Thank you, and good morning, and welcome to the Computershare FY26 results conference call. Nick Oldfield, our CFO, is with me, along with Michael Brown from our IR team.

Our presentation pack was released last night, and I'm going to take you through the highlights, and Nick will take you through the financials in more detail, then we'll get to Q&A. Computershare had a good year.

Our long-term simplification strategy is really paying dividends. Continuing investments in technologies are helping drive margins, and structural growth trends are intact.

Above all, our earnings growth remains remarkably consistent and predictable, and is set to continue. Let me start with the results highlights on slide two.

Management EPS is up 7% at 145 cents per share, and our earnings trajectory accelerated as the year progressed, and results came in slightly ahead of the guidance we upgraded in February. Headline revenue is up 3%, but if you exclude the impact of disposals, it was actually up over 5%.

Our key businesses are also performing well. Issuer Services revenue was up 4%, Corporate Trust was up 6%, and Employee Share Plans was up 10%.

Margin income was down 1.6% at $749 million, but that did exceed our expectations and the upgrade in MI guidance we announced in May. As we've called out before, increased activity drove higher balances, which really muted the impact of several rate cuts in our major markets.

EBIT excluding MI was up over 8%, and EBIT excluding MI margins continue to expand, up 70 basis points to 18.2%. ROIC came in at 36.5%, reflecting our capital-light business model.

Now our balance sheet continues to be a highlight. Leverage came down to 0.1 times, and this continues to provide optionality for acquisitions.

Now we've got a pretty good pipeline, but I will remind you that we will remain very patient and selective. With our earnings momentum and strong balance sheet, we can step up the dividend again.

The final dividend is 65 Aussie cents per share, a rise of 35% on last year's final dividend, and that makes $1.20 per share for the full year. I think reflecting on the past 12 months, I've been particularly impressed by the team's ability to stay focused and execute despite everything going on around the globe.

We delivered acquisition synergies ahead of schedule, continued to embrace and work on new technologies, and supported many of our clients through a number of complex global transactions. I think that discipline has been a real strength of the business this year.

Now let's jump to slide four, and we'll talk about each of these business lines. Now every business delivered revenue growth, let's start with Issuer Services.

Register maintenance revenues were up 3% year-on-year. Corporate action volumes were broadly in line with FY25, but a notable exception to this was really the key US market, where FY26 deal volume was up 3% versus PCP, but activity increased as the year went on, and in fact in 2H 2026 it was up 8% versus PCP.

Then pending deal count, that's announced but not closed, at 30th of June was actually up 8% on the prior year, and I think that's a good indicator for more activity to come. The Hong Kong IPO market was also a standout.

In FY26, there were 96% more IPOs, and it was really strong retail participation which helped drive fees up. It was not just the number of IPOs, it was really that strong retail appetite for them that drove the increase.

Entity Solutions, which we previously referred to as Governance Services, continues its robust growth profile driven by co-sec services and growth in the number of entities under management. That said, EBIT and margin were down in Issuer Services in FY26.

Now this largely reflects lower margin income, as well as continued investment in new technologies and fledgling businesses that we're incubating for future growth. Moving to our Corporate Trust business, client activity increased across all major product lines.

Structured products, which make up the majority of our book, grew strongly. With more volume, trust-free revenues were up 9%.

Client balances are also increasing with the growing issuance. It's also pleasing to confirm that the $80 million synergy target set out for the Wells Fargo acquisition has been delivered a year ahead of schedule, helping our EBIT margins in this division expand to over 17%.

Corporate Trust remains an attractive market and a priority for capital deployment, and we do see many years of growth runway ahead. Now Employee Share Plans reported another impressive result.

Revenues grew by 10%, and EBIT increased by 24%. The volume and value of assets under administration continued to climb, helping drive higher transaction fees, which were up over 18%.

Now the business sailed through the volatility observed in equity markets around the world this year, and we saw the benefit of the diversification strength of our client book. Energy and resources clients, for example, outperformed during the second half.

Whilst there has been record trading, we ended the year with AUA up 8% and the number of units up 5%. Now this business has really come a long way after our initial investment in Equatex and the significant and complex project to deploy the technology globally.

Looking forward, given the growth in the book, and as long as equity markets remain broadly consistent, we do expect trading revenues to be higher again in FY27. Overall, our key business lines are growing and performing well.

Now on to FY27 outlook over on page five. Looking forward, we expect FY27 to be another year of earnings growth.

The momentum in our business lines underpins our positive outlook, and our initial guidance for FY27 management EPS is to grow by around 6% to 154 cents per share. Based on the interest rate curves this week, MI has passed the low point and should be higher in FY27.

Our initial guidance is $770 million for the year. Now as we have always done, we take the exit rate on balances as the basis for guidance in the new year, and I do think that exposed yields should be a little higher in FY27.

As for the guidance, we also have the usual detailed assumptions and disclaimers in the back of the deck just in case we ever need them. With that, Nick, over to you to go through the detail.

Thank you, Stuart, and good morning, everyone. As you've heard, we've had a good FY26.

Let me try and unpack that earnings growth of 7% versus the PCP. I'll start on slide seven.

Firstly, revenue. Excluding MI, revenue was up 4.4%.

Adjusting for the in-year disposals of UK Mortgage Servicing and our German print and mail business, revenue excluding MI was up 7.5%. Total revenue was up 5.2%.

This was driven by growth across client fees, which were up 3.8%, largely driven by growth in issuance in in Corporate Trust, where fee and money market fund revenues were up 9.4%, and in transactional and event revenues, which were up 15.4%, reflecting growth in trading activity in plans, both price and volumetric increases across shareholder-paid fees in registry, and greater corporate actions activity, especially in the US and in Hong Kong IPOs. On the cost side, we saw increases over and above expectations.

BAU OpEx was up 4.5% for the year, and over 6% in the second half due to some one-offs. We also invested an additional $39.7 million in new products, technologies, and capabilities.

This included around $6 million of annualization of OpEx costs in respect of FY25 acquisitions. Notwithstanding these higher costs, we were still able to improve operating leverage, with the EBIT excluding MI margin increasing 70 basis points.

What drove the BAU OpEx increase? We had general salary increases.

We awarded merit rises of 2% in October '25, around $18 million, whilst on-costs rose disproportionately by $25 million, largely due to step-ups in US healthcare and UK payroll taxes. These costs will level out in FY27.

There will not be any further step-ups of this nature. We also saw an 8.7% increase in other direct expenses, and a 4.6% increase in computer costs.

These increases reflected a combination of BAU third-party vendor inflation and investments in some of our key projects. For example, the integration of our investment investor engagement businesses, $5 million, product enhancements in both plans and Corporate Trust, including foundational work for our EMEA business, social contributions for the deposit protection service, and work to develop our AI investment program.

I expect OpEx OpEx inflation to slow, to be below 3% in FY27. EBIT increased 2%, whilst the EBIT margin dropped 40 basis points to 37.2%.

This was driven by a 1% 1.6% reduction in MI. I will come to this shortly.

Interest expense fell $34 million, driven by lower rates and lower drawn debt levels. The ETR also fell 30 basis points to 24.6%.

Whilst pleasing, it was also a little higher than anticipated as we repatriated more funds from Canada, incurring higher levels of withholding tax. NPAT was 6% better than the PCP, while management EPS was 10 cents per share and over 7% ahead of the PCP.

Looking through the EPS lens, buyback accretion contributed 2 cents per share of the increase. Organic business growth and cost-out was worth 5.9 cents per share.

Lower interest expense was worth a further 5.9 cents per share. Margin income declines offset these increases by 2.2 cents per share, and tax expense was higher due to greater profitability.

This impacted by 1.7 cents per share. All up, this took us to 145.2 cents per share in management EPS for FY26.

Below-the-line costs were also lower by 34%, slightly better than what I said in February. This is really related to the timing of redundancy expense.

We continue to target the elimination of our below-the-line cash expenses by FY28. In the meantime, we expect below-the-line cash costs will be 50% lower in FY27, at around $47 million before tax.

This is all shown on slide 10. Now you might ask, what makes me confident we'll deliver this target?

Simply, this is about programs of work coming to an end. We have line of sight to the work that needs to be done, what that work involves, and what it will cost us.

This isn't cost that simply rolls on. It's project management costs, consulting costs, redundancy costs.

Once we finish the project, the cost is eliminated. Let me now touch on margin income, which was 1.6% lower in FY26.

In the context of three US rate reductions in the first half, this was a good result. Balances rose 6%, whilst we also increased our recapture rate, our hedge book, and hedged yield, all of which helped to limit the yield impact to 19 basis points.

You can see this on slide eight. In FY27, we expect to generate around $770 million in MI, an increase of $14 million compared with FY26.

You can see this on slide nine. This is based on average balances of $32.8 billion, an increase of $800 million, or 2.5%, on FY26, and in line with exit balances at the end of June.

Now the sharp-eyed amongst you may note that this is actually lower than average 2H FY26 balances, but this is simply due to us due to us managing some particularly large low-yielding balances in 2H FY26 that will not repeat. We expect a yield of 2.35%, based on the assumption of one rate rise in the US in January, one rate rise in Canada in March, and two rate rises in the UK in November and March.

This is based on curves as at the 10th of August. FY27 outlook also assumes an increase in the percentage of exposed balances that are hedged, from around 50% to 60%.

This is at the top of our target range, but reflects a conscious decision to increase hedging based on attract on attractive longer-term rates. The weighted life of the hedge book is broadly unchanged at around five years.

Finally, let me turn to the balance sheet and capital management on slide 11. Cash conversion is broadly flat at 65%, impacted by prepayments of certain long-term technology contracts.

I expect this to trend to 70% over the coming years. CapEx fell a little, over $7 million down on the PCP.

This is more timing related. I expect it to increase to around $65 million in FY27 due to planned investments in some of our facilities, our IT infrastructure, and AI.

Leverage, as you've heard, is now 0.11 times. This puts us in a great position: extremely well protected in the event of any potential shocks, extremely well positioned for when our preferred M&A opportunities arise.

I now expect us to be close to net cash by the end of the calendar year. We're delighted to increase our final dividend to 65 cents per share, 35% up on last year's final, with the overall FY26 dividend 29% higher than FY25.

The average payout ratio is now 55%, giving us further room to grow within our target range. Finally, for those of you who would like to see us use our balance sheet strength to buy back more of our stock, I would remind you that this remains inefficient for us under the currently prohibitive Australian tax legislation.

I'll now hand back to Stuart.

Thanks, Nick. In summary, we had a pretty decent year.

Computershare has once again proven to be consistent and predictable. We gave initial guidance last August for management EPS of 140 cents per share, upgraded to 144 in February, and today delivered 145.

All our businesses have momentum, with growth in clients and fees, and there's definitely a buzz around the group as we work with new tech and also on market structure projects. We put a lot of time into understanding potential changes to digital market structures, and I'm sure we'll discuss that in the coming days.

I do think we're well placed to benefit from these and see new revenue pools opening up for us where we've been restricted or indeed not played in before. MI is now a tailwind rather than a headwind, and with our technology and AI investments, we're becoming increasingly efficient.

As Nick said, our balance sheet provides us with optionality to invest in our businesses, make acquisitions, and reward shareholders, and it is satisfying to be able to announce a final dividend up 35%, but as Nick said, with room to grow. Going forward, we expect our growth track record to continue.

We raised our ambitions earlier this year for our EBIT excluding MI target to continue to grow beyond 20%, as well as long-term ROIC target of 35%. The operating businesses are performing consistently and predictably, which gives me the confidence for the full year and beyond.

With that, now let's move to questions.

good morning, guys. Just first of all, just this, within the sort of guidance for next year, this 3.5% projected growth in EBIT excluding MI, what would that be if you actually ignored the disposal of UK Mortgage Services?

It would be, the

the step-up in margin, Nigel, would be, a little bit low lower than the, 70 than the 70-odd basis points that we've talked about, or the 80 basis points that was talked about. If you take out the UK Mortgage Servicing and the German print and mail business, EBIT excluding MI margins in '26 would be around 18.8%.

The, step-up in margin isn't isn't quite as pronounced as it looks on headlines, but there is a particular, piece of business that we that won't repeat from FY26, that that is impacting those margins. If I take it If I just look at EBIT excluding MI growth, at a headline level, or on a pro forma level, it's going up 7%, it's twice as much if I take out, but there's a there's just a bit of noise between the margins and the, absolute number.

That makes sense. Thank you.

That seems consistent. Just next, you did sort of touch a little bit on this as you went through, but obviously there has been quite a lot of investment in Corporate Trust such that EBIT excluding MI margin in the second half is back down to where it was in 1H '25 despite sort of you enunciating early delivery of the Wells Fargo synergies.

Can you just expand a little bit more on precisely what's happening in terms of the investment in that cost line within Corporate Trust?

There's two pieces, Nigel. I'll let Stuart talk about the investments, but just to deal with the margin in the second half, that was, in particularly diluted by some of the one-off costs that we talked about, in particular Right.

stuff. on-costs, US healthcare.

The margin in the first half '26 is a better guide of the where that sort of the underlying margin really is now in that business. I'd probably ignore the the lower margin in the second half.

Look, we do have some investments there. As when we we acquired that business and we acquired some of the technology that came from Wells Fargo, our goal was to, improve, on some of that technology set, and, also get us into markets where, perhaps the business hadn't been as competitive as before.

We've been investing in a lot of work with our collateralized loan obligation portal. That was, fairly reasonably sized IT project, for example.

We're already beginning to see the benefits of that in terms of, attracting new customers with the real-time data that we're able to provide, our issuers, which really helps them with the pricing. Look, it's always a balance about how much you invest, and and and cutting, and, we've always said that we would always invest into these businesses to to help them grow.

That's a great example of where we did invest and we are seeing, growth in new customers coming in.

Maybe just finally, then, thank you for that, and maybe just finally on the FY27 outlook slide, obviously the organic business improvement of 3 [pence? cents] per share, what do you see as the main positive delta potential for that line, and how much of that do you see as being driven by cost reduction in '27?

Look, there's around $22 million of cost reduction in there, Nigel. Overall, I think as I said, we think cost inflation will be, sub-3% going into FY27.

Where the major growth you're going to see is going to be in Corporate Trust and in Employee Share Plans, where we see both of those businesses continuing the momentum that we saw in FY26. Issuer Services, there's a little bit of a business mix change, as we sort of said.

There's a particular high-margin piece of business that won't repeat into FY27. That will be replaced by some lower-margin businesses, the margin story in the issuer is a little bit more nuanced.

The absolute growth is coming largely out of Corporate Trust and Employee Share Plans.

Would debt issuance be the big swing factor there that could drive it further higher? Would that because with corporate actions, the delta is relatively, sort of [certain?

That's a fair— I think that's a fair— It's always fair, so... That's a fair assumption, absolutely.

Yeah. All right, very good.

Thank you very much.

Good morning. A few questions, if I can.

Firstly on the margin income, I want to understand if there is any conservatism or not in some of the components of the guidance you have given for FY27. In particular, it seems like the proportion of non-exposed balances that you're assuming in FY27 seems to be materially higher than second half '26, as a portion of the overall balances.

I wanted to understand why that is, and obviously that's, that has a lower yield on it. Also just the conversion efficiency, that increased in the second half to 99%, and I think you're guiding to around 96% for FY27.

Maybe if you could comment on how you see that conversion efficiency likely to play out.

Thanks Siddharth. In terms of the foundational assumption for our guidance, we assume balances for FY27 to be consistent with our exit balances.

We've seen in the past that has proven a little bit conservative, but also there's always a little bit of nuance between rates and balances and how it all plays out. I think, but we've just tried to be absolutely consistent with how we've done it in previous years.

That plays into the point on non-exposed balances. Our exit non-exposed balances are higher than what they have been.

What we've actually seen there is one particular Corporate Trust client where we've been growing the relationship and growing the balances with them, but those particular balances are, all non-exposed, and they are low-yielding for us, and so that is impacting our, one, the quantum of non-exposed balances, but two, the yield on the non-exposed book. Now, as we've said on many occasions, we don't look at the, individual client relationships through the lens of balances or fees, we look at it in the round, and, we're very comfortable having low-yielding non-exposed balances from clients if that means the, as long as the broader commercial relationship, it meets all of our target thresholds, which in this case it does.

That is really why the non-exposed balances have gone up and why the yield looks like it's, coming down.

The conversion efficiency?

Oh, Siddharth, yeah, the conversion efficiency. Look, there's no doubt we had a very good second half, from a conversion efficiency perspective.

We were able to get some really good rates from certain banks who are hungry for US dollars, on some three-month and six-month arrangements. We are not certain that they will repeat through FY27, which is why we're guiding at 96%.

I still think, relative to history, 96% is a great result, but, we will, obviously be striving to, to get that higher.

Okay. no problems.

I might just ask another question, just around tokenization then. Just if you could just help us understand your partnership with Securitize, what that means for your costs, what's what the demand is from clients, what your expectation is of the take-up of this either for yourselves or for some of your competitors over the next 12 months, 24 months, as some of these, a different form of ledger to what's being used currently.

Just related to that, there's a lot of changes seems to be happening in the industry at the moment, reviews into transfer agents, obviously tokenization, just do we have clarity that a, you won't go the way that Equiniti went, in seeking to seeking to seek corporate solution to any changes that are occurring? Also, your commitment that management are actually keen to stay and see this through for the next couple of years?

If you just answer that, please.

There's a lot in that to unpack. [laughter] That's right.

Look, from a Computershare perspective is, we expect our capital market structures to continue to evolve, both with planned infrastructure updates, and also tokenization and the initiatives, yeah. As we've seen through many years of market change, Computershare remains deeply engaged with our issuers, stakeholders, and regulators, really to create opportunities, for the group.

Our strategy really is to continue to act as that trusted bridge across traditional and digital markets for issuers and their shareholders. We will leverage our experience of connecting issuers, investors, and infrastructures across multiple jurisdictions as we navigate that market change.

Now what's been very, very clear is post-trade registration of an asset is a critical role, even in a tokenized world, and, very much recognized by, in this case the US regulator, the SEC. We'll continue to work and lead with the industry to provide, additional complementary services to our clients and markets stakeholders, because we can provide clients with the ability to issue digital tokens as well as maintain their traditional issued capital.

Look, it all sounds great, and it all sounds exciting, a little bit when everyone said, Bitcoin was going to replace all the banks, right? From my perspective, we really see issuers, which are our customers, in an education phase at the moment.

They're really trying to understand how these developments will drive value. Will it change liquidity pools?

What benefits will we get from it? That education phase is, will probably take a while, while, others including Computershare contemplate or build new infrastructure.

I guess it's that, the contemplation and the building of the new infrastructure where we're most engaged, and we expect traditional markets and digital markets to run alongside one another for a considerable period, likely many, many years to come. You asked a couple of questions in terms of, what's, our view, at the moment, we have the capability to issue, switchers, mint and burn digital tokens and work alongside existing one.

We have our, a relationship with Securitize, which is built on APIs, using their platform. It's not exclusive.

We could do something else if we wanted to. As I said, there's not a lot of demand, happening there.

The interesting place is really about what's happening with the clearing and settlement, and then also, the exchanges and what they're doing, and we're in dialogue with all of them. Look, I think Computershare's approach, has been, pretty conservative as far as, rushing out to spend and build and they might come.

We've got a relationship, we're testing the water, we're dealing with regulators, we've got options. There's not a lot of demand, at this stage, but it will continue to evolve.

Like we've saw financial markets for many, many years, and, remember it was Computershare that put forward the issuer-sponsored token design, and, we're very, very active in it. Anyway, that's kind of a quick summary on tokenization.

I think from my perspective, it's actually going to create some new revenue opportunities potentially as, there'll be areas where we couldn't play in before, or, we were out of as, there's more sort of direct registration, as a result of using tokens. That's a long way off.

I'm not waving that flag now.

No problems. I'll leave it there.

I might come back if there's time.

Good morning, guys. Thanks so much for taking our questions.

Just the first one on Issuer Services, excluding MI, just the revenue growth there for the second half. It's highlighted that this was a softer, up 4.3%.

Just wanted to understand what's how we should be thinking about that number and any drivers that are impacting that in the half. Also just a second question, just around I guess we can see that similar thematic playing down there with Corporate Trust, a little bit softer in terms of the second half revenue growth.

Just any commentary around that, thanks.

Look, from a I'll deal with Corporate Trust first. Look, I think from an overall market perspective, debt issuance generally was pretty strong.

We saw fee revenue growth sort of up 9.5%. If you look at the market, asset-backed security growth was round about 20%, CLOs were up round about sort of mid-30%, etc.

A lot of it's timing and whether it's your customers and products, etc. Look, we did see CLOs sort of taper off just from a general market perspective in the second half.

I think, overall, we continue to see debt issuance increase, especially through structured products. I think on the conventional side it was a little bit quieter, no doubt about it.

When I sort of break into our business, I look at new deal revenues, I can see that new deal revenues increased sort of 23% over what we saw in '26, etc. Look, the business is always been very, very stable, in terms of what it does.

You get some stronger halves than others, but, I think that, it it's a business that maintains very stable market share across, the structured product categories. I think that you'll see, debt issuance continue to, be pretty consistent in terms of issuance, cuz there is a little bit of recovery, when rates were sort of popping around, a couple of years back.

That's really the story in Corporate Trust. Now you had another question around issuer.

I just missed that at the start. Can you repeat that?

Sure. There's a broader thematic in terms of Issuer Services where the second half is a bit softer, up 4.3% excluding MI, and that's despite some of the typical tailwinds around corporate actions.

Just want to understand, the drivers of that growth in the second half, thanks.

Look, I don't think there was any specific one item that I would call out first half to second half for, or quieter. I think that, looking through sort of registry, I certainly sort of, if you look at overall public markets, and the timing of some of these transactions, I really saw '26 is a little bit of a turning point, especially in US listings, client numbers within the registry business generally have remained fairly stable.

We sort of saw market share modestly increase in a number of our marketplaces. Then outside of the listed company addressable market, we also saw a number of things, especially in the first half around ETFs and some REITs, some of the services that we actually provide there that perhaps from a timing perspective weren't really in a second half.

Then you look at the transactional volumes, outside of just client numbers, and issuer transactional revenues probably a little bit more diverse than the plans revenue, it's not just sort of trading. There's a whole bunch of stuff, everything from sort of lost certificates to DRS fees to IPO fees to DRIP, etc.

Again, that was fairly consistent, but sometimes you can get a first half, second half bias. Yep, so, but nothing I would really call out in terms of weaknesses in the second half, yep.

Got it. No, thanks for that.

Maybe just a follow up on Employee Share Plans transaction revenues doing obviously very well in that second half '26 period. I just want to understand what gives you comfort around your guidance comment that they should continue to do better.

It's going to be helpful just to understand what gives you comfort around the growth here. I look at the revenue splits and now transaction revenues is a very meaningful proportion of total revenues excluding MI, just so we get comfortable with that trajectory, thanks.

I think that we've always said in Employee Share Plans that there's sort of this structural growth trend of what we called the equitization of remuneration, which is a little bit of a mouthful, which is really about corporates using more and more equity to attract, retain, and reward employees, right? We have to remember that quite often there is an award, and then there's generally a lag period, like a vesting period.

It could be 12 months, 24 months, 36 months, it varies, but there's always a little bit of a lag. What we're seeing in the data is that, despite very high trading, volumes, the book continues to be replenished.

The number of units being issued by organizations, continue to increase. Now one of the things that is interesting for me is a little bit of a behaviors thing.

I have seen more employees choosing to do sell-all transactions and sell-partial transactions, and I think you see that in a little bit of an uncertain world. I think as far as confidence in the guidance, one, we have the replenishment of the book, more and more, you look at some stats, 15 of our top 20 clients, it's like 8% more employees are getting equity, right, on average, right?

I think, with some of that uncertainty, you'll still see a little bit more of the sell-all transactions. That really kind of gives us the confidence that we, this is not just a cyclical business, that there is that underlying structural growth trend.

Now of course, if equity markets crapped themselves, of course, there may well be a correction. It's probably a lot more stable than people realize.

Got it. Just a last question for me, just on Issuer Services margins and the cost drawing investments being made there.

Just I just look at the benefits from corporate actions, and the margin profile. Looks like there's very meaningful investments being made in Issuer Services over FY26, and after adjusting for margin income.

I just want to get comfort here just if you're looking at FY27, you talked about cost-out opportunities of $22 million, you've talked about 3%, underlying OpEx growth, but if I think about Issuer Services standalone, the margin trajectory for '27 and the beyond into investments, how should we be thinking about that?

In terms of '27 for Issuer Services, Julian, I think that the way to think about it is that we should see an increase in EBIT, all right? We expect EBIT to grow a little bit.

We expect EBIT excluding MI to grow a little bit, but there is going to be a change in the mix of the business. We have a particularly profitable piece of business in '26 that will not repeat in '27, and that piece of that contract or that piece of business is being replaced by growth of other revenue lines across Entity Solutions and investor engagement as an example, and they are just at lower margins than what it is replacing.

We're going to see some revenue growth and we'll see some EBIT growth, margin income will be broadly flat, I would expect. It's all on the, it's on revenue excluding MI, but, as I say, you will probably see a little bit of margin compression.

Got it. No, that's clear.

No, thanks so much, everyone. Thanks so much.

My questions have been Just wanted to confirm a couple of items. Firstly on cost, Nick, when you talk about sub-3% for '27, is that sort of an all-in number?

Is that sort of, pre-adjusting for disposals? Just yeah, wanted to confirm, whether or not that is sort of bottom line OpEx growth expectation.

That is all-in just, Kieren. If we adjusted for the disposals, it would be less than, it would be probably around 1%, sub-1%.

Okay. Secondly on margin income, the discussion earlier around the non-exposed balances coming from a sort of big Corporate Trust client and they're coming in at lower sort of, I guess yields, given they're non-exposed, how should you or how should we think about that over the medium term?

Do you expect sort of the non-exposed mix to continue rising within your overall sort of margin income balances over time?

Look, it's a difficult question to answer because it's obviously, inextricably linked to the broader development of that business, and all of these margin income outcomes are individually negotiated. A lot of it will, come down to, individual client negotiations.

What I would say is that, as issuance continues to rise, we should see, continued growth in both fee revenue and in, balances in Corporate Trust. I think that whilst I would anticipate that as the business grows we'll see, growth in non-exposed balances, it should be fairly consistent with growth in, the exposed side as well, because, there are certain products within Corporate Trust which have to be exposed, which, the underlying trust documents, would say, that this is has to be held in an account of this nature, bloody bloody blah.

My expectation is that exposed and non-exposed will grow at the same pace.

Right. Then finally just on, I guess, capital management, and, yeah, the div payout up nicely in the final divs, yeah, quite strongly year-on-year.

As you said, you'd probably go net cash by the end of this calendar year. How should we and how are you thinking about the dividend payout policy moving forward over the medium term?

Yeah. Clearly, discussed it with the board.

We have room to continue, increasing the dividend. As Nick alluded to, would love to be in a position to balance M&A, buyback, and dividend, right?

We have one of these, where we're restricted from a buyback perspective. That's why you're seeing, more coming in on the dividend.

Look, I think, we'll we've got capability to go up towards, the very top end of what our range is down the track for shareholders, and the board will discuss it. Yep.

Stuart, just quickly on the same subject, current sort of, vendor sort of interest or potential, particularly around the Corporate Trust market, any update there? Oh, also

just general M&A type stuff, yep, in that space.

Yeah. Yep.

Look, the our corp dev teams have been pretty busy over the last six to nine months. There has been a range of assets in the Corporate Trust space, not just US, but in Europe, that have come up, as well as opportunities within Issuer Services and elsewhere that we've looked in and done pretty reasonable due diligence, etc.

For a number of reasons, not just price, everything from contract structures to culture, we we've kind of not gone there, trying to maintain sort of that sort of strength and discipline in terms of what we're doing there. Look, we are seeing certain assets around.

There are opportunities, and there's a pipeline of things coming up over the next 12 months that we'll continue to engage in. We don't want to just do it for the sake of doing it.

It's got to be the right asset at the right price with the right synergies with the right cultural integration, to create that value for shareholders. That's really top of mind.

Hi guys, thanks for taking my call, and congratulations on a good result. Just a couple of questions from me.

Just on the cost-out slide on 38, this be slight upgrade to stage five for 2027, can you just outline what's driving that change? Then also playing that forward, that obviously plays into the EBIT excluding MI margin guide of 19%.

I know back in February, you were kind of talking about a 20%-ish target by '28, just wondering, to '28, so that's kind of go forward where we can think about that margin heading to.

Thanks Blake. As you can see on 38, we've increased the expectations on stage five by $3.5 million.

That's really about, as we've evolved the analysis and the planning on those initiatives through the year, we've firmed up where the level of savings that we think that we can get out, and we're just more confident now that there's an extra 3.5 million to come. As you can also see on that slide, that rolls into the $22 million of savings that we're calling out for FY27.

Now, that 22 million of cost savings in '27, it's not all being going to be delivered on the 1st of July, or it hasn't all been delivered in on the 1st of July, so that will roll, some of the annualization, that will be $22 million in '27, but the annualization of that amount will be greater and will roll into 20 28. That will help create some momentum towards the 20% target for EBIT excluding MI margin in '28.

That 20% has been our medium-term target for the last few years, we've always said that's where we want to be in '28, but we've also been pretty clear that's not the end game. That was a sort of medium-term staging post, and so, we'll get to '28 and then we'll see where we can go beyond that.

No, I appreciate that colour. Just one other, and I know you talked about this at the top of the call with Nigel, but can you just go through again the drivers of the mix shift change in Issuer Services?

Obviously I understand the recent acquisitions being lower margin, but this one off high-margin business, and the potential loss of business there, I just need to understand what's driving that.

Just one particular contract that won't repeat. It was high margin, it was lucrative, but it won't repeat.

It's come to its end. We're replacing that revenue, albeit the revenue that we're replacing it with is at lower margins.

It's just a normal change in business mix. We see this from time to time.

It will just change the margin profile.

Hi, thank you for taking my questions. I'll try to be quick.

Just following on, the questions on Corporate Trust and the client that's growing the non-exposed balances, if you look at the pipeline going forward for Corporate Trust, where you're winning mandates or winning clients, can that skew it a little bit more towards non-exposed balances, where you've got an advantage there? How should we think about the pipeline that you've got for Corporate Trust and how you're seeing that on balances, that is?

So, [clears throat] from a from look from a Corporate Trust perspective, our our balances, right, and if you include MMFs as well, are probably at historic highs, right, since we acquired the business. That sort of, bodes bodes well.

As different products place the balances into different buckets, right. On the non-exposed stuff, it's really all about sort of, some of the residential mortgage-backed securities, CMBS, etc.

I look at sort of, not, because when when you do a a deal, you've got multi years of revenue with that deal, but so, I look at some of the new deal count and, doing a comparison year-in-year, we're we're doing okay, right, and and I think that, I I mean just in one single reporting period, you might have, a stack that comes in and it moves it to non-exposed rather than exposed. Look look, I think that, we can see in the the fee revenue growth of just short of 10%, we're we're seeing increased in deals, we're seeing an increase in average revenue per deal, the EBIT excluding MI target on this business is is continued to climb, which is always a goal of ours post the acquisition.

I I think that, that the nature of the market will drive where some of these balances go, and sometimes we don't have control over what's going to pop, what's not going to pop. The the most important is, Corporate Trust has been a very sort of stable, reliable underlying sort of structural growth as far as debt issuance is concerned, and, our goal is to, make sure that we maintain and grow our market share, and and look at how we can drive, additional fee revenues rather than just margin income revenues, and I think the team have done a good job on that.

Thank you. Just one last question, you talked before about potential acquisitions and obviously remaining disciplined.

If we think about the current environment, is it more likely to see, in the next 12 months or even 24 months, bolt-on acquisitions to larger ones you're looking at, or there is a potential opportunity for a larger one in the near term if it does come through?

Look, I mentioned the teams have been busy. Look, we've looked at businesses that had, enterprise value from, 100 million to 800 million over the last six months.

If projecting forward on the assumption that some of these things come to market, there's assets with, rough enterprise value of sort of 1 to 1.5 billion, right, and everything in between. That's, there are, reasonable opportunities out there, and, as I said, the teams have been, pretty busy looking at some of these things.

Prices are still a little bit high. some of these assets, that we've looked at have been sitting within private equity vehicles, so, we're always a little bit, nervy around that, in terms of, looking at their growth profiles, etc., etc.

Look, I think to answer your question, there's some sizable things out there, and there's also bolt-on things out there, and, we'll continue to look at them and see whether they can add value to the group.

Thanks Stuart.

Hi guys, thanks for taking my questions. Just one from me, just interested in a bit of an update on where you are at with getting your licenses in Europe for Corporate Trust.

Thanks.

Yep, two areas. One is the UK, which is with the FCA, then also the Dutch regulator.

The Dutch regulator always takes a little bit longer. I think we're sort of, 8-plus months, away from that.

From a UK perspective, I probably expect to hear within, the coming weeks, would, I think I've mentioned before, FCA have been pretty good to deal with. The case officer is sort of, green-lighted, put it up the chain.

There's a little, some formalities that need to be do but be done, but, I expect that, as I say, within sort of, days or weeks rather than a protracted process. I'm not expecting any particular issues, from my perspective, positive.

Then just for context, when you get those licenses, how long should we expect before you start to write or sign up new contracts? What's the lag there?

Thanks.

We have existing clients that are in our US books that want to do things in that marketplace, so that's where we'll start. There'll be some modest organic beginnings of these businesses, and then we'll look to supplement that with inorganic opportunities.

Right, that's it from me. Thank you.

Thank you.

Yeah. Thanks everyone for dialing in, and also for your questions and your interest in Computershare, and me and the team really look forward to meeting with many of you over the coming days.

Thanks very much.