steadfast Group Half Year Report 2025 31

Notes to the financial statements continued

B. Identifiable assets and liabilities acquired

	Half year to	Year to
	31 Dec 2024	30 Jun 2024
	$'m	$'m
Cash and cash equivalents1	57.3	39.5
Trade and other receivables2	12.8	11.3
Identifiable intangibles3	22.6	101.4
Property, plant and equipment	0.6	0.9
Right-of-use assets	2.3	2.8
Deferred tax assets	1.2	2.4
Other assets	6.5	2.8
Trade and other payables	(64.2)	(33.4)
Lease liabilities	(2.4)	(2.8)
Provisions	(0.5)	(2.8)
Income tax payable	(0.2)	(4.9)
Deferred tax liabilities	(7.2)	(31.5)
Other liabilities	(1.9)	(9.1)
Total identifiable net assets acquired	26.9	76.6

1 Includes cash held on trust.

2 Trade receivables comprise contractual amounts and are expected to be fully recoverable.

3 Identifiable intangibles are measured at fair value by reference to a discounted cash flow model.

If new information obtained within one year from the acquisition date about facts and circumstances that existed at the acquisition date identifies adjustments to the above amounts, then the acquisition accounting will be revised. In the current financial period, there were no revisions relating to prior year acquisitions.

C. Goodwill on acquisition

	Half year to	Year to
	31 Dec 2024	30 Jun 2024
	$'m	$'m
Total consideration paid/payable	93.3	450.2
Total identifiable net assets acquired	(26.9)	(76.6)
Gain on bargain purchase	0.5	-
Non-controlling interests	0.5	13.7
Goodwill on acquisition1	67.4	387.3

1 The majority of goodwill relates to acquired subsidiaries' ability to generate future profits with the skills and technical talent of their work force as well as the benefits from the combination of synergies. None of the goodwill recognised is expected to be deductible for tax purposes.

32 Steadfast Group Half Year Report 2025

D. Financial performance of acquired subsidiaries

The contribution to the financial performance of the Group by acquired subsidiaries for the period since acquisition is outlined in the table below.

the table below.
	Half year to
	31 Dec 2024
	$'m
Revenue	8.7
EBITA1	6.0
NPAT	4.3

1 The average EBITA multiple paid for all acquisitions in 1H25 was 10.1x.

If the acquisitions of subsidiaries had occurred on 1 July 2024, the Group's underlying revenue for the half year ended 31 December 2024 would have further increased by $27.3 million to $764.1 million, underlying EBITA would have further increased by $6.7 million to $269.1 million and underlying NPAT would have further increased by $3.9 million to $151.5 million.

E. Acquisition-related costs

The Group incurred acquisition-related costs of $2.1 million on legal, accounting and consulting with respect to acquisitions in the financial period. These costs have been included in 'Operating, brokers' support service and other expenses'. As the H.W. Wood and HWI France acqusitions were completed in early December there may be further acqusition-related costs to be recognised in 2H25.

F. Subsidiaries acquired

The table below outlines subsidiaries acquired during the half year ended 31 December 2024. Some acquisitions represent portfolio or business purchases by subsidiaries and are therefore not included in this table.

		Ownership	interest
		31 Dec 2024	30 Jun 2024
Name of subsidiaries acquired	Table note	%	%
Arena Underwriting Pty Ltd		100.00	-
Coastsure Group Holdings Pty Ltd	(i)	77.10	30.80
HWI France		100.00	-
H.W. Wood Limited		100.00	-
Mandurah Insurance Brokers Pty Ltd		80.00	-

Table note

i. During the financial period, the Group acquired additional shares in Coastsure Group Holdings Pty Ltd (Coastsure). As a result, Coastsure, which was previously an associate, became a subsidiary of the Group. This entity was acquired through an existing Steadfast subsidiary.

Steadfast Group Half Year Report 2025 33

Notes to the financial statements continued

G. Deferred/contingent consideration reconciliation

The following table shows a reconciliation of movements in deferred consideration.

	Half year to	Year to
	31 Dec 2024	30 Jun 2024
	$'m	$'m
Balance at the beginning of the financial period	181.6	112.3
Settlement of deferred/contingent consideration	(54.6)	(75.1)
Net gain in profit or loss on settlement or reassessment	(40.6)	(43.3)
Unwind of discount on fair value of deferred/contingent consideration	7.4	8.8
Additions from acquisitions in business combinations	10.7	130.6
Additions from step up investments	6.3	1.6
(Revaluations)/additions of put options over non-controlling interests	(0.3)	36.0
Additions from acquisitions of associates and joint ventures	2.0	4.7
Additions from acquisitions of identifiable intangibles and other assets	0.4	6.0
Balance at the end of the financial period	112.9	181.6
	31 Dec 2024	30 Jun 2024
Comprises:	$'m	$'m
Deferred/contingent consideration current:
Put options over non-controlling interests (cash)1	62.6	62.9
Other	34.0	58.3
	96.6	121.2
Deferred/contingent consideration non-current:
Other	16.3	60.4
	16.3	60.4
Balance at the end of the financial period	112.9	181.6

1 This deferred/contingent consideration will only be payable if the put option is exercised by the minority shareholder. If the option remains unexercised, the financial liability will be derecognised against equity through other reserves at the expiry date. The non-controlling interests in Sure Insurance also hold a put option over 20% of Sure Insurance, exercisable between 1 September 2026 and 31 October 2026, which will be satisfied with Steadfast scrip if exercised. Steadfast holds a call option over the same portion of the non-controlling interests. The options are recognised at fair value based on the accounting policy choice available in accordance with AASB 132 Financial Instruments: Presentation.

The balance of deferred/contingent consideration at the end of the financial period represents:

	31 Dec 2024	30 Jun 2024
	$'m	$'m
Amount payable is variable and capped	0.1	2.1
Amount payable is variable and not capped	89.2	163.5
Amount payable is fixed	23.6	16.0
	112.9	181.6

34 Steadfast Group Half Year Report 2025

Note 11. Investments in associates and joint ventures

	Half year to	Year to
	31 Dec 2024	30 Jun 2024
	$'m	$'m
Balance at the beginning of the financial period	238.2	222.6
Additions - cash	6.1	18.7
Additions - deferred/contingent consideration	2.0	4.7
Additions - non-cash	1.4	8.4
Step-up investment to subsidiaries	(1.0)	(13.1)
Disposals	(0.6)	(6.1)
	246.1	235.2
Share of EBITA from associates and joint ventures	25.5	50.5
Less share of:
Finance cost	(1.3)	(2.7)
Amortisation expense	(1.2)	(2.8)
Income tax expense	(5.2)	(9.7)
Share of associates and joint ventures' profit after income tax	17.8	35.3
Dividends received/receivable	(16.3)	(30.9)
Impairment expense	-	(1.4)
Net foreign exchange movements	(0.2)	-
Balance at the end of the financial period	247.4	238.2

Note 12. Trade and other receivables

	31 Dec 2024	30 Jun 2024
Trade and other receivables	$'m	$'m
Fee and commission receivable	156.5	208.6
Less: ECL	(6.4)	(6.0)
Net fee and commission receivable	150.1	202.6
Other receivables and accrued income	118.1	136.9
	268.2	339.5
	31 Dec 2024	30 Jun 2024
Premium funding receivables	$'m	$'m
Premium funding receivables	832.7	777.0
Less: ECL	(1.4)	(1.4)
	831.3	775.6

Steadfast Group Half Year Report 2025 35

Notes to the financial statements continued

Note 13. Contingencies

Contingent liabilities

Put options

The Group has granted options to various banks to enable them to put shares held by other shareholders in associates and controlled entities of the Group at fair value if the bank enforces its security over those shares. These have been granted in relation to shares held by other shareholders in associates and controlled entities over which the bank holds a security interest to secure indebtedness by those shareholders. The Group expects no material net exposure from this arrangement as the contingent liabilities have contingent assets (being rights to shares held by the relevant shareholders) of similar values.

Bank guarantee

In the normal course of business, certain controlled entities in the Group have provided security for bank guarantees principally in respect of their contractual obligations on commercial leases.

Legal, regulatory and other proceedings

Steadfast Group (including its subsidiaries and associates/joint ventures) may from time to time be involved in legal, regulatory and other proceedings and disputes arising from its businesses. These may cause Steadfast to incur significant costs, delays and other disruptions to its business and operations.

In addition, regulatory disputes may result in fines, payments, penalties and other administrative sanctions. Involvement in any such dispute may adversely impact the reputation and the financial position and performance of Steadfast. The Group continues to review any exposures as a result of heightened regulatory focus on the insurance industry, including pricing promises.

Other

In the normal course of business, the Group is also exposed to contingent liabilities (net of any recoveries) in relation to litigation arising out of its activities. The Group may also be exposed to the possibility of contingent liabilities in relation to litigation including but not limited to regulatory test cases and class actions, taxation and compliance matters which may result in legal or regulatory penalties and financial or non-financial losses and other impacts.

Note 14. Events after the reporting period

On 25 February 2025, the Board declared an interim dividend for FY25 of 7.8 cents per share, fully franked. The dividend will be paid on 27 March 2025. The Company's DRP will operate by purchasing ordinary shares on market. No discount will be applied. The last election notice for participation in the DRP in relation to this interim dividend is 5 March 2025.

36 Steadfast Group Half Year Report 2025

Note 15. Notes to the statement of cash flows

Reconciliation of profit after income tax to net cash from operating activities, for the half year ended 31 December 2024, is set out in the table below.

	31 Dec 2024	31 Dec 2023
	$'m	$'m
Profit after income tax expense for the financial period	126.8	119.6
Adjustments for
Depreciation, amortisation and loss on disposal of property, plant and equipment	51.3	47.0
Share of profits of associates and joint ventures	(17.8)	(17.9)
Income tax paid	(87.7)	(91.5)
Dividends received from associates and joint ventures	16.1	14.0
Fair value loss/(gain) on listed investments	12.1	(4.7)
Net (gain)/loss from change in ownership in equity businesses and deferred/
contingent consideration	(44.4)	7.4
Share-based payments and incentives accruals	(7.6)	(6.3)
Impairment expense	43.6	0.4
Interest income on loans	-	(0.9)
Capitalised interest on loans	0.2	2.3
Change in operating assets and liabilities
Decrease in trade and other receivables	78.0	21.8
Decrease in deferred tax assets	11.3	3.1
Increase in other assets	(14.7)	(15.6)
Decrease in trade and other payables	(37.4)	(140.0)
Increase in income tax payable	67.9	58.1
Decrease in deferred tax liabilities	(29.5)	(12.5)
Decrease in other liabilities	(0.1)	(0.1)
(Decrease)/increase in provisions	(3.8)	1.5
Net cash from/(used in) operating activities	164.3	(14.3)

Steadfast Group Half Year Report 2025 37

Notes to the financial statements continued

Note 16. Related party transactions

A. Transactions with subsidiaries

All transactions that have occurred among the subsidiaries within the Group have been eliminated on consolidation.

B. Transactions with other related parties

The following transactions occurred with related parties during the half year ended 31 December 2024:

	Half year to	Half year to
	31 Dec 2024	31 Dec 2023
	$'000	$'000
I. Sale of goods and services
Professional services fees received from associates and joint ventures on normal commercial terms	121	116
Commission income received/receivable from associates and joint ventures on normal
commercial terms	148	176
Professional service fees received by Directors' related entities on normal commercial terms	19	19
II. Payment for goods and services
Commission expense paid/payable to associates on normal commercial terms	8,045	11,309
Professional service fees paid to associates and joint ventures	1,636	361
III. Receivable from and payable to related parties
The following balances are outstanding at the reporting date in relation to transactions with
related parties:
*a. Current receivables*
Receivables from associates and joint ventures	274	140
Dividend receivable from associates and joint ventures	360	-
Trade receivables from Directors' related entities	7	10
*b. Current payables*
Payables to associates and joint ventures	3,135	4,183
IV. Loans to/from related parties
Loans to associates and joint ventures - current	319	133
Loans to associates and joint ventures - non-current	4,336	5,730

38 Steadfast Group Half Year Report 2025

Note 17. Parent entity information

The financial information provided in the table below is only for Steadfast Group Limited, the parent entity of the Group.

A. Statement of comprehensive income

A. Statement of comprehensive income
	Half year to	Half year to
	31 Dec 2024	31 Dec 2023
	$'m	$'m
Profit after income tax	103.4	80.1
Other comprehensive income	0.4	2.0
Total comprehensive income	103.8	82.1

B. Statement of financial position

B. Statement of financial position
	31 Dec 2024	31 Dec 2023
	$'m	$'m
Current assets	258.5	418.9
Total assets	3,263.6	2,999.3
Current liabilities	27.8	30.3
Total liabilities	784.2	548.7
Net assets	2,479.4	2,450.6
Total equity of the parent entity comprising:
Share capital	2,293.3	2,293.3
Share-based payments reserve	8.7	8.8
Retained earnings	164.9	134.4
Revaluation reserve	12.1	12.1
Other reserves	0.4	2.0
Total equity	2,479.4	2,450.6

Steadfast Group Half Year Report 2025 39

Steadfast Group Limited Directors' declaration

In the opinion of the Directors of Steadfast Group Limited (the Company):
a. the consolidated financial statements and notes that are set out on pages 9 to 39 are in accordance with the Corporations Act 2001 , including:
i. giving a true and fair view of the Group's financial position as at 31 December 2024 and of its performance for the six month period ended on that date; and
ii. complying with Australian Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 ; and
b. there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

Signed at Sydney on 25 February 2025 in accordance with a resolution of the Directors:

Frank O’Halloran AM

Chair

Robert Kelly AM Managing Director & CEO

40 Steadfast Group Half Year Report 2025

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Independent Auditor’s Review Report

To the shareholders of Steadfast Group Limited

Conclusion

We have reviewed the accompanying Half-year Financial Report of Steadfast Group Limited.

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the Half-year Financial Report of Steadfast Group Limited does not comply with the Corporations Act 2001 , including:

giving a true and fair view of the Group’s financial position as at 31 December 2024 and of its performance for the Half-year ended on that date; and
complying with Australian Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

The Half-year Financial Report comprises:

Consolidated statement of financial position as at 31 December 2024;
Consolidated statement of profit or loss and other comprehensive income, Consolidated statement of changes in equity and Consolidated statement of cash flows for the Half-year ended on that date;
Notes 1 to 17 including selected explanatory notes; and
The Directors’ Declaration.

The Group comprises Steadfast Group Limited (the Company) and the entities it controlled at the Half year’s end or from time to time during the Half-year.

Basis for Conclusion

We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity . Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the Financial Report section of our report.

We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with these requirements.

Responsibilities of the Directors for the Half-year Financial Report

The Directors of the Company are responsible for:

the preparation of the Half-year Financial Report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 ; and
such internal control as the Directors determine is necessary to enable the preparation of the Half-year Financial Report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

Steadfast Group Half Year Report 2025 41

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Auditor’s Responsibilities for the Review of the Half-year Financial Report

Our responsibility is to express a conclusion on the Half-year Financial Report based on our review. ASRE 2410 requires us to conclude whether we have become aware of any matter that makes us believe that the Half-year Financial Report does not comply with the Corporations Act 2001 including giving a true and fair view of the Group’s financial position as at 31 December 2024 and its performance for the Half-Year ended on that date, and complying with Australian Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

A review of a Half-year Financial Report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

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KPMG

David Kells Partner

Sydney 25 February 2025

42 Steadfast Group Half Year Report 2025

Glossary of terms

Term	Explanation
CGU	Cash-generating unit
DRP	Dividend Reinvestment Plan
	Earnings before interest (including premium funding interest income and expense), tax and
EBITA	amortisation. To ensure comparability, underlying EBITA also deducts the interest expense
	on lease liabilities and depreciation of right-of-use assets
ECL	Expected credit loss
EPS	Earnings per share
EPS (NPAT)	Earnings per share that reference NPAT
Equity brokers	An insurance broker that is a member of the Steadfast Network, where Steadfast holds an equity interest
FY	Financial Year
Group	Steadfast Group Limited (ABN 98 073 659 677, AFSL 254928) and its controlled entities, associates and joint ventures
GWP	Gross written premium – the amount paid by customers for insurance policies excluding taxes and levies
Hubbing	The merger of two or more insurance intermediary businesses
IFRS	International Financial Reporting Standards
KMP	Key management personnel
NCI	Non-controlling interests
Network	The collective reference to the distribution network that comprises all Steadfast Network brokers
Network broker	An insurance broker who is a member of the Steadfast Network
Non-trading items	Includes revenue and/or expense items that are typically one-off in nature and are not reflective of the Group’s normal operating activities
NPAT	Net profit after tax
NPATA	Net profit after tax (post non-controlling interests) adjusted for amortisation of customer relationships
Rebate	An annual payment made to Steadfast Network brokers, at the discretion of the Board
Statutory NPAT	Statutory net profit after tax attributable to shareholders
Strategic partner	Preferred product partners underwriting or arranging the general insurance policies and premium funding products which are placed by Steadfast Network brokers
Trapped Capital	A project initiated by the Group to offer Network members the ability to sell equity in their business to the Group
Underlying earnings	Underlying earnings refers to statutory earnings adjusted for non-trading items
Underlying NPAT	Underlying NPAT refers to statutory NPAT adjusted for non-trading items
Underwriting agency	Underwriting agencies act on behalf of general insurers to design, develop and provide specialised insurance products and services for specific market segments
Warehouse Trust	A Warehouse Trust is a secured lending facility whereby the collateral is a pool of loans receivable rather than an individual property or asset

Steadfast Group Half Year Report 2025 43

Corporate directory

Directors

Frank O’Halloran AM (Chair) Robert Kelly AM (Managing Director & CEO) Vicki Allen Andrew Bloore Joan Cleary Gai McGrath Greg Rynenberg

Company secretary

Duncan Ramsay

Corporate Office

Steadfast Group Limited Level 4, 99 Bathurst Street Sydney NSW 2000

Postal Address

PO Box A980 Sydney South NSW 1235

P 02 9495 6500 E [email protected] W steadfast.com.au

ACN 073 659 677

Share registry

Link Market Services Level 12, 680 George Street Sydney NSW 2000

Postal Address

Locked Bag A14 Sydney South NSW 1235

P 1300 554 474 E [email protected]

Stock Listing

Steadfast Group Limited ordinary shares are listed on the Australian Securities Exchange (ASX code: SDF).

44 Steadfast Group Half Year Report 2025

AI assistant

STEADFAST GROUP LIMITED — Interim / Quarterly Report 2025

65758_rns_2025-02-24_4395b67b-9559-4f4a-a1a6-13ccb05e98f0.pdf

Steadfast Group Limited and controlled entities

Appendix 4D (rule 4.3A)

Preliminary final report for the half year ended 31 December 2024

Results for announcement to the market

Note 1:

Dividend information

Other information

Steadfast Group Half Year Report 2025

Contents

Directors’ Report

Directors

Directors’ Report continued

Operating and financial review

A. Operating results for the half year

B. Review of financial condition

I. Financial position

II. Cash from operations

III. Capital management

Events after the reporting period

Likely developments

Lead Auditor's Independence Declaration

Directors’ Report continued

Rounding

Lead Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001

To the Directors of Steadfast Group Limited

Steadfast Group Limited

Consolidated statement of profit or loss and other comprehensive income

Consolidated statement of profit or loss and other comprehensive income continued

Consolidated statement of financial position

Consolidated statement of financial position continued

Steadfast Group Limited

Consolidated statement of changes in equity

Consolidated statement of changes in equity continued

Steadfast Group Limited

Consolidated statement of cash flows

Consolidated statement of cash flows continued

Notes to the financial statements

Note 1. General information

Note 2. Material accounting policies

A. Statement of compliance

B. Basis of preparation of the financial report

I. Rounding

C. New and amended standards adopted by the Group

Note 3. Critical accounting judgements, estimates and assumptions

A. Goodwill

B. Intangible assets

C. Investments in associates and joint ventures

D. Fair value of assets acquired

E. Expected credit loss provision

F Hedge accounting

G Climate change

H Fair value of assets and liabilities

Notes to the financial statements continued

Note 4. Operating segments

Notes to the financial statements continued

Note 5. Earnings per share

A. Reporting period value

B. Reconciliation of earnings used in calculating earnings per share

C. Reconciliation of weighted average number of shares used in calculating earnings per share

Note 6. Dividends

A. Dividends on ordinary shares

B. Dividend policy

C. Dividend Reinvestment Plan

D. Dividend not recognised at reporting date

Note 7. Intangible assets

A. Composition

B. Movements

C. Composition

Notes to the financial statements continued

D. Movements

E Impairment

Note 8. Borrowings

A. Corporate and subsidiary borrowings

I. Bank loans

II. Bank facilities available

III. Corporate facility details

At 31 December 2024:

STEADFAST GROUP LIMITED Interim / Quarterly Report 2025