Announcement PDF H Y 2 6 | D e c e m b e r 2 0 2 5 Half Year Results Presentation Outline Item Presenter Pages HY26 Highlights David Bailey 3 – 7 Financial update Luca Pietropiccolo 8 – 16 Market & operations update David Bailey 17 – 25 Outlook David Bailey 26 – 28 Q&A Appendices AFG: The backbone of Australian lending distribution Australia’s leading broker network and a growing lending platform Manufacturing & Tech: ecosystem expansion • AFG Securities - Securitised lending • BrokerEngine – Integrated broker platform • Fintelligence - Asset Finance platform $183 Million Liquid Assets & Investments $24 Million Underlying NPATA loan book 4,300 Active Brokers Aggregator of choice connecting 600k+ customers 1 in 9 Residential mortgages in Australia written by an AFG broker 77% Brokers now have market share $ 6.3b AFGS 21% Return on Equity +43% 4 H1 FY26 Profit1 up 43% to $24m, record outcomes across the business Gross Profit per Broker +15% Residential Settlements +19% AFGS Closing Book +24% Asset Finance Settlements +20% AFGS Settlements +34% Broker Investments +3 Net Interest Margin +11bps Subscription Income +11% Cost to Income -8%pts to $38b to $6.3b to $42k to $2.1b to $1.9b to $11m EBITDA $2m (annualised) to 124bps down to 56% All growth rates are provided relative to H1 FY25. 1. Underlying NPATA. Reported NPAT of $22m up 46% 5 AFG Securities starts 2026 with 99% lodgement growth * Comparison of January lodgements 32% 12% 26% 23% 56% 99% January 2026 change on January 2025 22% Distribution • Residential lodgements up 23% on January 2025, with settlements also increasing o Growth recorded across all states o Strong growth in largest states NSW & VIC • AFG Home Loans (AFGHL) lodgements up 56% on January 2025 while white label volume transition towards AFG Securities (AFGS) continues Manufacturing • Record $1.2b RMBS, with strong pricing outcomes, creating greater certainty over near term NIM outlook • AFG Securities lodgements up 99% on January 2025 Lodgement pipeline building into CY26 with double digit growth across the business 6 STRATEGIC PILLAR 3 Deliver higher margin through our distribution network STRATEGIC PILLAR 2 Provide a market leading technology proposition STRATEGIC PILLAR 1 Grow our broker network A business built to deliver through cycles Consistent execution across all 3 strategic pillars supports confidence in growing shareholder value 22 years of consecutive residential loan book growth and still the home for larger brokering groups 2.5x growth in larger broker groups vs the rest of the network, leveraging scale and platform capability 16 % 5yr CAGR AFG Securities loan book growth, and 6th largest lender on AFG’s panel for settlements 7 Residential settlement growth Number of equity broker investments 13%1 2 19%1 5 8% CAGR 35 Broker service income mix2 Underlying cost to income 20% 64% 21% 56% 30% <50% AFG Securities book size AFG Securities NIM $5.1bn 113bps $6.3bn 124bps $9bn 120bps Structural drivers underpin our confidence to deliver on our FY29 Aspiration Industry consolidation | Scaled network | Resilient funding structures | Capital discipline 1. Current: HY26 growth compared to HY25 (Dec ’25: HY25 compared to HY24) 2. As a percentage of Distribution underlying gross profit Provide market leading technology Measure Current FY29 Aspiration STRATEGIC PILLAR 3 Deliver higher margin through our distribution network STRATEGIC PILLAR 2 Provide a market leading technology proposition STRATEGIC PILLAR 1 Grow our broker network Dec ‘25 H Y 2 6 R E S U L T S Financial update 9 Earnings accelerating with operating leverage delivered AFG’s strategy delivers value to brokers and contributes to our positive earnings outlook Distribution ▲ 8% to $36m +$9m net interest margin 19%pt reduction in underlying CTI3 Delivering operating leverage while investing for growth 3% lift in gross profit per broker +$1m broker investments Manufacturing ▲ 141% to $14m Central services5 $(15)m Underlying gross profit per broker1, 2 ▲ 15% $42k pa Gross profit1 ▲ 16% $78.1m EBITDA ▲ 43% $35.6m NPAT ▲ 46% $22.4m EBITDA by segment Growth v HY25 Investments & liquid assets4 $183m Return on equity 21% Annuity style earnings 74% 1. Gross profit and other income 2. Per AFG broker 3. Cost to income ratio (NB: %pt = percentage point improvement) 4. Consists of unrestricted cash, trail book, investments and subordinated notes as outlined in the appendices 5. Includes various centralised support functions, including Technology, Finance and HR 10 • Represents 72%1 of EBITDA • Residential commissions returns to growth • 8 consecutive years of growth in broker services income, almost 20% of distribution earnings • Opex2 increase of $0.7m, primarily technology enhancements and broker engagement Delivering growth & strong returns across segments $36M +8% on HY25 $14M -$15M Distribution Manufacturing Central services EBITDA HY26 Underlying ROE 30%3 Underlying ROE 37% +141% on HY25 -2% on HY25 • Record book growth driving higher NIM ($9m) • Operating leverage delivering $4m in scale benefits • Opex2 increase of $0.6m, employee costs supporting record growth • Thinktank +$1m, benefitting from scale • Includes various centralised support functions, including Technology, Finance and HR • Continued investment to support group growth, primarily in technology • Cost discipline maintained through offsetting efficiencies 1. EBITDA excluding Central 2. Operating expenses excluding depreciation & amortisation 3. Return on equity excluding Thinktank investment Growing the network and investing in our highest return segment Record book growth supported by scalable processes Enabling growth while maintaining cost discipline 11 Financial outcomes continue to strengthen 1. Gross profit and Other income excluding trail book accounting adjustment 2. HY25 Gross profit and Operating expenses adjusted for change in classification 3. Reconciliation between Reported NPAT and Underlying NPATA detailed on slide 34 $m HY26 HY25 Variance Gross profit 1, 2 78.8 68.2 16% Change in trail book future value (0.7) (1.1) 34% Operating expenses 2 (50.1) (47.6) (5%) Net finance income 1.6 2.2 (30%) Share of profit from associates 2.0 0.5 n.m. Profit before tax 31.6 22.3 42% EBITDA 35.6 24.9 43% Reported NPAT 3 22.4 15.3 46% Financial metrics Units HY26 HY25 Variance Net cash from operating activities $m 20.3 13.5 50% Underlying EPS cps 8.9 6.2 42% Dividends % of Adjusted NPAT5 % 60 60 - Underlying ROE % 21 16 31% Net Interest Margin bps 124 113 11 Average FTE # 297 325 (9)% Underlying Cost to Income 2, 4 % 56 64 (13)% 4. Underlying Operating Expenditure less Depreciation & Amortisation costs / (Gross Profit (adjusted for Trail) + Other Income) 5. Adjusted NPAT = Underlying NPAT (see slide 34), excluding equity accounted earnings from associates, replacing them with cash dividends received Compelling earnings growth • Reported NPAT of $22.4m, up 46% • Underlying ROE increased to 21% Operating leverage being delivered • Gross profit1 increased 16% to $79m • Underlying CTI reduced to 56% • Opex well controlled, as gross profit growth outpaces investment • H1 opex seasonally higher than H2 Strong cash generating businesses • Net cash from operating activities $20m, up 50% • Earnings quality supporting dividends and reinvestment • Growth in profit from associates driven by Broker Investments & Thinktank Dividends • Fully franked interim dividend of 4.7cps • Record date is 26 February 2026 and payable on 27 March 2026 • FY26 payout ratio between 50% to 70% of adjusted NPAT5 12 Distribution 8 years of consecutive growth in subscription income 1. Gross profit and Other income excluding trail book accounting adjustment 2. HY25 Gross profit and Operating expenses adjusted for change in classification 3. Operating expenses excluding depreciation & amortisation Gross profit +5% to $58m | ROE 37% | 72% of Group EBITDA Steady growth • Record residential settlement driving margin expansion, increased $1.9m, with payout ratios broadly stable • Asset finance aggregation 20% settlements growth, with early signs of margins stabilising • Network scale building reinforcing our position in lending ecosystem Earnings mix continues to shift • Subscription income up 11%, now 20% of Distribution Gross Profit • 8 consecutive years of growth in broker services income • Diversified products margin down primarily as white label volumes reduce, transitioning to AFG Securities product with superior margin • Lifting gross profit per broker Disciplined investment • Opex2, 3 increase of $0.7m, primarily technology enhancements and broker engagement. 1st half seasonally higher $m HY26 HY25 Variance Gross profit 1, 2 58.3 55.5 5% Change in trail book future value (0.7) (1.1) 34% Operating expenses 2 (27.4) (25.6) 7% Profit before tax 29.7 28.6 4% EBITDA 35.9 33.2 8% Gross profit composition Units HY26 HY25 Variance Residential Upfront $m 8.6 7.1 20% Settlements $b 38.0 31.8 19% Retained % 3.7% 3.7% - Residential Trail $m 9.4 9.0 4% Average book $b 217 203 7% Retained % 5.3% 5.5% (4%) Diversified products $m 17.8 18.6 (4%) VBI Margin $m 6.4 6.6 (3%) Subscription income $m 11.2 10.1 11% Other income $m 4.9 4.1 19% Growing the network and investing in our highest return segment 13 $m HY26 HY25 Variance Gross profit 1, 2 21.0 13.0 62% Operating expenses 2 (8.1) (7.6) (7%) Profit before tax 16.8 8.4 100% EBITDA 14.3 5.9 141% Gross profit composition Units HY26 HY25 Variance AFG Securities NIM ($m) $m 35.8 26.8 34% AFG Securities Average book ($b) $b 5.9 4.8 23% NIM (bps) % 124 113 10% AFG Securities Commission ($m) $m (13.5) (12.2) (11%) AFG Securities settlements ($b) $b 1.9 1.4 34% Other fees / costs $m (1.3) (1.7) 23% Growth • +$6m net interest from book, from growth in book closing at $6.3b • +$3m from higher NIM, with funding cost improvements • Thinktank +$1m, benefitting from scale Leverage • Operating leverage delivering $4m in scale benefits • Cost to income ratio improved 19% pts to 39% • Opex2, 3 increase of $0.6m, employee costs supporting record growth Funding Strength • NIM less sensitive to short term rate volatility • Significant proportion of the book now locked in at improved margins Further margin expansion opportunity • Modernisation initiatives to unlock further efficiencies and margin benefits Manufacturing Strong earnings growth, delivering EBITDA +141% Record book growth supported by improving operational leverage, delivering increasing returns 30% RoE 1. Gross profit and Other income excluding trail book accounting adjustment 2. HY25 Gross profit and Operating expenses adjusted for change in classification 3. Operating expenses excluding depreciation & amortisation 14 AFG Securities: Highest NIM since FY181, greater near term certainty Record volume growth achieved while maintaining pricing discipline in the market and expanding NIM. While a cash rate increase cycle may impact BBSW spreads, the current funding market outlook remains positive 1. Excluding abnormal period in FY20-FY22 where TFF and government stimulus benefitted markets 2. Illustrative based on current mix of AFGS book as at December 2025, adjusting for February RMBS and considering warehouse renewals in H2 FY26. This exclude BBSW impact Strengthened funding profile • Proactive management delivering lower funding costs • 3 warehouses renewed / established at improved margins • $1.0b RMBS issued, 25bps inside previous issuance Further funding margin reductions anticipated in H2 • Cost of funds benefits during H1 to be realised for the full period in H2 • $1.2b February RMBS, well inside warehouse cost of funds • 53% of the book now locked in through term funding • A 10bps increase in funding margin for renewals in H2 would affect NIM by 1bps2 113 119 124 H1 FY25 H2 FY25 BBSW spread Rate to customer Cost of funds H1 FY26 NIM expansion to 124bps in HY26 +9bps excluding BBSW Remained below cash rate with 5bps benefit from lower BBSW spread. 2H25 NIM included 9bps benefit, with 2 cash rate reductions Partial period benefit from lower warehouse and RMBS funding costs 15 HY26 annualised earnings uplift Platform for further earnings growth Broker services BrokerEngine Plus generating higher subscription income & broker efficiency +$2m • Broker Engine migration towards 90% • New features & services will increase revenue per broker Broker Investments 5 direct broker investments (3 in H1). 7 secondary investments in H11 +$2m • Annualised earnings run rate building • Strong organic growth in existing investments • Pipeline of additional opportunities AFG Securities Scalable business and funding strategy enabling book growth & margin strength +$15m2 • Closing HY26 book of $6.3bn and represents additional $5m annualised Net Interest Income3 • Continued operating leverage $24.2m $23.2m $24.9m $31.3m $35.6m H1 FY24 H2 FY24 H1 FY25 H2 FY25 H1 FY26 EBITDA Multiple earnings streams building into FY27 Key investments translating into earnings uplift Recent capital allocation delivering EBITDA growth of 43% +43% 1. Direct investments by AFG to Broker group. Secondary investments are subsequent acquisitions by a broker investments groups acquiring another broker business or loan books. See slide 23 2. Manufacturing EBITDA excluding Thinktank Investment. Includes both book growth and higher net interest margin %. Average book for H1 FY26 was $5.9b 3. Assumes a NIM of 124bps, on a $6.3bn book compared to the H1 average ($5.9bn). Each additional $0.5bn in book size is $6.2m in additional Net Interest Income assuming the same NIM 16 • Unrestricted cash provides flexibility in a dynamic environment • Trail book net asset is a significant source of embedded value • Strategic investments are carried at cost, and not reflective of market value • Strategic investments are regularly reviewed for return adequacy, with return on capital at 18%1 • Our strategy enables invested capital growth where returns are compelling • Strong balance sheet risk settings and predictable cash generating model provides funding optionality • Prudent liquidity settings provide flexibility to respond to macroeconomic conditions • Trail commissions provides highly predictable and actuarially proven earnings • Highly integrated broker services generate repeatable cashflows • Cyclical NII provides leverage to volume trends Flexible financial position provides capacity for growth Liquidity and high performing investments $61m unrestricted cash $86m trail net asset $56m strategic investments Cash generation : predictable and diversified cash flows $24m pa trail book $22m subscription income pa $72m Net interest income (NII) pa Capacity to fund growth Net cash position 85% cash conversion Headroom to target gearing 1. Return on capital excluding Thinktank investment H Y 2 6 R E S U L T S Market & operations update 18 35 37 42 28 29 30 1H24 1H25 1H26 AFG Underlying Gross Profit ($k per broker p.a.) Growing the network and generating greater value Product diversification continues to provide the platform for earnings to continue to build across our segments 1. Active brokers writing a deal within the last 6 months 2. Diversified products include all products outside of traditional Residential mortgage aggregation margin such as Commercial, White Label, Asset finance and Partner Connect Residential Diversified products2 Manufacturing Broker Services +15% 75% from diversified earnings Growing the network – active1 brokers increased 4% to 4,300 • 91 new AFG broker groups recruited • Ongoing broker consolidation favouring larger, more productive groups • AFG over-indexed in large broker groups, with their growth outpacing the network Growth in earnings per broker in our core Distribution business • Technology investment and ongoing innovation improving broker efficiency • Increased adoption of value-add broker services is lifting recurring revenue • Partner Connect leveraging the scale of the AFG network to unlock additional value Manufacturing contribution a standout • AFGS book at $6.3 billion, with record settlements and market share • NIM of 124bps (+11bps), with funding benefits secured through recent term issuances and renewed warehouse at lower cost of funds 19 $14m $16m $19m 1H24 1H25 1H26 Residential lodgements per broker $197B $205B $224B 1H24 1H25 1H26 Residential closing book $28B $32B $38B 1H24 1H25 1H26 Residential Settlements Distribution: AFG brokers now write 1 in 9 mortgages AFG’s over-indexing to large groups creates a structural advantage through consolidation and productivity +22% +19% • 9% growth in HY26, above long-term average including improved run-off of 23% down from 27% in HY25 Brokers increasing productivity Driving consistent book growth • Growth outpacing market 1.1x1 Delivering growth above market1 +7%2 1. Source: Australian Bureau of Statistics: 17% growth for 12 months to September 2025 2. Long term CAGR since Dec 2021 • Generating a record lodgement pipeline. HY26 residential lodgements +26% to $62 billion 20 $4.1B $5.1B $6.3B $8.5B $8.0B $7.9B $12.6B $13.1B $14.2B 1H24 1H25 1H26 AFG Home Loans book AFG Securities White Label • White label book reduced following NAB’s Advantedge exit, reshaping partner mix • Portfolio now centered on 4 complementary partners to AFG Securities • Higher margin AFGS expected to play a growing role within AFG Home Loans portfolio Distribution: Earnings mix shifting toward higher margin products Diversified products & broker services underpin growth in Distribution gross profit per broker, up 3% • Leasing & Asset Finance are key growth areas, driven by Fintelligence. • Increased adoption of Partner Connect – connects brokers with spot & refer partners across the value finance ecosystem • BrokerEngine subscribers increased 23% to 4.1k, including 0.8k external to AFG +8% 1. AFG Home Loans includes AFG funded AFG Securities as well as white label funded products 2. Includes Commercial mortgages, Commercial leasing, Consumer asset finance, Personal loans, Insurance as well as Partner Connect AFG Home Loans1 transitioning towards higher margin AFG Securities Brokers increase take-up of valued services, growing earnings +$1.1m AFG technology critical for the excellent growth in diversified products2 Grown to 44% of the total book 59% brokers write multiple products (FY25: 58%) $5.2k $5.7k $6.2k 1H24 1H25 1H26 Broker services subscriptions per AFG broker $2.4B $1.6B $2.6B $1.8B $3.1B $2.1B Commercial Mortgages Leasing & Asset finance 1H24 1H25 1H26 +21% +20% Settlement volumes 21 67% 69% 72% 76% 77% 1H22 1H23 1H24 1H25 1H26 Total broker market share1 of Residential mortgages Distribution: The dominant channel, growing beyond 80% share 1. Source: MFAA, Australian Market Mar 2025 Broker channel now clearly structurally embedded in Australia’s mortgage market – providing competition & choice Why customers choose brokers • Trusted by customers in a complex market to deliver better financial outcomes • Service local communities – including in regional areas, as banks close branches • Brokers are legally required to act in their customer's best interests, unlike proprietary channels Why lenders partner with brokers • Efficient, scalable & variable cost distribution channel for lenders • Essential distribution for non-major lenders – providing competition and choice • Lenders that embrace broker channel are growing share & have efficient CTI ratios Moving towards 80%+ Brokers remain the preferred channel Proprietary push hasn’t changed customer behaviour 22 $4.1B $5.1B $6.3B 1H24 1H25 1H26 Manufacturing: Record market share with credit quality maintained Disciplined processes and AFG’s 31 years’ experience delivering ongoing credit quality • Non-bank market share1 increased to 12.4% (FY25: 11.6%) • AFG Securities at 5% market share1 – a record (FY25: 4.3%) • Proactive management with no losses. 15 year cumulative losses of just $268k • Expected credit loss provision increased to $3.9m (June 2025 $3.7m) driven by book growth Accelerated book growth in H1 FY26 – reaching over $6 billion Portfolio quality maintained, with excellent loss history 1.7% Arrears2 (1.6% at June ’25) +95% Book with no adverse credit 33% Book with balances below $500k 90% Book with LVR below 803 +24% Settlements Closing book 1. Based on market share of AFG broker residential volumes 2. Arrears (including those in hardship) as greater than 30 days past due 3. LVR = Loan-to-value ratio. All prime loans above 80 LVR are covered by individual Lender mortgage insurance (LMI) 23 Broker Investments Strategy Update Targeted minority equity investments aligned to broker succession, scale and long-term growth Disciplined capital deployed at broker transition points compounds benefits as brokers grow and consolidate 24 5 investments completed, 35 investments by FY29 Early execution validating confidence in the expansion of the Broker Investments program over time • 5 investments in 12 months • Across brokers of varying size • 7 loan books acquired • Repeatable capital deployment Measured execution, with capital discipline Creating value over time • Capital at natural transition & growth points • Corporate & strategic guidance enhancing scalability • Network connectivity Direct AFG investments Broker-led investments AFG network effects 1. Annualised EBITDA contribution of the initial 5 investments • Investments are earnings accretive from day 1 • Strong early trading, 5 investments expected to contribute $2m1 annualised, with growth compounding • Investments from outside the AFG broker network enhance value creation 25 AFG structurally positioned for long term growth Population & employment growth Broker channel continues to expand Funding costs below long-term average 31 years of cycle tested performance Scaled network with growing higher margin services Strong balance sheet & disciplined capital management Value creation Structural demand Macro fundamentals remain supportive Finance sector maintains growth, shaped by policy settings Larger groups gaining share Technology investment raising barriers to entry Scale advantages accelerating Credit growth remains positive Industry consolidation AFG competitive advantage Sector fundamentals H Y 2 6 R E S U L T S Outlook 27 Near term: Strong 1H results are expected to accelerate Continued credit growth AFG’s broker productivity driving sustained market share expansion Volume momentum Jan ’26 lodgements1: Residential +23% AFG Securities +99% 1. Growth relative to January ’25 Higher margin mix building New services & features will continue subscription income growth Margins strengthening Exit NIM 126bps, with improved near term confidence Operating leverage continues Second half opex seasonally lower than first half Broker Investments Building pipeline as we establish this market Momentum in volumes, margin and mix supports a stronger second half earnings outcome Why invest in AFG? AFG is a scaled, embedded distribution network at the centre of Australia’s lending ecosystem Quality earnings Majority of earnings are recurring annuity-style resulting in strong, regular cash flow realisation Broadening earnings base Housing generates sustained credit demand, supported by structural tailwinds Enduring market dynamics Productivity, services and manufacturing upside through the cycle Capital light business Broker market share at 77%1 and growing, AFG earnings scale with broker activity & productivity Balance sheet flexibility Improving business mix Resilient, annuity lead cash flows Strong RoE, sustainable dividends 1. Australian broker market share of Residential mortgages. Source: MFAA H Y 2 6 R E S U L T S Appendices 30 David Bailey, CEO 23 years A fairer financial future being delivered by an experienced executive team Lisa Bevan, COO 27 years Luca Pietropiccolo, CFO 3 years Sam McCready, CDO 20 years Dom Di Gori, Exec GM Consumer lending 25 years Them Lam, Head of Sales & Distribution 24 years Years denotes the years of finance industry experience 31 Capital allocation framework focused on maximising long term value and shareholder returns Long term value creation Share price appreciation Cash returns Strategic fit EPS accretion Valuation multiples, IRR Return on Capital Optionality Shareholder Portfolio Investment Disciplined capital allocation delivering sustained shareholder value Focused reinvestment to capture growth opportunities, with capital allocation guided by 4 principles Continuous review / recycle capital Allocate capital to strategically aligned assets, delivering returns above internal hurdle rates (Return on capital > WACC) Preserve balance sheet strength Maintain financial capacity to execute on attractive opportunities and respond to a changing environment, while minimising the cost of capital Deliver predictable earnings growth Drive earnings growth through margin expansion, efficiency gains, and new capital to AFGS book growth and Broker Investments Deploy surplus capital to shareholders Prioritise reinvestment for long-term growth and return surplus capital when compelling growth opportunities are limited 1 2 3 4 32 Settlements and Loan Book 1. Is a subset of AFG Home Loans (AFGHL) 2. Includes Fintelligence settlements as well as AFG broker settlements Settlements ($m) 1H26 2H25 1H25 1H26 v 2H25 1H26 v 1H25 Residential 37,956 31,624 31,840 20% 19% AFGHL 2,528 2,006 2,388 26% 6% White Label 1 600 737 950 (19%) (37%) AFG Securities 1 1,928 1,270 1,437 52% 34% Commercial 3,109 2,491 2,568 25% 21% Leasing and Asset finance 2 2,118 1,706 1,758 24% 20% Loan Book ($m) Residential 223,697 210,505 204,848 6% 9% AFGHL 14,152 13,795 13,142 3% 8% White Label 1 7,898 8,315 8,082 (5%) (2%) AFG Securities 1 6,254 5,480 5,059 14% 24% Commercial 16,634 14,756 14,177 13% 17% 33 Key metrics 1. Average for reporting period 2. Total Operating Expenditure less Depreciation & Amortisation costs / (Gross Profit (adjusted for Trail) + Other Income) 3. Adjustment between Net interest income and commission cost of sales $m (unless otherwise stated) Units 1H26 2H25 1H25 1H26 v 2H25 1H26 v 1H25 Operating income Distribution 561.1 454.9 479.6 23% 17% Manufacturing 172.8 169.0 161.3 2% 7% Central (18.9) (14.0) (15.3) (35%) (24%) Total 715.0 609.9 625.6 17% 14% Profitability Trail Book Net Asset 86.1 86.8 89.5 (1%) (4%) Residential Upfront Payout Ratio % 96.3 96.1 96.3 0.2 - NIM bps 124 119 113 5 11 Operating Costs Employee Costs 28.6 28.1 27.9 2% 3% IT 5.4 5.1 4.6 6% 18% Total Operating Costs 50.1 49.1 47.6 2% 5% Average FTE1 # 297 302 325 (2%) (9%) Underlying Cost to Income Ratio2 % 56 58 64 (2%) (13%) Credit Quality Total Losses 0.0 0.0 0.0 Other Brokers # 4,275 4,249 4,110 1% 4% Underlying ROE % 21 22 16 (4%) 31% Net interest income adjustment3 8.9 8.5 8.3 Key movements • Distribution operating income up 17% on H1 FY25, with growth in Residential volumes, as well as Broker Services subscription income • Manufacturing operating income increased 7% to $173 million. The AFG Securities book grew to $6.3 billion, generating a net interest margin 11 bps higher than prior year • Total Operating Costs up $1m compared to H2 FY25. However, this is $1m lower when excluding higher sponsorship expense which is offset by income and weighted to H1 • Underlying cost to income (CTI) ratio improved to 56% in H1 FY26 34 Key movements • The trail commission adjustment represents the non-cash change in the carrying value of the trailing commissions contract assets and liability. Additional information in relation to trail book accounting and key assumptions are provided on slide 36 • The net change in fair value of the put / call liability for Fintelligence represents the movement following the acquisition of the remaining equity • Amortisation of acquired intangible assets relates to the initial acquisition of Fintelligence Reported NPAT to Underlying NPATA reconciliation $m 1H26 1H25 HY26 v HY25 Reported NPAT 22.4 15.3 7.1 Amortisation of acquired intangible assets 1.2 1.2 0.0 Trail commission adjustment 0.5 0.7 (0.2) Net change in fair value put/call option - (0.3) 0.3 Underlying NPATA 24.1 16.9 7.2 35 $m Dec 2025 Dec 2024 Variance Unrestricted cash 60.6 54.8 5.8 Debt facility (59.9) (44.3) (15.6) Net unrestricted cash 0.7 10.6 (9.9) Trail book 86.1 89.5 (3.4) Investments 56.2 46.2 10.0 Subordinated notes 39.5 38.8 0.7 Net unrestricted cash, trail book & investments 182.5 185.1 (2.6) Cash reconciliation Unrestricted cash 60.6 54.8 5.8 Restricted cash (Securities) 176.0 115.7 60.3 Total cash 236.6 170.5 66.1 Key movements • Net unrestricted cash position • Trail book net asset at $86m with the reduction representing increasing average payout ratio as well as updated run-off assumption. Key assumptions are provided on slide 36 • Investments are valued at carrying value as per the balance sheet and include broker investments • Subordinated notes value relates to the notes held by AFG in the AFG Securities loan book which is $6.3bn as at December 2025 AFG holds $183m in liquid assets and high performing investments 36 Key movements • Trailing commissions are received from lenders on settled loans over the life of the loan based on the outstanding loan book balance • The net present value of our future trail commissions, represent recurring income, without having to perform further services • Future trail commissions had a NPV of $86.1m at December 2025 ($86.8m at June 2025) • The valuation is assessed on a six-monthly basis, with movements in valuation recorded in the P&L • The main valuation driver are run-off rates and volumes. Run-off remains below peak 2022 level and continues to reduce from peak • The discount rate applied to each tranche is applied across the life of the loan. Any current movements in the discount rates will only affect the latest trail commission tranche • The discount rate is calculated as the risk-free rate + counterparty risk factor Trail book asset The table below outlines key assumptions used to value trail commissions Th