Announcement PDF FY25 Full Year Results 12 months to 30 June 2025 Presentation Outline Item Presenter Pages FY25 Highlights David Bailey 4–6 Market & operations update David Bailey 7 – 13 Financial update Luca Pietropiccolo 14 – 20 Outlook David Bailey 21 – 26 Q&A Appendices 2 AFG | Over 31 years delivering innovative solutions in the finance industry Significant scale in the finance industry $948B 77% 4,200 1 in 10 550k Settlements p.a. in the Australian finance market1 of residential mortgages originated through the broker channel2 AFG brokers across Australia3 Residential mortgages in Australia written by an AFG broker4 Customers supported each year by AFG brokers Established diversified business model Distribution (81%)5 Broker platform connecting lenders to borrowers Residential mortgages $14B vFY24 vFY24 5% Trail book 8% AFG Home Loans trail book Asset finance Broker services Higher margin products $211B Manufacturing (19%)5 Offering financial products for customers 3.8 vFY24 $3.5B 6% Number of services per broker vFY24 Thinktank6 AFG Securities $5.5B vFY24 23% Residential mortgage Loan book 9% Settlements $6.8B vFY24 17% Loan book Strong market position underpinned by Market leading broker technology | 1. Source: ABS – Settlement volumes per annum residential and commercial 2. Source: MFAA – Broker market share of Australian residential mortgages 3. Brokers across AFG and Fintelligence (asset finance) aggregation Experienced management | Disciplined capital management 4. Source: AFG & ABS – AFG brokers write 1 in 10 Australian residential mortgages 5. Percentage of EBITDA 6. 32% ownership in Thinktank, a residential & commercial non-bank lender 3 FY25 RESULTS FY25 Highlights 4 FY25 highlights – delivering on our strategy Strong strategy execution, underpinned by a disciplined capital allocation approach. TSR1 of 203% since listing in 2015. STRATEGIC PILLAR 1 STRATEGIC PILLAR 2 Provide market leading technology proposition Grow our broker network STRATEGIC PILLAR 3 Deliver higher margin through our distribution network FY25: Delivered record broker numbers & volumes FY25: Enhanced competitive advantage in our broker proposition FY25: Growing scale across a diversified business model +200 Record AFG broker recruits 50% users on BrokerEngine Plus, with strong net promoter score approaching 50 +23% AFG Securities loan book 3 Broker Investments completed2 $2.5m in annual efficiency gains in AFG Securities 58% Brokers writing multiple products3 1. 2. Assumes full participation in any capital events and reinvestment of dividends Includes investment completed July 2025 3. Products including residential mortgage, commercial mortgage, asset finance, personal loans, insurance 5 FY25 financial highlights Strong earnings growth as we delivered for our brokers, lenders and customers, amid a strengthening market. Momentum accelerated in H2 FY25, with EBITDA of $31m, 26% higher than the first half. Growth v FY24 EBITDA by segment Underlying gross profit per broker1, 2 ▲ 13% $38k Distribution ▲ 10% to $68m +9% gross profit per broker +17% diversified product margin Gross profit1 ▲ 14% $139.2m +$2m broker subscriptions EBITDA ▲ 19% $56.2m +$10m net interest margin Reported NPAT Annuity style earnings 73% 1. Gross profit and other income 2. Per AFG broker ▲ 21% $35.0m Cash realisation Investments & liquid assets 90% $182m 3. Cost to income ratio Manufacturing ▲ 53% to $16m Central services $(28)m 8% reduction in underlying CTI3 Improving arrears & no losses -$2m invested in new growth initiatives -$1m one off costs 6 FY25 RESULTS Market & operations update 7 AFG broker network, growing to a record high As broker share rises towards 80% and industry consolidation accelerates, AFG has an advantage with growth focused brokers with its tech-enabled, service-led model Consumers continue to prefer broker… …as AFG continues to grow its network… …with broker consolidation evident Total broker market share1 of Residential mortgages AFG Group active2 brokers AFG Brokers by group size3 Moving towards 80%+ 68% 67% 75% +5% 77% 3.7k 59% FY21 Mid 4.2k Large 3.1k FY22 FY23 FY24 Core FY25 FY21 FY22 AFG • 3.8k 4.0k Digital investment by lenders continues, yet brokers win share on trust, competition and choice — a structural advantage underpinned by Best Interests Duty. 1. Source: MFAA, Australian Market Mar 2025 2. Active brokers writing a deal within the last 6 months 75 Large broker groups, Average 14 brokers Writing $21m per broker • FY23 FY24 FY25 Fintelligence Retiring brokers create a strong acquisition pipeline for large Broker Investments groups 3. Large groups 6 or more brokers, Core with 2 or less brokers 4. Source: MFAA, Industry Insights Service Report 19 • Brokers in large groups represent 27% of total Industry brokers in March 2024 (20% at Mar ‘23)4. AFG highest market share is with Large broker groups 8 Delivering greater value to our broker network Investments in product diversity & broker services are providing greater efficiency and value for brokers. Setting us apart in market. AFG Underlying Gross Profit ($k per broker p.a.) Distribution earnings1 up 9% Manufacturing earnings1 up 27% Volume growth, greater diversification & broker services Continued growth across FY25, with $5.5bn book • Residential: Majority is annuity style trail • Securities book up 23% compared to June ‘24, income, providing predictability and platform for growth. Also benefiting from record settlements. • Diversified products2: Brokers adopting products beyond residential – enabled by broker education, technology and Partner Connect +13% 40 38 34 with record settlements • Improving FY25 NIM, with the benefit of cash 28 27 FY23 FY24 29 rate reductions flowing to lower H2 funding costs and into FY26 75% from diversified earnings • Broker services: Adoption of subscription services, driven by recent investments and ongoing enhancements to meet broker needs Residential FY25 Broker Services Diversified products2 1. Gross profit and Other income excluding trail book accounting adjustment. Manufacturing earnings exclude contribution from investment in Thinktank 2. Diversified products include all products outside of traditional Residential mortgage aggregation margin such as Commercial, White Label, Asset finance, Manufacturing, and fee income Manufacturing 9 Distribution Residential outpacing market 1.2x 1 Q4 lodgements up 19% to $28 billion, and July’s growth stronger again – this provides momentum into FY26 as rate cuts expected to stimulate the market Record pipeline Over $100 billion lodged in FY25 Significant scale – represents 1 in 10 Australian mortgages Driving consistent book growth Generating annuity style earnings Residential Lodgements Residential Settlements Residential closing book +18% +15% $101B • $83B $86B FY23 FY24 $63B FY25 Average settlement size +7% to 670k reflecting the continued strength of Australia’s housing market 1. Source: Australian Bureau of Statistics: 12% growth for FY25 2. Long term CAGR since FY21 +6%2 • $54B $55B FY23 FY24 $195B FY25 Represent 1 in 10 Australian mortgages and growing faster than the total Residential market1 FY23 • $211B $200B FY24 FY25 Run-off improved in FY25 at 26% pa, down from peak levels of 28% in FY22 (elevated price competition and cash rate increases) 10 Distribution Diversification provides a broad earnings platform Diversified products enable brokers to meet a broader range of customer needs, while generating higher margin earnings. 75% of AFG’s earnings from outside the core residential mortgage offering AFG Home Loans1 has returned to growth Providing the platform and training for brokers to diversify2 Take-up of BrokerEngine Plus driving $2m increase in Broker Services GP AFG Home Loans book 58% of brokers write more than 1 product class Broker services gross margin per AFG broker +8% $13.2B $12.8B $13.8B White label complements higher margin AFG Securities Commercial mortgages $5bn ▲14% Insurance referrals New products coming soon Commercial Leasing Consumer Asset Personal loans $5.3k $5.8k $4.7k $3.5bn ▲9% settlements (AFG and Fintelligence) FY23 • • FY24 FY25 The recent exit of NAB’s Advantedge presents a growth opportunity for AFG Securities. Refresh of Alpha product as a digital bank offering – new options in FY26 White label benefiting from strong growth from 2 new non-bank lenders introduced since June 2022 FY23 • Leasing & Asset Finance are key growth areas, supported by Fintelligence acquisition. • Partner Connect program connects brokers with spot & refer partners to accelerate the take-up of additional product classes 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 FY24 FY25 • BrokerEngine subscribers increased 28% to 3.7k subscribers. This includes 3.0k AFG brokers, representing a take-up rate of 50% of users • Higher take-up of additional services including Marketing, Compliance and PI insurance 11 Manufacturing AFG Securities growing volume & improving NIM Net interest margin supported by timing of cash rate reductions in H2 FY25 & cost of funds improvements. However, competition remains high affecting front book pricing. AFG Securities2 Settlements +65% $2.7B $1.6B $1.3B FY21 FY22 FY23 Settlements up 65% - in line with record high $2.7B $1.6B FY24 3.0% Price competition 1.5% - AFG Securities at 4.3% market share1. Highest result since FY22 which benefitted from abnormal funding market. Strong Q4 provides momentum into FY26 • Cost to income ratio improved in FY25 to 54% (FY24: 62%). Significant increase in volumes, but importantly investment in processes and technology delivered cost efficiencies while maintaining service levels Rate to Customer (less cash rate) Cost of funds (less cash rate) • Net interest margin (NIM) of 116bps (FY24: 113bps). • H2 FY25 NIM of 119bps with BBSW moving lower ahead of anticipated cash rate cuts. Normalised H2 FY25 NIM of 115bps compared to H1 FY25 of 113bps • Cost of funds improved with warehouse renewals and RMBS margins lower Net interest margin 1.0% 0.5% • Net interest margin up 3.5% 2.0% Non-bank market share1 increased to 11.6% (FY24: 9.6%) FY25 NIM % 2.5% • Benefit from cost of fund reductions FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Investment in Thinktank3 (32%): Thinktank contribution of $2.6m, up $0.5m. • Book increased 17% to $6.8 billion • NIM benefiting from similar thematics as AFG Securities 1. Based on market share of AFG broker residential volumes 2. AFG Securities refers to AFG funded products as a subset of AFG Home Loans. White Label products with a range of funding partners are also included in AFG Home Loans 3. 32% ownership of Thinktank, a Commercial and Residential non-bank lender 12 Manufacturing Sustaining market leading credit quality AFG’s advantage of 31 years industry experience and insights from 1 in 10 mortgages. Disciplined processes sustain AFG Securities’ industry leading credit quality, even as the loan book hits record highs Consistent book growth in FY25 – reaching $5.5 billion Excellent loss history maintained AFG Securities Closing book +23% 4.8 4.5 5.5 4.4 % 1.6 % +95 Arrears1 (1.9% at June ’24) Book with no adverse credit % 87 % 37 LVR below 802 Balances below $500k 3.4 Approx half funded through long-term RMBS FY21 FY22 FY23 FY24 FY25 • FY25 run-off improved to 35% (FY24: 38%) • Cumulative losses over 15 years of just $268k, and improving arrears • Run-off historically increases in a cash rate reduction cycle • Expected credit loss (ECL) provision prudently increased to $3.7m (FY24: $3.2m), • Funded through 4 established warehouses and history of RMBS transactions • $1.2 billion RMBS issued in FY25, including inaugural, private placement driven by book growth • Working with our borrowers - hardship is stable at 0.5%, in line with Dec ’24 1. Arrears (including those in hardship) as greater than 30 days past due 2. LVR = Loan-to-value ratio. All prime loans above 80 LVR are covered by individual Lenders mortgage insurance (LMI) 13 FY25 RESULTS Financial update 14 Financial results • • • $m FY25 FY24 Variance Gross profit 1, 2 142.9 127.7 12% Change in trail book future value (3.7) (5.6) 33% Operating expenses 2 (96.6) (84.2) (15)% Net finance income 3.2 3.9 (18)% Share of profit from associates 2.9 2.2 31% Profit before tax 48.7 44.0 11% • $2.5m : technology projects ($1m), restructure costs ($0.5m) & make good provision ($1m) EBITDA 56.2 47.4 19% • $3.1m D&A predominately related to BrokerEngine Plus Reported NPAT 3 35.0 29.0 21% Reported NPAT up 21% to $35.0m Gross profit1 up 12% or $15m with growth in both segments (slide 17) Underlying operating expenses, up 7% or $6m: • Primarily employee costs ($7m): $3m new growth initiatives & converted technology roles; CPI wage growth ($2m), and $2m bonuses • Focus on managing cost growth through ongoing efficiency initiatives • Non-recurring or notable non-cash operating expenses of $6m: • $0.5m ECL provision increase from book growth • Share of profit from associates +$0.7m, includes Thinktank (+$0.5m) Financial metrics Units FY25 FY24 Variance • Trail book future value change of $(3.7)m (slide 33) Net cash from operating activities $m 35.9 38.8 (7)% Underlying EPS cps 15.1 13.4 13% Fully franked final dividend of 5.3cps, record date is 9 September 2025 and payable on 8 October 2025. Dividends % of Underlying NPATA % 60 60 - Underlying ROE % 19 17 9% • FY26 dividend payout ratio between 50% to 70% of adjusted NPAT5. Net Interest Margin bps 116 113 3% • Provides flexibility for reinvestment when justified by returns, with capital allocation decisions responsive to evolving market conditions Average FTE # 312 304 3% Underlying Cost to Income 2, 4 % 59 60 2% • 1. Gross profit and Other income excluding trail book accounting adjustment 2. FY24 Gross profit and Operating expenses adjusted for change in classification 3. Reconciliation between Reported NPAT and Underlying NPATA detailed on slide 31 4. Underlying Operating Expenditure less Depreciation & Amortisation costs / (Gross Profit (adjusted for Trail) + Other Income) 5. Adjusted NPAT = Underlying NPAT (see slide 31), excluding equity accounted earnings from associates, replacing them with cash dividends received 15 Investments delivering growth across segments Distribution Manufacturing Central services EBITDA FY25 $68 M $16 +10% on FY24 Underlying ROE 39% M +53% on FY24 -$28 M -13% on FY24 Underlying ROE 15% • Represents 81%1 of EBITDA • • • Growth in broker service fees following investment in platform technologies as well as higher volume across distribution products Underlying ROE increased to 15% (FY24: 12%) with efficient growth & capital allocation Includes various centralised support functions, including Technology, Finance and HR • Additional $10m net interest margin • • $2m higher opex2 from ECL provision and employee costs as volumes lifted. Includes $0.5m non-recurring costs $1m non-recurring opex increase related to make good provision • $2m underlying opex increase for increase in performance bonuses, CPI increase and technology efficiency initiatives • Includes 2 completed Broker investments in H2 with 3rd acquisition completed 1 July 2025. • Opex2 increase of $5m including $0.7m conference expenses & higher employee costs Investments driving growth in volumes, services and earnings 1. EBITDA excluding Central 2. Operating expenses excluding depreciation & amortisation • Underlying CTI improves 8% Strong book growth, scalable processes & well provisioned Investment in capability to deliver new growth initiatives 16 Diversification accelerating earnings growth $m (unless otherwise stated) FY25 FY24 Var $ Var % Distribution: up 9% across the diversified business model Gross profit1 142.9 127.7 15.2 12% • Distribution 113.3 104.4 8.9 9% Residential upfront 14.5 13.3 1.2 10% Settlements ($bn) 63.5 55.2 8.3 15% Retained2 (%) 3.8% 4.0% (0.2%) (4%) Asset finance aggregation driven by higher broker payouts affected by an acceleration in FY25 Residential trail 17.7 18.5 (0.8) (4)% Average book ($bn) 205.0 196.5 8.5 4% Subscription income increased by 13% due to continued growth in take-up of BrokerEngine and additional broker services Retained2 (%) 5.3% 5.8% (0.5%) (9%) Diversified products3 40.2 34.4 5.8 17% Asset finance aggregation 12.5 13.8 (1.3) (9%) Subscription income4 21.0 18.7 2.3 13% Other income 7.3 5.8 1.5 26% Manufacturing: up 30% on the back of book growth Manufacturing 29.5 22.6 6.9 30% • +$9m from a higher average book size of $5.0bn across FY25 AFG Securities NIM 58.1 47.7 10.4 22% • +$1m NIM increased in FY25, benefitting from timing of BBSW reducing in advance of expected cash rate reduction AFG Securities average book ($bn) 5.0 4.2 0.8 19% NIM (bps) 116 113 3 3% -$2m for other costs increase attributable to higher volumes such as settlement related costs including valuation fees and legal costs AFG Securities commission (25.0) (23.1) (1.9) (8)% AFG Securities settlements ($bn) 2.7 1.6 1.1 65% Other fees / costs (3.6) (2.0) (1.6) (78)% • • • • • Residential margin increased $0.4m, with record volumes outpacing growth in payout ratio for upfront commissions Diversified products margin up 17% including AFG Home Loans trail book growth, up 8%, increase in technology fees and other product commission Other income includes higher sponsorship income which offsets conference expenses 1. Gross profit and Other income excluding trail book accounting adjustment. Central gross profit includes inter-segment commission eliminations 2. Retained % = (1- Payout ratio %) 3. Diversified product commissions includes white label, commercial and personal loans 4. Includes Marketing, Compliance, Professional Indemnity insurance & Fintelligence Ambition 17 Investments generating growth in H2, up 25% Capital invested has accelerated earnings in H2, with an annualised contribution of an additional $12 million EBITDA EBITDA Capital investment contributing to higher H2 FY25 +26% Annualised earnings $31.3m Fintelligence $24.2m +$1m $24.9m $23.2m Broker Services H1 FY24 • Brought forward increasing ownership to 100% H2 FY24 H1 FY25 H2 FY25 • Recent technology investment delivering new functionality of core broker technology including BrokerEngine Plus +$1m Subscription income Broker Investments • $6m invested in 2 broker groups in December 2024. Further investment announced in July 2025 +$0.7m - $1.0m Acquired earnings (2 groups) AFG Securities • Book growth to $5.5 billion which is supported by $35m invested in subordinated notes • Run-off increases during cash rate reduction cycle, and needs to be managed +$5m - $6m Net interest margin (from higher book) 18 Our strong financial position provides capacity to invest where returns are compelling Cash generation : predictable and diversified cash flows $24m pa trail book • Trail commissions provide highly predictable and actuarily proven earnings $21m $58m • Highly integrated broker services generate repeatable cashflows subscription income pa Net interest income (NII) • Cyclical NII provides leverage to positive cash rate and volume trends • 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 RoC at 17%1 Liquidity and high performing investments $64m $87m unrestricted cash trail net asset $49m strategic investments Capacity to fund growth • Our strategy enables invested capital growth where returns are compelling • Strong balance sheet risk settings and predictable cash generating model provides $12m 90% net cash cash conversion 1. Return on capital excluding Thinktank investment Headroom to target gearing funding optionality • Prudent liquidity settings provide flexibility to respond to macroeconomic conditions 19 Disciplined capital allocation delivering sustained shareholder value Focused reinvestment to capture growth opportunities, with capital allocation guided by 4 principles Capital allocation framework 1 focused on maximising long term value and shareholder returns Return on Capital Optionality Strategic fit EPS accretion Valuation multiples, IRR Continuous review / recycle capital Allocate capital to strategically aligned assets, delivering returns above internal hurdle rates (Return on capital > WACC) 2 Preserve balance sheet strength Maintain financial capacity to execute on attractive opportunities and respond to a changing environment, while minimising the cost of capital Portfolio Investment 3 Drive earnings growth through margin expansion, efficiency gains, and new capital to AFGS book growth and Broker Investments Shareholder Long term value creation Share price appreciation Cash returns Deliver predictable earnings growth 4 Deploy surplus capital to shareholders Prioritise reinvestment for long-term growth and return surplus capital when compelling growth opportunities are limited 20 FY25 RESULTS Outlook 21 Robust foundation for further market growth Multiple cash rate reductions are forecast in the medium term, supporting a strong outlook for Residential & Commercial. Although market conditions are subject to a dynamic macroeconomic environment Lack of supply impacting house affordability – house prices rising 4% pa1 With cash rate reductions improving market confidence & activity Non-bank funding costs currently decreasing in the cash reduction cycle Buildings commenced construction Annual credit growth Funding costs3 5% 15% 300 Supply remains below target2 250 200 Housing credit growth continues into 2025 4% 9% 10% 3% 150 Remains below long term average 6% 2% 5% 100 50 1% Housing Source: ABS 1. Source ABS – Mean value of dwellings March 2025 2. Implied target set from the National Housing Accord Commercial A-Rated Funding costs (less cash rate) Source: ABS 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Dec-24 Jun-24 (5%) Dec-23 FY25 Jun-23 FY23 Dec-22 FY21 Jun-22 FY19 Dec-21 FY17 Jun-21 - Cash rate Source: RBA 3. Using A rated funding costs to represent the debt securities market – the main funding source of non-bank lenders 22 Brokers are increasingly integral to the market Consumers & lenders value the competition and choice that brokers provide as market share increases towards 80%. AFG has the broker proposition to support brokers’ evolving needs. Consumers value the broker channel – providing competition & choice Brokers are the most important channel for lenders Brokers needs are evolving, and industry consolidation expected to continue Brokers in Australia Bank branch numbers Proportion Brokers using key technology1 22.3k Increasing demand 80% 41% of branches closed (300+ pa) 2.3k Delivered through technology 60% With further opportunities for brokers to utilise technology 40% 1.5k 3.4k Sep24 Mar24 Sep23 Mar23 Sep22 Mar22 Sep21 Mar21 Sep20 1.9k 2017 Major cities Source: MFAA • Average mortgage sizes are increasing, while cost of living pressure remains – brokers achieve an average 0.35% rate reduction1 1. Deloitte 2025 Value of Mortgage and Finance Brokering report 2. Consumer Data Right 20% 0% 2024 Cybersecurity Regional While some lenders invest in their digital direct channel, brokers form the dominant channel Gen AI CDR 2 Source: Deloitte Source: APRA • Credit assessment • AFG has the balance sheet position to continue to invest in the broker proposition to meet evolving needs – extending our advantage for growth focused brokers 23 Record start to FY26 volumes Market conditions continuing to support Residential mortgage market growth. July 2025 was AFG’s highest Residential lodgement month on record with over $10 billion. Comparison of July lodgements July 2025 change on July 2024 Distribution • Residential lodgements up 25% on July 2024, with settlements also being a record high, up 15% o Growth across all states o WA growth was highest, but also strong in NSW & VIC, the largest markets • AFG Home Loans lodgements down 9% on July 2024 with lower white label volumes 14% 36% 26% 20% * Manufacturing • AFG Securities lodgements up 15% on July 2024 27% 9% 15% 24 Medium term outlook Positioned to deliver against our strategy Our history of innovation leveraging technology and disciplined capital allocation supports earnings growth and shareholder returns. Remaining responsive to evolving market conditions STRATEGIC PILLAR 1 Grow our broker network STRATEGIC PILLAR 2 Provide market leading Provide marketproposition technology leading technology Measure Current FY29 Aspiration Residential settlement growth 15% 8% CAGR Number of equity broker investments 3 35 Broker service income mix1 20% 30% Underlying cost to income 59% <50% AFG Securities book size $5.5bn $9bn AFG Securities NIM 116bps 120bps STRATEGIC PILLAR 3 Deliver higher margin through our distribution network 1. As a percentage of Distribution underlying gross profit 25 AFG positioned to capture growth opportunities Environment for revenue growth, but shaped by policy settings Favourable market conditions, with external factors to monitor Cash rate reductions Strong labour market Macro Sector Population growth Technology investment to meet evolving needs Emerging trends favour large integrated aggregators given investments required Falling non-bank funding costs Constrained housing supply Value creation Industry consolidation (broker, aggregator, lender) Lender dependence on brokers as branches close Credit growth accelerating Evolving industry 31 years experience - Australia’s first aggregator, with a lending business Products & services that deepen broker loyalty & network growth AFG difference Good return on capital invested Strong leadership & balance sheet Proven execution provides resilience through market cycles 26 FY25 RESULTS Appendices 27 A fairer financial future being delivered by an experienced executive team David Bailey, CEO Lisa Bevan, COO Luca Pietropiccolo, CFO 23 years 27 years 3 years Sam McCready, CDO Dom Di Gori, Exec GM Consumer lending Them Lam, Head of Sales & Distribution 25 years 24 years 20 years Years denotes the years of finance industry experience 28 Settlements and Loan Book Settlements ($m) FY25 FY24 FY23 FY25 v FY24 FY25 v FY23 Residential 63,464 55,181 53,630 15% 18% AFGHL 4,394 3,564 3,604 23% 22% White Label 1 1,687 1,927 2,023 (12%) (17%) AFG Securities 1 2,707 1,637 1,581 65% 71% Commercial 5,059 4,453 3,783 14% 34% Leasing and Asset finance 2 3,464 3,171 2,611 9% 33% Residential 210,505 200,478 194,546 5% 8% AFGHL 13,795 12,808 13,150 8% 5% White Label 1 8,315 8,366 8,675 (1%) (4%) AFG Securities 1 5,480 4,442 4,475 23% 22% Commercial 14,756 13,234 11,942 12% 24% Loan Book 1. Is a subset of AFG Home Loans (AFGHL) 2. Includes Fintelligence settlements as well as AFG broker settlements 29 Key metrics 2H25 1H25 2H24 2H25 v 1H25 2H25 v 2H24 Distribution 454.9 479.6 383.7 (5)% 18% Manufacturing 169.0 161.3 142.2 5% 19% Central (14.0) (15.3) (11.7) 8% (20)% Total 609.9 625.6 514.2 (3)% 19% 86.8 89.5 90.6 (3%) (4%) $m (unless otherwise stated) Units Operating income Key movements • • • • Distribution operating income up 18% on H2 FY24, with record residential volumes, as well as growth in diversified products Profitability Manufacturing operating income up 5% on H1 FY25, with closing book up 10% to $5.5 billion and higher NIM benefiting from anticipated cash rate reductions Trail Book Net Asset Total Operating Costs up $1.5m compared to H1 FY25 however is lower excluding $1.4m increase in D&A, and $1.5m one off costs for make good provision & staff restructure costs Operating Costs Underlying cost to income (CTI) ratio improved to 56% in H2 FY25 compared to 63% in H1 Residential Upfront Payout Ratio % 96.1 96.3 96.1 0.2% - NIM bps 119 113 111 5% 7% Employee Costs 28.1 27.9 24.4 (1)% (13)% IT 5.1 4.6 6.4 (11)% 20% Total Operating Costs 49.1 47.6 40.2 (3%) (22)% Average FTE1 # 302 325 306 7% 1% Underlying Cost to Income Ratio2 % 56 63 58 7% 2% 0.0 0.0 0.0 Credit Quality Total Losses Other Brokers # 4,249 4,110 4,039 3% 5% Underlying ROE % 22.0 15.9 18.1 38% 22% 8.5 8.3 7.8 2% 9% Net interest income adjustment3 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 30 Reported NPAT to Underlying NPATA reconciliation 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 33 The net change in fair value of the put / call liability for Fintelligence represents the movement following the acqui