Half Year 2025 Steadfast Group Ltd Earnings Presentation Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Andrew Buncombe - Macquarie Research - Analyst : The first one is just on the premium rate cycle. You obviously changed how you're thinking about the second half of the year. Can you just give us a bit of color around how you exited the first half, what sort of price rises were going through in the fourth quarter or the December '24 quarter?

Question: Andrew Buncombe - Macquarie Research - Analyst : I pump up his ties what you put out for the December quarter at about 6-%ish was not.

Question: Andrew Buncombe - Macquarie Research - Analyst : Thank you. Second question, obviously, there's been a lot of discussion in this result around the noncontrolling interest movement in the P&L, but I'll give Stephen a bit of a break on this one. So I'll turn the question over to Robert. Should we expect a disproportionately high contribution to your M&A coming through the noncontrolling interest line in advance of the ACCC disclosure changes, which are due to come in, in 10 months? Is that why we're seeing an acceleration of the roll-ups? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 25, 2025 / 11:00PM, SDF.AX - Half Year 2025 Steadfast Group Ltd Earnings Presentation

Question: Andrew Buncombe - Macquarie Research - Analyst : And then just a final one from me to keep Stephen interested. As you continue to make more offshore acquisitions, how should we think about your effective tax rate in the second half '25 and then into FY26?

Question: Julian Braganza - Goldman Sachs - Analyst : Just a first one from me in terms of just the outlook and the guidance. I just wanted to understand just within retaining that NPAT number, just the different moving parts, and how you were thinking about guidance previously versus today. Obviously, you mentioned premium rate increases that's lower than what you put out previously of 7% to 9% versus mid-single digits now, but maybe there's a bit of acquisition bring forward that's contributing to that guidance number. But I just want to understand the moving parts and how you're thinking about it.

Question: Julian Braganza - Goldman Sachs - Analyst : And then maybe just a second question. Obviously, we've seen some of your peers talk about opportunities to increase fees and also just earn commissions to offset some of the rate increase pressure. Just where do you sit on that? You talked a lot about costs, but more on the revenue side, do you see opportunities there as well or not really?

Question: Julian Braganza - Goldman Sachs - Analyst : Okay. Got it. And then just a last question for me. Just in terms of margins from your divisional and also at the group level, just how you're thinking about that. You flagged a few things around improving subsidiary performance. Just the size of the opportunity there and how that can help divisional trends and also just group margins as well? Any comments on that would be great.