Sections
| Title | Starting Page | Number of Pages |
|---|
| Overview | 1 | 1 |
| Business model | 1 | 1 |
| Divisional highlights in an already guided headline result | 1 | 1 |
| Valuation of $2.40/share or $765m enterprise value | 1 | 1 |
| Table/Chart: Historical earnings and RaaS’ estimates (in A $m unless otherwise stated) | 1 | 1 |
| Table/Chart: Share Details | 1 | 1 |
| Graph: Share Performance (12 Months) | 1 | 1 |
| Upside Case | 1 | 1 |
| Downside Case | 1 | 1 |
| Catalysts | 1 | 1 |
| Table/Chart: Board of Directors | 1 | 1 |
| Disclosure | 1 | 1 |
| Divisional Result Summary | 2 | 1 |
| Graph: Exhibit 1: Markets(broking) reported NPAT by half year (A $m unless otherwise stated) | 2 | 1 |
| Platforms – on-line broking and third-party clearing | 2 | 1 |
| FY25 revenue +18% (to $45.5m), with growth accelerating in H2 (+22%) relative to H1 (+14%), | 3 | 1 |
| Platforms – Bell Potter Private Wealth | 3 | 1 |
| Platforms – portfolio lending and Bell Financial Trust | 3 | 1 |
| Table/Chart: Exhibit 2: BFG H2 FY25 Result Summary (in A $m unless otherwise stated) | 4 | 1 |
| Updated Assumptions | 4 | 1 |
| Table/Chart: Exhibit 3: Australasia ECM bookrunner ranking YTD February 2026 (in US $b unless stated) | 4 | 1 |
| Macquarie on-line trading migration to Bell Direct will contribute for a full six months in H1 FY26 | 4 | 1 |
| Macquarie on-line trading migration to Bell Direct will contribute for a full six months in H1 FY26 (CONT) | 5 | 1 |
| Table/Chart: Exhibit 4: RaaS BFG earnings adjustments (in A $m unless stated) | 5 | 1 |
| Listed Peer Update | 6 | 1 |
| Table/Chart: Exhibit 5: Peer group FY25a/f financial comparison (in A $m unless otherwise stated) | 6 | 1 |
| Valuation | 6 | 1 |
| Sum of The Parts | 6 | 1 |
| Sum of The Parts (CONT) | 7 | 1 |
| Table/Chart: Exhibit 6: BFG Sum-of-The-Parts valuation – FY25 (in A $m unless otherwise stated) | 7 | 1 |
| Investment Case Revisited | 8 | 1 |
| Table/Chart: Exhibit 7: BFG Financial Summary | 9 | 1 |
| Company Information | 10 | 1 |
| Disclosure | 11 | 1 |
