Steadfast : Results Reporting Document

Steadfast Group

1H26 Results

Investor Presentation

24 February 2026

1H26 Results Investor Presentation

03 1H26 Highlights

09 Steadfast Australasian broking

13 Steadfast Underwriting Agencies

17 Steadfast International businesses

21 Steadfast Technologies

25 1H26 Financial Summary

31 Outlook

35 Appendices

Contents

2

1H26 Highlights

3

Continued strong track record since listing on ASX

Steadfast Group

Steadfast Australasian Networks GWP ($b) 1,2Steadfast Underwriting Agencies GWP ($b) 3Underlying EBITA ($m)4

14 2.5

12 2.0

10

8 1.5

6 1.0

4

0.5

2

0 0.0

FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1H26

FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1H26

700

600

500

400

300

200

100

0

FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1H26

Underlying NPAT ($m)

Underlying NPATA ($m)3

Underlying diluted EPS (NPAT) (cents per share)

300

250

200

150

100

50

0

FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1H26

350

300

250

200

150

100

50

0

FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1H26

30

25

20

15

10

5

0

FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1H26

1 Excludes UnisonSteadfast, ISU Steadfast and HWS Specialty

2 1H25 has been been restated to exclude Envest GWP from 1 July 24

4 3 Excludes Novum

4 FY24 and FY25 EBITA and NPATA have been restated to reflect changes as a result of the updated segment disclosure as disclosed to the market on 11 February, 2026

Steadfast Group

Proven, resilient and adaptable business model

Statutory earnings1

• NPAT of $127.0m (1H25 $106.4m) (refer slide 65)

Underlying earnings1

• NPATA $161.5m up 6.3%

• NPAT $137.5m up 7.3%

• EBITA $293.6m up 12.6%

• Diluted EPS (NPAT) 12.4 cps up 7.2%

Acquisition growth and capital management

• 1H26 $238.9m (net cost) of EPS accretive acquisitions completed

• ~$195m of acquisitions planned to be completed in 2H26

• Maintain acquisition discipline focused on quality businesses at appropriate multiples

• Continue to optimise capital allocation discipline, including portfolio re-evaluation and potential to release capital from non-core businesses

  Expense management discipline

• Actions taken in 1H26 will provide ~$7m head office expense reductions in 2H26, benefiting Group EBITA

• Subsidiaries cost saving measures undertaken will provide a further ~$4m expense savings in 2H26, benefiting Group EBITA

  Reconfirmation of previously announced FY26 guidance

• Scope for medium term EBITA margin improvement

5 1 For reconciliation of underlying to statutory earnings, refer to slides 65 and 70

Interim dividend

1H26 dividend of 8.2 cps (fully franked), up 5.1%

Dividend Reinvestment Plan (DRP) to apply to interim 1H26 dividend. The DRP will operate by the on-market purchase of shares. No discount will apply

Key dates for final 1H26 dividend:

Underlying diluted EPS (NPAT) (cents per share)

28

26

24

22

20

18

16

14

12

10

-	Ex dividend date:	2 March 2026
-	Dividend record date:	3 March 2026
-	DRP record date:	4 March 2026
-	Payment date:	25 March 2026

8

6

4

2

0

FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1H26

Dividend per share (cents per share)

FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1H26

1H

2H

20

18

16

14

12

10

8

6

4

2

0

6

Historic base premium cycle 1

Despite the market cycle Steadfast continues to grow earnings

+11.0%

+10.0%

+9.0%

+9.2%

+8.0%

Base Premium YoY Growth %

+7.0%

+6.0%

+5.0%

+4.0%

+3.0% +2.7%

+2.0%

+1.0%

0% 0%

2000

2002

2004

2006

2008

2010

2012

2014

2016

2018

2020

2022

2024

2026

-1.0%

Quarter of Inception Date

7 1 Steadfast Australasian broker data to 31 January 2026

Premium cycle - our actions

• Focus on retention and new business. Pricing adequacy is strong & focus is on retaining the best risks

• Diverse portfolio of commercial and retail brands immunises against rate movement

• Product and service optimisation - consolidation of 100% owned commercial MGAs

• New product, new markets - e.g. new products in Australia and researching US for specialty lines

• Build long term carrier relationships through mutually profitable relationships to help ensure sustainable carrier support

Continued focus on delivering earnings growth and medium-term margin improvement

1

Steadfast Network Development

• Ongoing work to attract and retain Network Brokers through professional development along with new products and services

• Recent investment into the New Zealand market at the lower end of the cycle to provide future earnings growth as the market turns

• Development beyond Singapore into Asia through our existing Broker Network and relationships with key partners

• Continued support of the Authorised Representative model to provide more local and personal delivery of insurance service and advice

• Enhanced monthly financial reporting framework and Board governance uplift program

• Enhanced fee and commission reporting to support brokers with managing revenue mix

• Ongoing benchmarking to help brokers understand their Revenue, Expense and EBITA performance compared to peers

• Targeted subsidiary engagement and proactive identification of performance outliers

• Expense discipline, particularly the management of employment costs throughout the softer cycle

2

Steadfast Underwriting Agency Focus

3

Technology Development

4

Subsidiary Performance

• Ongoing development of SCTP and Insurebot with new products and insurers to further streamline the process of market comparison

• Investment into Steadfast Apps to provide greater API connectively, workflow management with AI capability

• Development of new reporting capability to identify premium movements, price and volume at a granular level across the network

• Evolve IT and data analytics to offer market-leading risk selection, pricing, portfolio steering and reporting

8

Steadfast Australasian broking

9

Steadfast broking - Australasian Network

1H26 vs 1H25

GWP of $6.4b vs $ 6.2b1

+2.2% organic growth - broker network

+1.7% organic growth AR network 0.5% net new brokers

+4.4% total GWP growth

Sustained growth and further broker acquisitions

Financial highlights - 1H26

• Australasian Broker Network GWP +4.4% to $6.4b

• In 1H26 we completed 1 new equity holding, 23 step-ups, 9 step-downs and 16 bolt-ons

• Broker Network Fees grew by +30.0% to $4.7m on an annualised basis

• Professional Service Fees grew by +2.0% to $30.2m

Australasian Network GWP

14.0

13.0

12.0

11.0

10.0

9.0

8.0

7.0

6.0

5.0

4.0

3.0

2.0

1.0

0.0

$12.5b

$11.6b $11.8b

$9.8b

$10.3b

$8.3b

$6.1b

$6.4b

$5.3b

$4.1b

$4.4b

$4.5b

$5.0b

FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY251

1H 2H

1H26

Broker Network

• Broker Network member numbers have increased +3.0% to 414 in 1H26

• Steadfast now has equity interests in 63 brokers who place over 50% of the Network GWP

• There are now more than 3,000 Authorised Representatives active across our Network

• We have a large and diverse distribution network; 86.0% of GWP is Commercial Lines

  Insurtech Platforms

• Our Broker Network and Insurtech Platforms provide a sustainable advantage

• There are now 247 brokers live on the INSIGHT Broking System, with over 7,800 users

• We have over 13,270 active users transacting on the SCTP across Australia and New Zealand

• Since the Insurebot acquisition in 1H26, there has been a 41.0% growth in daily quote numbers

10 1 1H25 has been been restated to exclude Envest GWP from 1 July 24

Steadfast broking - Australasian Network

Solid underlying earnings growth of 13.0%

Equity brokers and network
6 months to 31 December	Underlying	Underlying	Period-on- period	Organic Growth from
$ million	1H26	1H25	growth %	growth % acquisitions %

Effective ownership EBITA

83%

79%

1H26

EBITA growth

$210.0m

Organic Growth:$2.2m /1.3%

1H25

Net revenue	500.1	414.5	20.7%	1.0%	19.7%
EBITA	186.8	165.3	13.0%	1.3%	11.7%

$145.0m $150.0m $155.0m $160.0m $165.0m $170.0m

$190.0m

$170.0m

$150.0m

$130.0m

$110.0m

$90.0m

$70.0m

• Solid underlying EBITA growth of 13.0%, including the additional

  $12.7m / 7.7% $21.5m / 13.0%

  $6.5m / 4.0%

  $2.7m / 1.6% -$0.3m / -0.2% -$0.2m / -0.1%

  $186.8m

  $165.3m

  11.7% growth from step-ups and bolt-ons in existing equity brokers

• Execution of broker hubbing strategy delivering cost optimisation through improved operational efficiency and elimination of cost duplication

• Remains focused on the delivery of sustainable growth and margin enhancement through increased subsidiary oversight, with continued attention on addressing renewal retention and new business performance

• Despite soft premium conditions in New Zealand, recent acquisitions and new network brokers provide more clients and a strong foundation for growth when the market turns

$50.0m

11

1H25 EBITA Organic - AU Organic - NZ Organic - SG Acquisitions Acquisitions -

Rothbury step-up 1

1H26 EBITA

1Rothbury is fully consolidated for accounting purposes, with 100% of EBITA included in the Group results. The NCI is adjusted below EBITA, such that Group NPAT reflects the Group's effective ownership interest of 48.66% in Rothbury

Using AI to the Broker's advantage

Brokers remain vital for risk management, claims advocacy and expert advice

Treat AI assistants as a new acquisition channel

For Steadfast Group, the path forward is adaptation: embracing AI as a channel, automating the commoditised products, and strengthening the ecosystem advantages that AI alone cannot replicate

AI platforms should be viewed in the same strategic category as search and social media once were, being critical acquisition channels that must be understood, monitored and engaged with

Defend the commoditised flank through broker-centric automation

Where commoditisation pressure is unavoidable, the correct response is not disintermediation, but deeper automation inside broker workflows (i.e. it will augment the broker, not replace)

Double down on platform moats

Long-term defensibility comes from capabilities that AI front ends do not erase (e.g. high-availability, secure, compliant core platforms)

Design for human-AI collaboration, not replacement

AI investment should consistently reinforce the role of brokers as accountable advisors regulated by ASIC (e.g. brokers carry professional liability and provide claims advocacy that AI interfaces do not)

Monitor clear escalation signals

Executives are tracking specific indicators that materially change the risk profile (e.g. regulatory shifts permitting broader automated advice, or shifts from retail into SME insurance)

12

Steadfast Underwriting Agencies

13

Steadfast Underwriting Agencies

Profitable growth achieved by maintaining underwriting discipline, active retention and targeted new business

1H26 vs 1H25

GWP of $ 1.2b vs $1.2b

+2.3% organic growth

+0.7% acquisition

+3.0% total growth

Financial highlights - 1H26

• Steadfast Underwriting Agencies GWP +3.0% to $1.2b

  • Moderating pricing market

  • Risk pricing adequacy remains strong ensuring underwriting profitability

  • Divestment of Sterling, Blend and Steadfast Re holdings with recycling of capital into step-ups in high performing subsidiaries. Disposals contribute to a 1.8% GWP drop in 1H26

• Strata agencies witnessed 1H26 challenges due to increased competition. New initiatives (see Operational highlights) and late 1H26 pricing adjustments are resulting in improved retention and increased new business

• Organic growth is supplemented by new product offerings and selective acquisitions

Steadfast Underwriting Agencies GWP

$2.5b

$2.3b

$2.1b

$1.8b

$1.5b

$1.3b

$1.1b

$1.2b

$0.9b

$0.7b

$0.8b

$0.4b

$0.1b

3.0

2.5

2.0

1.5

1.0

0.5

0.0

Pf FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1

1H26

Operational highlights

• Investment in technology, data and AI is improving portfolio profitability and enabling data insights, pricing accuracy and client outcomes

• CHU has increased its underwriting capacity to support larger apartment buildings (up to

  $690m). Solid performance of CHU's Flex Complex product for hard-to-place strata risks since 2025 launch

• Significant increase in volume (+52.0% compared to expectation) for Sure Insurance following the Castle Insurance rollout

• Further product diversification through new products launched by CHU, Mecon, Emergence & Coast with several additional product releases in the pipeline for 2H. Launch of Unity Trade Credit

• Consolidation of Miramar and Prevail is delivering efficiencies and go to market capability

  
  
  

• Continuing investment in rating/underwriting/claims platforms and actuarial capability to provide operational efficiency and deeper alignment with capacity providers, brokers and customers

• Acquisition pipeline continues to develop with several near-term opportunities

• Close alignment with capacity partners remains a long-term focus

14 1H

2H

11H25 has been restated with Sterling and Blend GWP excluded

Steadfast Underwriting Agencies

Steadfast Underwriting Agencies

6 months to 31 December

$ million

Underlying

1H26

Underlying

1H25

Period-on-period

growth %

Organic growth %

Growth from acquisitions %

Net revenue	240.9	234.6	2.7%	2.2%	0.5%
EBITA	112.7	112.9	(0.2%)	(0.2%)	0.0%

EBITA growth

$120.0m

$110.0m

$100.0m

$90.0m

$80.0m

$70.0m

-$0.2m / -0.2%

$0.0m / 0.0%

-$0.2m / -0.2%

• Underlying aggregate EBITA of $112.7m (-0.2%) from all underwriting agencies

  • Maintained underwriting discipline, active retention, targeted new business and expense discipline

  • Revenue growth matched GWP growth, demonstrating improved commission terms across the portfolio

  • Additional investment in updating underwriting and claims systems will continue through 2H26 and 1H27

  • Actual equity ownership of 1H26 EBITA is 88% (1H25: 88%)

$112.9m

$112.7m

$60.0m

$50.0m

15

1H25 EBITA Organic Acquisitions 1H26 EBITA

Commercial Agency consolidation - case study

Creating value through agency consolidation and leveraging the power of the combined group will create an uplift of over $5m annualised additional EBITA expected to fully emerge in the near term, following implementation in late FY26

Entity consolidation

Organisational efficiency

• Reorganisation of 8 individual small to medium Agencies into 5th largest agency in Australia

• Scale efficiencies creating significant run rate savings year on year

Underwriting platform

Process efficiency

• Complete re-invention of the Commercial Underwriting platform

• New Claims System implementation

• Rating Model upgrades

• Harmonisation across payment and invoicing systems

Data binder relationship

Capital efficiency

• Rationalisation of 13 binders across Commercial portfolio

• Uplift in commercial terms across both commissions and profit shares

• Creation of a consortium to leverage the buying power of Steadfast

16

Steadfast International businesses

17

Steadfast International businesses

2 years since the acquisition,

• 13% net growth in members

• 26% growth in profit sharing from carriers

First year since the acquisition,

• Strong organic growth

• 4 new recruits to build capabilities in product lines of Property, Casualty, and Delegated Authority, required to capitalise on the global network and London market opportunity

Four months since the acquisition,

• Organic growth beyond acquisition expectations

• 300+ policy submissions from ISU Steadfast members

Strategic growth

1H26 operational highlights ISU Steadfast

• Performing strongly, exceeded 1H26 budgeted EBITA

• 22 new members, 13 net of terminations

• Piloted a new 'Advantage' membership tier to open network membership to quality independent agencies previously too small to qualify - a large and growing segment of the US insurance landscape

• Trapped capital gaining momentum - first investment in a network member scheduled for completion on March 1 and letter of intent signed for a second investment; taking a disciplined and selective approach initially focused on 'regional hubs'; each fully funded

  HWS Specialty

• Performing strongly, exceeded 1H26 budgeted EBITA

• Significant progress diversifying the business into new and expanded specialties through strategic recruitment

• Established a strong foundation for future growth and profitability

• Strong new business wins in Marine Cargo and US Transportation

  Novum Underwriting Partners (acquired August 2025)

• Strong financial performance in the 4 months post completion

• Finished the 2025 calendar year with GWP just over US$140m (60% organic growth over 2024)

• Engagement with ISU Steadfast with a focus on increasing submission flow and strategic alignment

  18

  Steadfast International businesses

  Steadfast International businesses

  6 months to 31 December

  $ million

  Underlying

  1H26

  Underlying

  1H25

  Period-on-period

  growth %

  Organic growth %

  Growth from acquisitions %

  Net revenue	56.4	17.6	220.5%	11.5%	209.0%
  EBITA	9.5	(0.6)	n/a	n/a	n/a

  EBITA growth

  $12.0m

  ($0.6m)

$1.8m

$9.5m

$10.0m

$8.0m

$6.0m

$4.0m

$2.0m

-

• Underlying aggregate EBITA of $9.5m, growth of $10.1m over prior corresponding period

• Strong organic performance driven by:

  • Growth in the ISU Steadfast network

  • Cost synergies realised from consolidating Steadfast's London office into HWS Specialty

• Acquisition growth driven by:

  • Acquisitions of HW Wood (HWS Specialty) and Novum Underwriting Partners

  • Strong organic growth since acquisition of HWS Specialty, with significant new business wins in Marine Cargo and US Transportation

    
    
    

  • Solid first 4 months' contribution from Novum in the December half (organic GWP growth of ~60% over prior year). Submission flow from the ISU Steadfast membership also gaining traction.

    $8.4m

($2.0m)

19

1H25 EBITA Organic Acquisitions 1H26 EBITA

Steadfast International businesses

Strategic opportunity

Momentum for 2H26 and beyond ISU Steadfast

• Network growth via improved value proposition + new membership tier for smaller agents + acquisition

• Market access via enhanced strategic carrier relationships, and driving Novum and HWS Specialty solutions

• Agency perpetuation / trapped capital opportunities, focusing on regional hubs

  USA

  EUR

  AUSTRALASIA

  
  
  

• Technology implemented to drive business forward with data insights

  HWS Specialty

• Leverage the strength of existing specialty products

  Distribution

• Expand capabilities and solutions

• Develop and leverage our distribution

• Operate business efficiently and effectively

  Solutions

  Novum Underwriting Partners

• Scale existing programs and establish new programs

• Expand and diversify program capacity support

• Build out wholesale desk and E&S carrier appointments

• Expand NovumOnline capabilities and solutions

• Grow agency distribution

  
  
  

• Support Steadfast Underwriting Agencies seeking to enter USA market

20

Steadfast Technologies

21

Technology-enabled business strategy

Integrating platforms, digital tools and data directly into our core business operations to improve revenues, reduce costs and manage risk

Steadfast Australasian Broker Networks

• Market leading platforms SCTP and INSIGHT

• Next generation platform being deployed with embedded AI

• Future proofed for insurer platform uplifts

• Insurebot streamlines the quoting process for brokers seamlessly integrating with Insight

• Innovation incubator testing opportunities

Steadfast Underwriting Agencies

• Complete re-invention of the Commercial Underwriting platform

• New Claims System implementation with AI embedded

• Rating Model upgrades

• Harmonisation across payment and invoicing systems

• AI data ingestion to enable better and faster client inputs

Steadfast International businesses

• NovumOnline - industry leading technology marketplace provides submission and underwriting functions that enable quoting, servicing and renewals

• Automation engine proactively sources leads and manages agent interactions

• AI embedded into the development lifecycle

Enterprise

• AI Policy implemented across Steadfast network

• 97% of Microsoft Copilot licenced users are active users which is above our industry peers according to Microsoft.

• IT >40% of service requests fulfilled automatically

• IT High Availability with self healing platform

• Delivering 30% faster software development

22

Steadfast OnePlatform

1

Steadfast ID

2

SPICE

• Secure and robust authentication solution to enhance data protection within the network

• Enhanced user experience with single entry point for brokers and insurers

• 21 Steadfast applications in the first phase, Broker Portal by year end

• Steadfast Product Configuration Engine

• API middleware connecting SCTP with insurers platforms

• Accelerates the delivery of new products for contestable platform and possible direct opportunities in the future with brokers

Modernisation of our Insurtech offering to deliver a scalable, secure & modern solution that creates broker efficiencies and supports growth by delivering a unified SaaS platform, enabling brokers and insurers to collaborate seamlessly across the insurance lifecycle

3

Steadfast Intelligence

• Modern analytics platform, empowering data driven decision making and delivering deep insights

• Now testing a Conversational AI agent that allows Steadfast to query structured and unstructured business data using natural language

• Broker operational and analytics reporting including business written, portfolio analysis, commission and fee tracking, and financial performance and analytics

• Underwriter analytics including segmentation and filtering of performance data by ANZSIC codes, occupations and location

• User led design that streamlines the insurance lifecycle and drives efficiency across the broker network

• Delivering automation, AI and optimising how data is utilised with Steadfast Apps

• Integrates 3rd party capability to reduce the overall cost to brokers

• Significantly reduces the operating costs of the Insurtech platform

4

Steadfast Apps

23

Steadfast Apps - case study

Overview

• Serving as the gateway to Steadfast Technologies suite of digital solutions

• User led design by brokers for brokers with prototype testing showing 30-50% efficiency savings on key broker workflows

• Integrated CRM, document management, workflow automation platform that digitizes risk-based and claims data collection, while also offering an online Quote, Bind and Pay solution for brokers

• Embedded AI empowers brokers to focus on client engagement, tailoring advice and offering in-depth risk analysis

• New platform will provide over 30% operating cost savings through reduced license and support costs

The Steadfast Apps platform is enabling new integrated functionality, significant broker efficiencies with integrated AI and operating efficiencies

24

1H26 Financial Summary

25

Group financial performance

Solid underlying earnings growth

Underlying earnings

6 months to 31 December 2025

$ million

Underlying

1H261

Underlying

1H251

Period-on-period

growth %

Revenue ($m)	1,010.4	881.3	14.6%
EBITA ($m)	293.6	260.7	12.6%
NPAT ($m)	137.5	128.1	7.3%
Diluted EPS (NPAT) (cents)	12.4	11.6	7.2%
NPATA ($m)	161.5	152.0	6.3%
Diluted EPS (NPATA) (cents)	14.6	13.8	6.1%

• Statutory NPAT of $127.0m (1H25 $106.4m) (refer slide 65)

• EBITA growth does not reflect step-ups in existing equity businesses; this is reflected in NPAT via reduced non-controlling interests

• Growth across Steadfast Group driven by:

⁻ Measures taken in increasing group expense discipline

⁻ Subsidiary performance improvement initiatives

⁻ Solid contribution from acquisitions in 1H26

26 1 Underlying financial data reconciled to statutory data on slides 65 and 70

Drivers of 12.6% growth in underlying EBITA

Organic and acquisition growth

$320.0m

Acquisition Growth excl. Rothbury step-up: $14.9m /5.7%

$300.0m

$12.7m / 4.9% $20.2m / 12.6%

$14.0m / 5.3%

$1.0m / 0.4%

$5.3m / 2.0%

$260.7m

$293.6m

$280.0m

$260.0m

$240.0m

$220.0m

$200.0m

$180.0m

$160.0m

$140.0m

$120.0m

1H25 EBITA Organic Growth Acquisition of new businesses Net acquisition of increased

equity holdings

Increased equity holdings -Rothbury1

1H26 EBITA

27 1 Rothbury is fully consolidated for accounting purposes, with 100% of EBITA included in the Group results. The NCI is adjusted below EBITA, such that Group NPAT reflects the Group's effective ownership interest of 48.66% in Rothbury

Drivers of 7.3% growth in underlying NPAT

Organic Growth: $5.7m /4.5% Acquisition Growth: $3.6m /2.8%

$150.0m

$145.0m

$0.9m / 0.7%

$9.6m / 7.5%

-$6.9m / -5.4%

$140.0m

$128.1m

$137.5m

$9.4m / 7.3%

$135.0m

$2.9m / 2.3%

$2.9m / 2.3%

$130.0m

$125.0m

$120.0m

$115.0m

28

1H25 NPAT Organic Growth Organic growth -amortisation benefit

Acquisition Growth Acquisition Growth - Step-

up

Acquisition Growth -Finance & Amort Exp

NPAT

1H26

Conservative balance sheet

Cash and cash equivalents	428	431
Cash held on trust	1,323	1,172
Premium funding receivables	911	800
Trade and other receivables	356	377
Total current assets	3,018	2,780
Goodwill1	2,857	2,707
Identifiable intangibles	487	461
Investments in associates & joint ventures	164	172
Other (including PPE, deferred tax assets) 1	336	302
Total non-current assets	3,844	3,642
Total assets	6,862	6,422
Trade and other payables	1,284	1,139
Corporate and subsidiaries borrowings	75	74
Premium funding borrowings and payables	295	285
Deferred/contingent consideration	147	160
Other (including tax payable, provisions)	354	337
Total current liabilities	2,154	1,995
Corporate and subsidiaries borrowings	1,081	884
Premium funding borrowings	638	537
Deferred/contingent consideration	105	93
Deferred tax liabilities - customer relationships	119	124
Remaining deferred tax liability and other1	188	161
Total non-current liabilities	2,131	1,799
Total liabilities	4,285	3,794
Net assets	2,577	2,628
Non-controlling interests	253	231
Shareholders equity	2,324	2,397

$ million 31 Dec 25 30 Jun 25

Corporate debt facilities (excludes premium funding) increased, and recently extended as follows:

$ million Maturity Total

Revolving	May 2028	500
Revolving	Sept 2028	150
Revolving	Oct 2028	30
Term	May 2029	200
Term	Nov 2030	200
Note	Jun 2032	200
Total corporate debt facilities		1,280
Other potential facilities
Accordian		300
Shelf		125
Total debt facilities		1,705

Gearing ratio2 Actual Max

Total Group

33.4%

40.0%

Total borrowings and lines of credit

$ million Actual Max

Group facility borrowings	1,073.8
Subsidiary borrowings (excluding Rothbury Group borrowings)	33.8
Share of associate borrowings (including share of Rothbury Group borrowings)	52.9
Total	1,160.5	1,542.7

29 ¹ Restatement to comparative goodwill ($5.3m) and deferred tax liability ($5.7m) due to measurement period adjustment

• At 31 December 2025, Steadfast could borrow a further $382.2m and remain within the maximum gearing ratio of 40%

  
  
  

• IQumulate premium funding Australian facilities were $780m and mature in July 2026 (one year term is standard industry practice)

  2 Gearing calculated as debt/(debt + equity). Debt defined as corporate debt + subsidiary debt excluding premium funding debt + proportion share of associate's borrowings (excluding premium funding borrowings) Equity defined as total equity (excluding NCI) + proportion share of associate's equity (excluding premium funding equity)

  Stable conversion of profits to cash

  1H26 cash flow statement

  Cash flow summary¹

  Free cash flow of $34.7 million

  Pre-tax cash flow from operating activities before lease obligation payment	256.6	272.6
  Less lease obligation payments	(12.6)	(9.4)
  Pre-tax cash flow from operating activities	244.0	263.2
  Less tax	(79.3)	(87.7)
  Post-tax cash flow from operating activities	164.7	175.5

  $ million 1H26 1H25

  NPATA

  161.5

  152.0

  $ million 1H26 1H25

  Adjusted net cash from operating activities	164.7	175.5
  Cash used for dividends, net of DRP	(95.3)	(114.5)
  Cash used for dividends to non-controlling interests	(34.7)	(28.5)
  Free cash flow	34.7	32.5

  30 1 Refer slide 70 for the detailed cash flow statement

• Maintained strong working capital position

• Net cash inflows from operating activities of

$177.3 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