Perpetual Limited · ASX:PPT
Perpetual — Shareholder Meeting (October 2025)
67 slides from Perpetual's shareholder meeting presentation, Oct 23, 2025
Slide 1: Perpetual's 2025 Annual General Meeting announcement
Perpetual Limited ABN 86 000 431 827 Angel Place, Level 14, 123 Pitt Street Sydney NSW 2000 Australia 23 October 2025 +61 9229 9000 perpetual.com.au ASX Limited ASX Market Announcements Office Exchange Centre 20 Bridge Street Sydney NSW 2000 For personal use only Via electronic lodgment Perpetual’s
Slide 2: Chair's Address
Perpetual Limited Annual General Meeting 23rd October 2025 Chair’s Address Presented by Gregory Cooper In February this year, I had the privilege of being appointed Chair of the Perpetual Limited (Perpetual) Board. Since then, I’ve worked closely with my fellow Board members and the Executive Commit
Slide 3: Termination of Scheme Implementation Deed with KKR and proposed sale of Wealth Management
Termination of Scheme Implementation Deed with KKR and the proposed sale of Wealth Management In February 2025, Perpetual announced the termination of the Scheme after an Independent Expert and the Board concluded that the Scheme was not in the best interests of shareholders. This decision was made
Slide 4: Financial results and dividends
yesterday which we responded to via an ASX release reiterating that we continue to progress the sale of the Wealth Management business. Financial results and dividends Reflecting on FY25, what is evident is that Perpetual demonstrated resilience through a period of corporate uncertainty, as well as
Slide 5: Simplification Program and refreshed Group strategy
Simplification Program A key initiative of the past 12 months has been the execution of Perpetual’s simplification program, which was first announced in August 2024 and then expanded in February this year. At its core, the program aims to simplify the business and deliver annualised cost savings of
Slide 6: Board and Executive leadership changes
Board and Executive leadership changes As mentioned earlier, through the year there have been a number of changes to the Board and Executive Committee. I was appointed Chair of the Board in February this year following the retirement of former Chair, Tony D’Aloisio, after eight years on the Board. I
Slide 7: Responding to shareholder feedback regarding remuneration
Responding to shareholder feedback regarding our remuneration approach At last year’s AGM, we received a first strike on our FY24 Remuneration Report. We acknowledge this outcome reflected shareholder concerns about aspects of our approach to remuneration. Over the past 12 months we have engaged wit
Slide 8: Chair's closing remarks
I reiterate the Board’s view that there is much to do in improving the underlying performance of the business and this being reflected in the share price. I can assure you that the Board and management continue to work tirelessly in achieving better outcomes for shareholders. Thank you once again fo
Slide 9: CEO's Address
CEO’s Address Presented by Bernard Reilly Thank you, Greg. Good morning everyone, and thank you for joining us. It’s a pleasure to address you today as your CEO and Managing Director. FY25 was a year of meaningful change and progress for Perpetual. Set against a backdrop of corporate uncertainty, vo
Slide 10: New strategy and Simplification Program
Through the year, we have made changes to our executive committee to streamline our leadership structure and bring in fresh perspectives. And with the new team in place, we have recently launched a new strategy for the Group, focused on three clear priorities: simplify, deliver operational excellenc
Slide 11: Our Executive Team
2. Our Executive Team As mentioned, we have made several changes to our executive leadership team to lead the company through its next phase. In July, we welcomed Suzanne Evans as our new Chief Financial Officer. Suzanne brings deep financial and industry experience to Perpetual and has already made
Slide 12: FY25 financial results by business
Underlying profit after tax was $204.1 million, down 1%, impacted by net outflows in Asset Management, a softer performance in Wealth Management due to corporate uncertainty, and the absence of one-off benefits recorded in FY24. The Board declared a total dividend of 115 cents per share, representin
Slide 13: Corporate Trust and Focused on Delivering for Our Clients
Women program and continued our work in the philanthropy area, distributing over $129 million to the charity sector on behalf of our clients. Corporate Trust delivered another strong year, with revenue up 9% to $204.2 million and UPBT up 7% to $90.9 million. Growth was supported by all three busines
Slide 14: Refreshed Group Strategy
In Corporate Trust, we secured an Australian Market Licence to operate a digital marketplace for wholesale term deposits, a significant step forward in our ambition to digitise and modernise the fixed income market in Australia. Our teams were also recognised across the industry for their performanc
Slide 15: Strategy priorities and operational excellence
December 2024 to $738.5 million, below our 30 June target, and we are committed to further reducing it over the coming year. And we continue to pursue a sale of Wealth Management which, if sold, would make our business simpler. Finally, we are exploring opportunities to expand outsourcing and offsho
Slide 16: Q1 FY26 Business Update
execution, and designed to deliver sustainable value for our shareholders. Importantly, we are already seeing positive results. 7. Q1 FY26 Business Update Turning to the quarterly results for the first quarter of FY26 that we announced to the ASX earlier this week. Each of our businesses reported gr
Slide 17: FY26 outlook and priorities
outcome for shareholders and will continue to assess options through that lens. As mentioned earlier, we continue to strengthen our balance sheet, supported by the cost reduction program and broader capital management disciplines. Delivering on our cost reduction commitments remains a top priority.
Slide 18: CEO closing remarks
While there is still more to do, with a refreshed strategy, a strong leadership team, and a clear set of priorities, we are well positioned to deliver improved performance and long-term value for our shareholders. Thank you. I’ll now hand back to Greg. For personal use only 17
Slide 19: Chair of People and Remuneration Committee's Address
Chair of People and Remuneration Committee’s Address Presented by Fiona Trafford-Walker Hi everyone I would also like to extend my welcome to all of you here today in person and online. I will now take some time to talk through Perpetual’s remuneration approach for FY25. Firstly, I want to acknowled
Slide 20: NPAT as the primary performance measure
I know there are some of you here today who have not yet voted on the Remuneration Report and I welcome any questions you may have on our remuneration approach this year. NPAT as the primary performance measure Firstly, the move to Net Profit After Tax, or NPAT, from Underlying Profit After Tax, or
Slide 21: Retention payments and share based awards
UPAT of $204.1 million, which was 5.8% above our expectations, demonstrating solid underlying performance of the business. This supported the achievement of the financial section of the Group Scorecard. Retention payments Secondly, in response to the feedback from last year, where Strategic Review-r
Slide 22: CEO incentive payment considerations
Some shareholders will will think that it was out of alignment with the financial performance of the Group for the, year so I wanted to provide some detail on how the Board approached that decision this year. In relation to Bern’s incentive payments, the Board took into account considered the follow
Slide 23: CEO incentive outcome and KMP results
Management remained resilient in the face of ongoing corporate uncertainty. • The organisation also delivered robust investment performance across the majority of our investment strategies and a Net Promoter Score of +53. • Bern’s overall assessment is a weighted combination of the outcome of the Gr
Slide 24: Thank you
Thank you And now, the thank yous. I want to sincerely thank our shareholders for their feedback and support over what has been a critical year for Perpetual. I want to especially thank our people across all of our global locations. They are the ones who come to work every day to look after their cl
Slide 25: 2025 Annual General Meeting
Perpetual Limited (ASX:PPT) For personal use only 2025 Annual General Meeting Thursday 23 October 2025
Slide 26: Disclaimer
Disclaimer This presentation is in summary form and is not necessarily complete. It should be read together with Perpetual Limited’s (Perpetual) consolidated financial statements and other announcements lodged with the Australian Securities Exchange (ASX), which are available at www.asx.com.au. The
Slide 27: Chair Mr Greg Cooper
For personal use only Chair Mr Greg Cooper
Slide 28: Caoimhe Toouli, KPMG
For personal use only Caoimhe Toouli Partner Audit, Assurance & Risk Consulting KPMG 4
Slide 29: Today's Agenda
Today’s Agenda For personal use only Presentation of FY25 Financial Statements and Reports Re-appointment of Mr Gregory Cooper as Non-executive Director Approval of the FY25 variable incentive equity grants to the CEO and Managing Director Adoption of the Remuneration Report for FY25 5
Slide 30: Chair Mr Greg Cooper
For personal use only Chair Mr Greg Cooper
Slide 31: Voting is now open
For personal use only Voting is now open Voting will close five minutes after close of meeting 7
Slide 32: How to vote online
How to vote online Click ‘Get a Voting Card’ Enter your SRN/HIN or Fill out your voting card 1 (top and bottom of platform) 2 Proxy Number and Postcode 3 for each item of business For personal use only Click ‘Submit Detail and Vote’ Click ‘Submit Vote’ Get a Voting Card Need help? Call 1800 990 363
Slide 33: Asking a question online or by phone
Asking a question online Asking a question by phone Only Shareholders and Proxyholders Mute your webcast. Click on 'Ask a Question' For personal use only are able to ask questions and then 'Go to Web Phone' ? Ask a Question A pop up box will appear with a microphone 1 Click on ‘Ask a Question’ test.
Slide 34: Chair's address
Mr Greg Cooper For personal use only Chair’s address
Slide 35: CEO's address
Mr Bernard Reilly For personal use only CEO’s address
Slide 36: Key activities since joining in September 2024
Key activities since joining in September 2024 • Announced a new operating model to improve efficiency and accountability For personal use only • Refreshed executive committee to simplify our leadership structure and bring in fresh perspectives • Launched a new Group strategy to improve returns over
Slide 37: Our executive team
Our executive team For personal use only Bernard Reilly Suzanne Evans Allan Lo Proto James MacNevin Chief Executive Officer and Chief Financial Officer, Chief Risk Officer, Chief Operating Officer, Managing Director, Perpetual Group Perpetual Group Perpetual Group Perpetual Group Joined July 2025 Ap
Slide 38: FY25 results overview
FY25 results overview For personal use only Operating revenue1,2 Underlying profit after tax1,3 Underlying earnings per share1 Dividends1,4 $1,373.0m 3% $204.1m 1% 180.8cps 1% 115.0cpss 3% Asset Management1 Wealth Management1 Corporate Trust1 ($m) 2% 4% ($m) ($m) 9% 887.6 903.9 226.8 235.6 204.2 187
Slide 39: Focused on delivering for our clients
Focused on delivering for our clients For personal use only Asset Wealth Corporate Group NPS +53 Management Management Trust Net promoter score in Launched first fixed Launched Advice for Secured an Australian FY25, steady on FY24 income and credit Women by Women Market Licence1 to operate demonstra
Slide 40: Our refreshed Group strategy
Our refreshed Group strategy For personal use only Our goal is for Perpetual to be a strong financial services group, with differentiated businesses, that operate with discipline, to deliver improved returns for our shareholders over time Simplify Deliver operational excellence Invest for growth Str
Slide 41: Q1 FY26 business update
Q1 FY26 business update • In Asset Management, strong equity markets along with a moderation in net outflows relative to the last few quarters, led to a For personal use only robust uplift in our assets under management • Our Corporate Trust business benefitted from its continued strong position in
Slide 42: FY26 key priorities
FY26 key priorities For personal use only • Continue to remove complexity and create a leaner, more efficient structure for the Group • Continue to pursue the sale of the Wealth Management business • Strengthen the balance sheet • Deliver cost reduction commitments • Targeted investment in new produ
Slide 43: Chair Mr Greg Cooper
For personal use only Chair Mr Greg Cooper
Slide 44: Financial statements and reports for the Financial Year ended 30 June 2025
Financial statements and reports for the Financial Year ended 30 June 2025 For personal use only
Slide 45: Asking a question online or by phone
Asking a question online Asking a question by phone Only Shareholders and Proxyholders Mute your webcast. Click on 'Ask a Question' For personal use only are able to ask questions and then 'Go to Web Phone' ? Ask a Question A pop up box will appear with a microphone 1 Click on ‘Ask a Question’ test.
Slide 46: Chair Mr Greg Cooper
For personal use only Chair Mr Greg Cooper
Slide 47: Ms Fiona Trafford-Walker
Ms Fiona Trafford-Walker For personal use only Chair of People and Remuneration Committee
Slide 48: Resolution 1: Re-appointment of Mr Gregory Cooper
Resolution 1: Re-appointment of Mr Gregory Cooper For personal use only That Mr Gregory Cooper be re-appointed as a Director of the Company 24
Slide 49: Resolution 1: Re-appointment of Mr Gregory Cooper
Resolution 1: Re-appointment of Mr Gregory Cooper For personal use only Valid proxies received For 51,464,555 Open 759,556 Against 5,581,051 Abstain 174,058 % cast FOR the Resolution 89.03% % cast AGAINST the resolution 9.65% 25
Slide 50: How to vote online
How to vote online Click ‘Get a Voting Card’ Enter your SRN/HIN or Fill out your voting card 1 (top and bottom of platform) 2 Proxy Number and Postcode 3 for each item of business For personal use only Click ‘Submit Detail and Vote’ Click ‘Submit Vote’ Get a Voting Card Need help? Call 1800 990 363
Slide 51: Chair Mr Greg Cooper
For personal use only Chair Mr Greg Cooper
Slide 52: Resolution 2a: FY25 variable incentive equity grants – Share Rights
Resolution 2a: Approval of the FY25 variable incentive equity grants to the CEO and Managing Director – Grant of Share Rights That approval is given for all purposes, including ASX Listing Rule 10.14, for the issue of share rights to For personal use only Mr Bernard Reilly as part of his variable in
Slide 53: Resolution 2a: Grant of Share Rights
Resolution 2a: Approval of the FY25 variable incentive equity grants to the CEO and Managing Director – Grant of Share Rights For personal use only Valid proxies received For 50,488,065 Open 718,398 Against 6,487,182 Abstain 285,580 % cast FOR the Resolution 87.51% % cast AGAINST the resolution 11.2
Slide 54: How to vote online
How to vote online Click ‘Get a Voting Card’ Enter your SRN/HIN or Fill out your voting card 1 (top and bottom of platform) 2 Proxy Number and Postcode 3 for each item of business For personal use only Click ‘Submit Detail and Vote’ Click ‘Submit Vote’ Get a Voting Card Need help? Call 1800 990 363
Slide 55: Chair Mr Greg Cooper
For personal use only Chair Mr Greg Cooper
Slide 56: Resolution 2b: FY25 variable incentive equity grants – Performance Rights
Resolution 2b: Approval of the FY25 variable incentive equity grants to the CEO and Managing Director – Grant of Performance Rights That approval is given for all purposes, including ASX Listing Rule 10.14, for the issue of share rights to For personal use only Mr Bernard Reilly as part of his varia
Slide 57: Resolution 2b: Grant of Performance Rights
Resolution 2b: Approval of the FY25 variable incentive equity grants to the CEO and Managing Director – Grant of Performance Rights For personal use only Valid proxies received For 54,750,777 Open 719,080 Against 2,223,701 Abstain 285,667 % cast FOR the Resolution 94.90% % cast AGAINST the resolutio
Slide 58: How to vote online
How to vote online Click ‘Get a Voting Card’ Enter your SRN/HIN or Fill out your voting card 1 (top and bottom of platform) 2 Proxy Number and Postcode 3 for each item of business For personal use only Click ‘Submit Detail and Vote’ Click ‘Submit Vote’ Get a Voting Card Need help? Call 1800 990 363
Slide 59: Chair Mr Greg Cooper
For personal use only Chair Mr Greg Cooper
Slide 60: Resolution 3: Remuneration Report
Resolution 3: Remuneration Report For personal use only To adopt the Remuneration Report for the financial year ended 30 June 2025. Voting exclusion for resolutions 3 and 4 (if required): The Company will disregard any votes cast on resolutions 3 and 4 (if required): • by or on behalf of a member of
Slide 61: Ms Fiona Trafford-Walker, Chair, People and Remuneration Committee
Ms Fiona Trafford-Walker For personal use only Chair, People and Remuneration Committee
Slide 62: Chair Mr Greg Cooper
For personal use only Chair Mr Greg Cooper
Slide 63: Resolution 3: Remuneration Report
Resolution 3: Remuneration Report For personal use only Valid proxies received For 46,871,286 Open 728,573 Against 10,182,356 Abstain 131,391 % cast FOR the Resolution 81.12% % cast AGAINST the resolution 17.62% 39
Slide 64: How to vote online
How to vote online Click ‘Get a Voting Card’ Enter your SRN/HIN or Fill out your voting card 1 (top and bottom of platform) 2 Proxy Number and Postcode 3 for each item of business For personal use only Click ‘Submit Detail and Vote’ Click ‘Submit Vote’ Get a Voting Card Need help? Call 1800 990 363
Slide 65: Chair Mr Greg Cooper
For personal use only Chair Mr Greg Cooper
Slide 66: Questions
For personal use only Questions
Slide 67: Thank you
For personal use only Thank you