Hello and good morning to everyone. Firstly, thank you very much for joining us for Generation Development Group's FY26 results.

Um moving through uh the the slide pack today, we're going to start on our vision on slide three. The vision for us in terms of GDG's um outlook and and the way that we view our bi- business is that we want to be one of the most admired financial services companies recognized for performance, innovation, and customer outcomes.

It's certainly been the underlying DNA of our business and the values that really underpin that is around clarity. Just being clear in terms of what we want to ach- achieve, how we want to achieve it, and how we communicate with our customers.

Innovation, um we've very much innovated on the product side whether it's through our managed account business or a tax optimized or with Lonsec Research. Certainly the integrity, the way in which we win is very important and we want to make sure that these values guide us in terms of what we deliver for all of our customers, shareholders, and our people.

The way we win really matters. Turning on to to slide four.

Um for those of you who are new to the GDG story, uh the group holds uh market leading positions across three very strong brands across uh financial services. Uh the first being Generation Life with the investment bond and lifetime annuity business.

Evidentia Group managed accounts, one of the fastest growing parts of financial services with over a a 20% CAGR for the past uh 10 years in terms of sector growth. Then of course, Lonsec Research and Ratings.

Group funds under management increased to 37% or $46.5 billion supported by record net inflows of $9.7 billion for the year for FY26. A massive year for the group and congratulations to to all the team that produced such an outstanding result.

That drove total revenue growth of 23% and underlying NPAT growth uh of 21% on a pro forma basis, as you can see, and Andrew Mellor, our new Chief uh Financial Officer, will take you through the detailed financial analysis in the slides to come. Moving through to slide number five.

You can see here just in terms of the the growth. Uh or slide number six, sorry.

You can see the growth in execution um of our group has been extremely strong over the course of FY26, and we maintain very strong positions, the number one position in fact, across our three key segments. We've made a lot of progress in terms of our key strategic priorities.

Um we've continued with disciplined investment in distribution, products, people, technology to support this scale. This is particularly important as we look to capitalize on the very strong tailwinds that we see in managed accounts, which are quite significant.

I've already touched on the sector growth there. Um and we've been taking significantly more than our natural market share.

We've of course got the legislative tailwinds of the investment bonds and the tax reforms that were announced in the May budget. Also prior to that, we saw the changes in superannuation around the Division 296, which affects large super balances coming into effect.

Moving on to to slide seven, looking at some of the key operating metrics across our business. You can see Generation Life, a significant uplift.

Um in fact, over the past couple of years, we've gone from FY24 sales numbers of just over $650 million of gross inflows to now over $1.5 billion of total gross inflows. We've really expanded across our active advising client base to almost 3,000 active advisors um for the year, as um based on a 12-month rolling average, um and an investment maturity profile of over 15 years.

You can see for the investment bonds. Um so, it's a very high-margin product.

We've got, very strong market position and uh we've continued to grow at record rates. Evidentia generated another incredible year of net inflows of $8.4 billion.

Continued to grow materially faster than its natural market share of 1.8 times. Um and that's been over the past couple of years that we've been able to sustain that.

We've grown the team materially and integrated the two businesses over the last 12 months with Lonsec Investment Solutions and Evidentia managed accounts. Lonsec also expanded both products coverage um and subscribers in another record year, demonstrating continued demand for its research and ratings capability and certainly has the strongest brand in the marketplace.

Looking now on slide eight, again, some some of the uh the earnings growth that we're seeing across the group and each of the businesses. Strong FUM growth that we've um and revenue growth of $178 million, or up 23%.

EBITDA of $59.2 million, up 18% on a pro forma basis. Underlying NPAT increased 21% to almost $41 million, reflecting earnings growth across each of the operating businesses.

You can see slide nine really talks about the trajectory of the business over the it's three core areas in terms of FUM growth, revenue growth, and underlying EBITDA growth. See 70% 77% CAGR there in group FUM to the $46.5 billion that I've already touched on.

23% CAGR in revenue growth to close at $178 uh million for FY26. Then underlying EBITDA growth from FY22 through to FY26 of 37%.

Moving on to slide uh 10, just talking about the strategic priorities across Generation Development Group and each of the businesses. Um we've got some great assets.

We've done a lot of investment in these assets and we continue to get more structural and legislative tailwinds and so, we believe we're really in a strong position to be able to benefit from those tailwinds, both in retirement advice um and the platform adoption. Across the group, our priorities really are to, and we're going to talk in a little bit more detail around this as we get through the presentation today, but deepen client relationships, expand our distribution, and continue our product innovation.

This will allow us to deepen our competitive moat, um which we have a very good track record around um execution and and bringing new products to market that have been successful. Um and we've got several other initiatives that we think's going to create a lot more value, both for our customers and for our shareholders.

What's really important to note um around all of this, when we're looking at any sort of investment, we remain very disciplined and proportionate to the opportunity. Um that's a really important part.

Anything that we're looking at, we know we've got a lot of long-term tailwinds that are on our side, but we're very, very focused on making sure that any investment is disciplined and proportionate to the opportunity with selective um acquisitions assessed against the strategic fit and long-term value creation. Moving on to to slide 12 and deep diving a little bit more into the Generation Life business and the investment bond market.

We can see here we're operating in probably what is one of the most attractive long-term growth environments that we see in financial services and this is supported by retirement, this huge amount of wealth transfer that we're going to see over the next 30 or 40 years, and the legislative tailwinds that continue to expand the to expand the demand for tax-effective wealth solutions like investment bonds. Um the investment bond market, and we've done a lot of um building around the model for this, is expected to exceed approximately $60 billion in funds under manage- management by 2035.

Some pretty exciting numbers there, and that's of course driven off, three three core factors. One is the change we've seen to superannuation and the the large super balances with Division 296.

We're seeing this significant wealth transfer and it can be structured as a non-estate asset. That's the second part.

Obviously, we saw in the May budget, the significant tax reforms, particularly the removal of the CGT discount. Again, investors, particularly wealthy investors looking for more tax-effective homes to be able to to grow and and take care of their wealth.

Um Generation Life has been the market leader in this market for some time, capturing 59% of annual inflows to the end of March '26. Turning to slide 13, talking about that that, I guess, total addressable market opportunity, um we really plan to to extend this through a few key focuses, but really what we want to do is evolve from a product provider into a broader wealth solutions partner.

A lot of our investments uh will focus on outcomes to improve both advisor and client's experience. This is through digital transformation, to scale scalability, and new products that we we plan to bring to market that are, of course, tax-optimized um in the investment bond space.

A lot of the automation and AI that we're investing in at the moment will support a lot of this efficiency and scale and we're making sure that each of our investments are tied to measurable outcomes. Moving on to to slide 14 um to take a bit more of a closer look at Evidentia managed accounts.

Again, it's been another incredible year for that business, delivering record FUM and net flows while maintaining its its lead as the largest provider of managed accounts, significantly bigger than its nearest competitor and growing significantly faster. Uh the business continues to, have more advisors, more practices supporting it.

It was a record year of new clients that adopted the Evidentia managed accounts and we continue to to deepen and strengthen those relationships. The scale, the product breadth, the partnership position, um we think that Evidentia is going to continue to to benefit from not just the the market growth and and the sector growth that we're seeing in managed accounts, but also um the ASIC industry-wide compliance review.

Given the scale, the investment, the technology, the risk management overlay that we have within the business, um we think we're going to be a big beneficiary of any changes that we see moving forward as scale will play a more important front and center place as managed accounts continues to grow. Moving on to to slide 15, executing and and the focus of us moving forward for our managed account business, um we spoke about deepening those advisor relationships.

It's not just for us being an outsourced CIO. That's not what our managed accounts just is.

Of course, we are an asset consultant first and foremost, but it's more so that we're an integrated partner that helps drive and create value for the advice practices that we do business with. We look at their efficiency, we want to be able to convert that FUA to FUM um as a business, and we want to help these practices grow out their businesses.

We help them look at M&A. We did the acquisition of Encore um Consultancy last year again to be able to help offer more services to our clients.

The scale, the operational discipline are expected to support the operational leverage in that business um over the medium term and we should really see that start to kick in probably more from FY28 onwards. The integration on on slide 16 talking about the integration of of both of our managed account business, which was a huge piece of work that we took on, um bringing together two very, very good assets.

The number one and the number two, or equal number one, we'll call it for the sake of it, um managed account businesses out in the market. We saw that integration completed on time and on budget um in June 2026.

The combined platform, broader distribution, advisor reach, the implementation capability that we've got there, and of course, I touched on Encore Advisory that that further extends the consulting and practice transformation capabilities and really starts to increase the the competitive moat that we have around that business. On slide 17, we're moving through to Lonsec Research and Ratings.

Lonsec is uh a very well-known, very strong, and trusted brand out in the marketplace. Had an incredible year of of of growth.

We saw Lonsec uh products researched up 9%. A big goal for us was actually to get to that 2,000 mark and we just got there with 2,001 products uh researched and this is, of course, across various funds, ETFs, um SMAs for the first time, given that we we moved Lonsec Investment Solutions away from the research business and and obviously moved that over to to Evidentia.

Of course, the superannuation options that are researched as part of that. Um its core research and ratings business continues to generate strong cash flow and maintain high margins.

In fact, looking at the business and and Andy will talk through it in the financials, it's got close to 50% EBITDA margins and and mid-teens in terms of EBITDA performance. It's a very, very good business, great asset for for GDG.

Um we also saw some innovations there with Lonsec Governance Solutions, which was launched just last week. It's a product we've been talking about for some time, and this extends the business into specialist governance and investment oversight.

In terms of the growth strategy, you can see there on slide 18 for Lonsec, um it's very much a trusted uh provider in the marketplace. We're looking at new services to be able to diversify the revenue um away from its core business, the research business, and and looking at governance solutions and deepening these client relationships that we have, and operating differentiated retirement and analytic capabilities.

Um the technology and data will further deepen insights um and also faster product innovation and greater operating efficiency within that business. Lonsec has been around to close to four decades now, and it's got a lot of data and research and capability in there and things that we we certainly plan to to leverage from here on uh moving forward.

Moving to slides uh 19 and 20 that I'll cover off, just around our AI adoption. Um at the half-year results in February, we did talk about our approach to AI, um and we've certainly moved away from the sort of planning phase into a controlled deployment across the group.

Um a board-endorsed governance framework, clear accountability, risk controls are now in place for the group and across each of our businesses, and targeted initiatives are progressing across both research, portfolio analytics, reporting, retirement modeling, compliance, and a lot of our workflows across the group. Um our approach around A- AI remains capital-light and partnership-led.

Uh partnerships like in Lonsec with AWS um is an example of that, and we're focused on measurable productivity and scalability, and obviously getting the operational uh benefits out of out of any AI that we um continue to implement within the business or any of the businesses that we have. Turning to slide 21, this really talks about the value creation framework.

I've said everything um that we've said today, and Andy will go through, ultimately comes back to one objective: converting strong market positions and growing scale into sustainable earnings growth and long-term shareholder value. Our distribution reach, advisor relationships, and platform capabilities drive net inflows, FUM growth, and most importantly, reoccurring revenue.

Capital will be allocated between organic investment, balance sheet flexibility, and selective strategic acquisitions. The objective for us is obviously to have sustainable EPS growth, improving returns, and long-term shareholder value while maintaining financial discipline.

You can see, if I just highlight the bottom of slide 21 there, when we're talking around uh potential acquisitions, 'cause we do get a lot of questions around M&A, particularly with the success of Evidentia and Lonsec, is we're looking at businesses that either fit within the existing assets and expand the economic moat that we have within those assets and and further our competitive advantage, or we're looking at new verticals where we see sustainable earnings of 15% to 20% growth. We've got those regulatory and structural tailwinds that I've spoken a lot throughout the course of this presentation, or they're leaders or disruptors um in a new vertical and have got some scale in there.

Obviously, it needs to be earnings accretive um and and the potential for synergies for any of our preexisting um assets that we have. Um it's been a phenomenal uh year, FY26, for the group.

Um the staff have done a great job in adapting to a lot of change with the integration of our two large managed account assets, a new group operating model. I'll now pass it over to Andy Mellor, who's the new group CFO, to go through the group and each of our businesses.

Thank you. Uh

thank you, Grant, and uh good morning to everyone. Just before I walk through the FY26 results, I'd like to cover a few housekeeping matters regarding the basis of the FY26 full-year presentation.

The results I'll discuss today are presented on an underlying basis and unless otherwise stated, prior year comparisons are against FY25 pro forma results, reflecting the corporate structure that became effective on the 1st of July 2025. Our underlying result excludes the Benefit Funds, and a reconciliation between underlying NPAT and statutory profit is provided in the appendix.

As a reminder, the restructure resulted in three key reporting changes: Generation Life and Corporate, previously reported as a single segment, are now reported separately; Lonsec Investment Solutions and Implemented Portfolios, previously reported as part of Lonsec Group, are now reported within the Evidentia Group segment as part of our managed account business; and lastly, Lonsec Lonsec Research and Ratings is reported as a standalone business. To provide meaningful period-on-period comparisons, we've included in the appendix pro forma segment reporting for FY25, as well as separate H1 and H2 segment disclosures for both FY25 and FY26.

The H1 FY26 segment disclosures are unchanged from those presented at the interim interim results in February. We've also provided a reconciliation of the FY25 pro forma financial result to the reported FY25 financial result on slide 33.

The pro forma financials include the 8.5 months of Evidentia operations in FY25 prior to the acquisition. We've maintained consistency with prior reporting periods by presenting the Generation Life income tax rebate within segment revenue.

For segment presentation purposes, this item also now appears within revenue rather than below EBIT, as it did at the half, to be consistent across the reporting framework. We've also completed a review of segment cost allocations given that 18 months ago, we didn't report any segments and given the growth of the businesses, we now report three operating business segments and Corporate.

I'll discuss the impact of those changes shortly. Now turning to slide 23 and the group financial results.

As Grant highlighted earlier, FY26 was another year of strong performance for the group across key financial measures. Group total revenue increased 23% to $178.7 million.

EBITDA was up 18% to $59.2 million. Profit before tax of $54.2 million was ahead of market expectations and underlying net profit after tax increased 21% to $40.7 million, slightly below market expectations um not due to the operating performance though, rather due to a significantly higher income tax expense in the second half.

I'll have more to say about tax later on. Total expenses increased 26% to $119.5 million.

On this, there are two points worth highlighting. Firstly, group expense growth slightly exceeded group revenue growth during FY26, as we strategically invested in increased investment in people and technology capability, particularly across Generation Life and Evidentia to support future scale and growth.

Please note Lonsec expenses were flat versus the pro forma. Secondly, given the significant structural tailwinds and TAM opportunities in front of us, we remain confident that these investments will lead to future growth and deliver operating leverage over the medium term.

It's also worth highlighting just here that we've given some guidance on slide 29, which Grant Grant will speak to in a moment, in relation to operating expense growth in FY27. We've said that FY27 group underlying operating expense growth rate is expected to remain broadly in line with the growth rate in FY26, which was 26%.

Importantly, FY26 included a significant amount of organizational work associated with establishing our new segment structure, creating a standalone Corporate segment, and integrating managed accounts within Evidentia. Much of that foundational work has now been completed.

The group's effective tax rate for FY26 was 17% compared with 18% on a pro forma basis in 20 in FY25. The second-half tax expense was materially higher than the first half, reflecting a number of items that were finalized at year-end.

Over the medium term, Generation Life Generation Development Group's effective tax rate sorry, over the medium term, Generation Life's effective tax rate is expected to be broadly consistent with FY26. Evidentia, Lonsec, and Corporate effective tax rate are expected to be in line with the statutory corporate tax rate.

I would also like to note that we did have investment in Corporate segment over '26 and we believe that Corporate is now broadly right-sized to support the operating businesses. Accordingly, while we expect some ongoing investment, future growth in corporate costs will be moderate.

Underlying earnings per share was unchanged at 10.2 cents as underlying profit growth was offset by the increase in the weighted average number of shares on issue, primarily reflecting acquisition-related share issuances in 2025. Finally, the board declared a fully franked dividend of 1 cent per share, bringing the full-year dividend to 2 cents per share.

Now turning to Generation Life on slide 24. FY26 was an exceptional year for the business, characterized by record sales, net inflows, continued market share gains, and strong earnings growth.

Total revenue increased 34% versus the FY25 pro forma results. The income tax rebate, included in total revenue, was $13.5 million and we would expect this to increase broadly in line with Generation Life's expense growth going forward.

Expenses increased 25%, reflecting continued investment in people and technology capability, together with FUM-related operating costs. Generation Life expense growth rate in FY27 is expected to be modestly higher than the group average FY27 expense growth rate, which I just referenced of 26%.

In addition, Grant will detail Generation Life CapEx um plans as part of the outlook section uh later in this presentation. Given the significant structural tailwinds and TAM opportunities in front of us, we remain confident that these investments will lead to future growth.

EBITDA increased 57% to $23.3 million with EBITDA margin increasing by 5 percentage points to 32%. Please note footnotes three and four on this slide.

When calculating the income tax rebate on a pro forma basis for FY25, that amount is lower than the actual rebate received given Corporate is no longer within Generation Life under the new operating structure. This does lead to a relatively higher EBITDA growth pro forma versus FY26 of 57%.

Therefore, in the footnote, we have calculated the EBITDA growth using the actual income tax rebate received to provide an alternative EBITDA growth perspective for you. We also completed a segment cost allocation review between the Corporate segment and Generation Life in the second half as we finalized the new structure.

This resulted in a reallocation of certain full-year expenses from Corporate to Generation Life in H2, which results in H2 Generation Life expenses being higher than H1. For modeling purposes, I would suggest assuming a more balanced H1-H2 allocation on a go-forward basis.

Generation Life continues to expect improving operating leverage over the medium term. Now turning to Evidentia Group on slide 25.

As Grant has spoken to, it was a stellar year for the Evidentia Group team, completing the integration of LIS and Implemented Portfolios, as well as delivering 37% FUM growth and stable margins. Revenue increased 26% to $58.8 million, noting FY26 FUM inflows were significantly Q4 weighted.

These outcomes reflect the benefits following the merger, broader distribution capability, strong market positioning, and this bodes well for the future. Expenses increased 30% to $33.7 million, driven mainly by investment in people during the year.

FTEs increased from 87 to 109 across the year and in FY27, we expect FTE growth to fall significantly. Expense growth rate in FY27 for Evidentia Group expected to to be modestly higher than the group average FY27 expense growth rate, which I've referenced earlier of 26%.

Given the significant structural tailwinds and TAM opportunities in front of us, we remain confident that these investments will lead to future growth. EBITDA increased 22% to $25.1 million, while the EBITDA margin was 43% compared to 44% in the FY25 pro forma.

Similar to Generation Life, Evidentia Group expects to see improving operating leverage over the medium term. Now turning to slide 26 for Lonsec Research and Ratings.

Revenue increased 7% to $45.8 million, reflecting continued demand across Research, SuperRatings, and iRate product categories. Importantly, expenses held flat year-on-year, demonstrating disciplined cost disciplined cost management.

As a result, EBITDA increased 15% to $22.8 million and the EBITDA margin increased by 3 percentage points to a record 50%. The operating result was supported by a 9% increase in products research and 13% growth in iRate subscribers.

Lonsec remains a high-quality franchise characterized by its market-leading position, high recurring revenues, substantial cash generation, and attractive operating leverage. As a result, it continues to make an important contribution to the group's overall earnings profile.

Now turning to the balance sheet on slide 27. The group ended FY26 with cash and cash equivalents, excluding unallocated client application and redemption funds held in trust, of $97.5 million and a net cash position of $57.5 million.

During the year, the group entered into a $50 million debt facility with NAB, of which $40 million was drawn during the year to fund the majority of the Lonsec earn-out payment. The group therefore retains a strong balance sheet and financial flexibility to support its strategic priorities.

I'll now hand back to Grant to discuss the outlook.

Fantastic. Thanks very much, Andy.

Moving to the outlook before we throw it open to questions. Um we enter FY27 um with strong momentum, pardon me, across uh each of our businesses.

We see significant opportunities here, particularly in Generation Life where the structural and demographic and legislative tailwinds continue to expand the addressable market that we went through over the course of this presentation. Um our investment in FY27 reflects that opportunity with capital being deployed in a disciplined manner and proportionate to the long-term growth opportunity we believe the business can deliver.

This will be in the range of 5% to 15% of Generation Life's revenue for FY27. To break that down a little bit in terms of some of those areas of CapEx is what we're looking at is partner integration and scalability.

Looking at modernizing our technology architecture and data layer to allow Generation Life to connect more easily with platforms and superannuation trustees and other institutional partners. Um some advisor feedback in terms of our portal.

Um we need a more contemporary and scalable experience with greater self-service functionality, um including enhanced reporting, transactional capabilities, and visibility that advisors don't have today. Um so, it's certainly an area of investment that we're we're keen to to commence and and really start to improve that advisor experience and automate several um pieces of functionality there.

Um the operational efficiency internally within the business, including um some STP across Generation Life. Um this is automating forms, um connecting directly to each of our registry systems, and really eliminate a lot of the manual processing that we still have in the business today.

This allows us to scale a lot easier without increasing operational resources. Um and really important and the last bit I'll touch on around this, is really future proofing uh technology architecture.

Moving more towards modular architecture where products, partners, technology providers can be added and change without significant redevelopment of the broader ecosystem. Allowing a lot more flexibility um within the architecture.

This also removes the concentration and dependency that we have with some of our partners uh today. Moving forward around the Evidentia business.

We believe this is going to continue to grow beyond uh its natural market share with net inflows of between $5 to $7 billion, excluding uh mandates and market movements over the course of FY27. It will continue to scale.

Uh also with Lonsec Research and Ratings will increase its range of products, as we've already stated, the launch of Lonsec Governance Solutions last week and other products and services within the research business. Uh supported by a strong balance sheet, we remain very focused on executing our strategy and converting all of these opportunities into sustainable earnings and growth, and obviously, ultimately driving long-term shareholder value.

Um a big thank you to all of our boards, all of the executives across the group, and most importantly, all of the staff across each of our businesses that have executed FY26 as another very, very successful year for Generation Development Group in each of its businesses. Uh we take a lot of pride in what we do and and the customer relationships that we have, and we're looking forward to delivering yet another record result in FY27.

I'll now pass it back to the operator for questions.

Thanks for taking questions, guys. Um just um in terms of the outlook in term for investment bonds with the investments that you've made in the last year, can you talk through how that pipeline's looking, what kind of growth rates you're thinking you might be able to generate in those in those flows on investment bonds given that pipeline and then maybe how you think about the return on investment on that additional expense that you're putting in this year?

Um

in terms of the the CapEx there, Nick, um based on the FY27 um financial profile on the revenue side, we expect that between 5% to to 15%. We know that's quite quite a wide range.

Um the reason it's wide is because we want to invest at the speed that we see the opportunity pick up. Um to be totally honest, in in terms of the performance of the business coming into this new financial year, it's probably outperformed um where we anticipated.

The changes to, the tax reforms, obviously the super changes has definitely uh corresponded in inflows. Um probably a little bit quicker than what we anticipated, which is which has been a good surprise.

Um we made the investments last year that you touched on. Um that was around sort of three core things.

Uh one was product, two was um the registry system. Uh we found the registry system was becoming quite slow to do things like regular savings plan, which is a material amount of inflow each month, and taking 8 or 9 hours to do.

We've now done that where it takes 1 to 1 to 2 hours. Um and also in in some of our um other sort of back office uh operational uh sides in terms of STP.

What we've seen in FY26 was a 71% uplift in applications. The the corresponding growth to to the investment was probably a little bit outsized.

Look, we've commenced some of um those investments that I've I've just touched on um around those those areas and the portal, and uh we've scoped a lot of it out. Um some of the STP, we've we've commenced.

Um some of the new products stuff we're we're looking at, we've already commenced as as well. Have you got anything probably on to add to add to that?

No.

Cool. Then maybe just a quick question on on Evidentia.

We've seen the platform results in the last couple weeks and they're reporting um a slowdown in flows just driven by a bit of rethinking around tax structures and investment strategies. Can you talk through what you're seeing in Evidentia?

Um hopefully, those trends aren't aren't the same in your business.

We wish we were completely insulated from the the macro impacts and the the changes at the moment going on in the market, I think we're we're definitely feeling those changes. I don't think quite to the same extent as perhaps the the the platforms.

Um quarter-on-quarter relative to market conditions, um we've been happy with the flows. I guess where our business is a little bit different is, we've got diversified assets, Lonsec Research, um I haven't touched on that yet, coming into this year has performed very well.

Um obviously, we've touched on the investment bond business. Again, that continues to outperform.

We're seeing um good performance in in Evidentia, but yeah, again, it's going to be um impacted, but I'm not sure to to the same extent as platforms.

All right. Uh thanks for that.

Um I might let someone else ask a question and hop back in the queue.

No worries. Thanks.

Thanks, Nick.

Hi there. Thanks for taking my questions.

Just firstly on Evidentia, the $33.7 million you were talking about uh an increase for FY27 that would be slightly higher than the growth rate that you're talking about, which is 26%. Is that really just um, excuse me, a a full run rate of additional people and so forth that that you've put into the expense base in FY26, or is there something else that I might be missing there?

Yeah. No, I think you you've pretty much hit that, um Simon.

The way we we're sort of talking to to to modest growth in in Evidentia

and Gen Life just on on the expense growth for versus versus group, which I guess would make sense given you don't have a lot of expense growth in expense in Corporate and and Lonsec. The the hiring will sort of um of those staff I said up to 109 uh will flow through that cost base in FY27.

Um but yeah, also please take note of my comment that that that FTE growth through 27

[will fall significantly?] .

Yeah. Good, good.

Then um again, just on Evidentia for a minute. Um we'd normally sort of think about from the existing client base, a terms of or a level of inflows around about sort of $5 billion a year, and then, mandate wins sort of on top of that.

Do you still feel comfortable with that number, Grant, in terms of the $5 billion for existing clients? Um

look, I I think existing clients and I'd include probably probably some new wins that we get, at the start of this year of RFPs that we'd be in in terms of net flows, because as you know in the first 12 months, you don't really see You probably see a fifth um of the total FUA in the first full 12 months. Look, I think that a $5 billion and and like I said, that's sort of $5 to $7 billion range of of net flows, we believe's realistic with mandates and and market movements on top of that.

There's nothing indicating otherwise um at this point in time.

That's fair. Then just one final question on the tech spend related to Gen Life, particularly around investment bonds.

Um was is there an issue with sort of scaling technology or the in terms of the size of technology? I would imagine it's been built a long time ago, maybe what level of uh sales was it sort of, structured to be able to cope with?

When I first joined, um what what we did in a full year in terms of applications, I think we do in less than a week now. We've we've certainly We We have invested along the way, and we've been able to scale up.

I think we've gotten to the point now where investment bonds was was more of a fringe product. Now, it's becoming more of a mainstream product, the expectation from advisors, um given we've got close to 3,000 active um users, is it's not quite like a platform, but it's expected to have a bit more functionality, a bit more transactional capability.

Again, that'll take the load off the back office as well. These growth rates allow us to to do that investment um to be able to get that all up to speed.

Also, the other aspect of this is the ability to be able to integrate with platforms and other technology providers with a bit more ease. That's not something that we probably foresaw within the next, 3 or 4 years until um these tax reforms came through recently.

That's probably just come forward a bit to what we originally anticipated.

Thank you.

No worries. Thanks, Simon.

Hi, guys. A couple ones from me.

Firstly, just some clarity on the CapEx guidance. Is the 5% to 15% of Gen Life revenue you called out in addition to the $7 million that you spent in FY26, or is that the total CapEx bill?

Yeah. Hi, James.

Um the way to think about is the this the FY26 spend wasn't wasn't seven. Um I think you've probably seen it in the cash flows.

It was more on the range of five. Um and it is in addition to that spend.

Um and that we've basically decided that referencing it to revenue makes a lot of sense because it gives us a bit of a sense of how revenue is tracking and how we want to, ensure that we're spending the the money in the right areas, but also particularly at the right speed.

Okay. That's good point in terms of how the revenue is tracking.

I remember 12 months ago you were talking about um adding $100 million per month in investment bonds. I think the color you gave to an earlier question was a 71% uplift in applications.

Is that the right proxy to use in terms of year-on-year growth expectations, or how would you nuance that?

Look, uh obviously up over 50% in terms of gross flows. We we we ended up doing closer to 120 to 150 mil on on average per month.

Um I think, over the course of this year, we'll definitely see an uplift, all things being equal. Um and it would probably sit at the monthly range of probably at 150 mil to to 200 mil is the probably way I would think of um FY26.

Perfect.

Then FY27, sorry.

Go on. That's good.

Forward-looking numbers are more helpful.

They are. Then

the other sort of change here in how you've reported, which I was trying to reconcile, is revenue margin. How If you Depending on whether you take the uh tax benefit above or below the line, I still find it hard to reconcile versus the PCP.

How should we think about that revenue margin for investment bonds into '27?

Yeah. Hi, James.

I think the the nuance uh with the PCP is the calculation of the income tax rebate. I think I mentioned in the in the comments that um when you calculate the pro forma excluding Corporate and you look back into FY25, that income tax rebate of 9.7 was actually lower than the 13.7 we actually received.

I think if you want to think about it on a go-forward basis, the the margin that is if you would calculate off FY26 is is the way to think about it on a go-forward basis.

Perfect. Thanks, guys.

I appreciate the help.

No worries.

Good morning, guys. Thanks for taking my questions.

Um just a couple of follow-ups there. Just when you're talking um around revenue margins um and on the bond side, I mean the outlook commentary is to remain broadly stable.

Just trying to get a feel for uh how we think about these revenue synergies into next year, but also can we sustain these margins for longer than just one year from what um what you guys are doing there on the revenue synergy side?

In terms of the the margins within the investment bond business, um we we haven't changed our pricing since December 2017 and we we have no intention of changing that. We actually think it's um reasonably priced and there's value in it for for the advisor and the client.

The reason that I say that is because it is a tiered pricing structure, the more you put in, the less your administration fee is. Probably the biggest challenge for us as a business is what we're seeing is probably larger amounts come in um that we didn't anticipate back in 2017-18 when we first introduced that structure.

We're getting, huge amounts in, particularly for estate planning. Um quantums in excess of $10 million aren't sort of unfamiliar for for us um now in terms of inflows.

We don't really see any um compression around the actual margins in the business, just that the tiered pricing structure probably taking a little bit of effect. Um revenue synergies, we'll continue to to see those um over the course of this year in the Evidentia business if that's what what you're referring to.

Um yeah, we've got to be spending a a little bit of money there in terms of the the true up that you'll see and and a bit more CapEx there, but not as much as you saw in in FY26. We expect probably with Evidentia more the operating leverage to really start to come through in FY28.

I would expect, given the the CapEx and the big opportunity that we have in Generation Life and the investment bonds, you probably start to see that operational leverage really come through in FY29. It's a good thing about having different businesses, at various levels of maturity and and opportunity.

Um, you're going to probably allocate that capital where we we see the biggest options.

Appreciate it and it kind of leads into my second question, which is also a follow-up. When we're thinking sort of '28, uh cost growth um, can you give us a sense sort of like on a percentage basis what what what you'd be delivering there, or or alternatively, what sort of margin profile or uplift could you get once these um yeah, scale benefits come through?

I think it's a good question and I guess the way that we're thinking about it is that as we start to see more operating leverage come through the business, that you'd expect to see the cost growth in '28 less than the cost growth in '27. If that helps.

That's helpful. Thank you.

All right. Thanks, Tom.

Good morning and thanks for taking my questions. Um the first one in terms of Evidentia, just trying to get a feel in terms of next year, are you expecting EBITDA margins to rise year-on-year in FY27?

Given your cost growth of let's say 27% and net flows of about $7 billion, the the math seems a bit hard to stack up. Just trying to understand are you assuming some sort of benefits of revenue synergies or mandate wins there?

Ah,

I think this general a general comment on on EBITDA margins, going through into into '27 for Evidentia, I think they're probably going to remain broadly stable. Um that would be my expectation.

Obviously, uh the we've only just just kicked that year off, but yeah, I think that's probably the best way to think about a broadly stable margins for for 27, and then if you reference my comment um as as it relates to and talking to Simon's um question earlier, ah that the employee growth in '27 is going to um reduce significantly, um '27 is going to see a flow-on effect of employee growth in '26, then you'd like to think that you'd see some improvements on EBITDA margins in '28.

Got it. Okay.

I guess thinking out further out in terms of operating leverage, which metrics are you looking more closely at in terms of Evidentia? How good does it get in two or three years, I guess, if all goes well?

I think if you think about the cost base in Evidentia, the the vast majority of costs are employee costs. Um so, I think that really points to the fact that if uh if all goes to plan, and how we how we execute the business through '27, then in in the operating leverage metrics and the business continues to perform on the top line, you'd naturally see that that operating leverage fall through.

Okay. Thank you.

Thanks, Jeff.

actually it was it was asked before, all good. Thank you.

No worries, Simon. That was an easy one.

Yeah.

thanks very much for everybody's support in FY26. We're very pleased uh with the year, the momentum, like I said, we've got across each of the the businesses.

Um at the moment, we'll we'll see, at varying points in time as we've discussed, um operational leverage coming into the different assets. Um Lonsec being the more mature um with some really strong margins in that business, but great growth opportunities with some new products to be deployed.

Evidentia with the integration complete, we can really focus on acquiring new clients and obviously growing FUM in that business. Um and the opportunity has never been greater in Generation Life, super excited about the the future of GDG and and each of the businesses there and and appreciate the support that we've got out of the marketplace.

Thank you.