Netwealth Group Ltd Investor Call Transcript

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

Question: Shreyas Patel - UBS AG - Analyst : Yeah, hi, guys. A couple of questions from me, maybe just starting off with why do you think some of your peers managed to avoid First Guardian, and was there anything specific to Netwealth's or your competitors' processes that sort of allowed it to slip through your process?

Question: Shreyas Patel - UBS AG - Analyst : Thanks. And second question, just around the Part 23 application, I guess just a bit of a change of tune there like why not continue to pursue that if you think it's a case of fraud. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 17, 2025 / 10:00PM, NWL.AX - Netwealth Group Ltd Investor Call

Question: Shreyas Patel - UBS AG - Analyst : Thanks. Just a final question on the enforceable undertaking. Obviously, that's just starting now, but keen to get your thoughts on how you think that might impact the cost outlook sort of beyond FY26, and also the investment menu, we've obviously seen some changes with one of your peers, just anything you can comment on that.

Question: Shreyas Patel - UBS AG - Analyst : All right, fantastic, guys. I'll pass along.

Question: Cameron Halkett - Canaccord Genuity Corp - Analyst : Hey, Hayden. Hi, Matt. Thanks for the update this morning. If I can start with the insurance piece, Hayden, that you just touched on. Looking through, what's sort of going on in the market with the situation and the fraud that's occurred? When you look at the amounts that the net worth pays in insurance per year, you should be pretty well covered in terms of, I suppose any available recovery is correct, you can prove instance of fraud taking place here.

Question: Cameron Halkett - Canaccord Genuity Corp - Analyst : Sure. Second that is, you've obviously sort of reiterated the expectation around flows for this year, but Matt, I guess it is a bit of a U-turn from your recent sort of public stance around sort of seeking assistance from it, First Guardian be a clear instance of fraud, we Netwealth have done nothing wrong. Were you guys starting to see some form of business impact in terms of either new business opportunities or even just account managers having to be on defense all the time when having conversations with advisors?

Question: Cameron Halkett - Canaccord Genuity Corp - Analyst : Yeah, I understand those points, but I suppose when they need to abide by the best interest duty, if they have somewhat doubts around, I guess it's processes for sort of onboarding some of these, types of funds, et cetera. That I don't know, just create maybe a little bit of a risk, I suppose, in terms of let's just say as a [back] client.

Question: Cameron Halkett - Canaccord Genuity Corp - Analyst : Sure. Last one. What's your view now through this whole situation on just the outsource trustee model, you guys obviously internalize and therefore have that cost to bear, whereas some of your other peers do not. Do you think following this change that's sort of gone on in the market with also [shield] as well, that there will be an increasing requirement or even push to internalize? Thanks.

Question: Olivier Coulon - Evans and Partners Pty Ltd - Analyst : Just on the dividend payout ratio, so you mentioned that it obviously isn't going to affect the half-year dividend in the sense that you're going to put it below the line. Is there a presumption though that you might take down the payout ratio over the next little while to get that debt paid back down.

Question: Olivier Coulon - Evans and Partners Pty Ltd - Analyst : Yeah, okay. And then just on the investment offering, I think one of the questions touched on it, but you didn't say a huge amount on it. Do you expect much offering in terms of the breadth or width of your offering in the near or medium term or is it really at the edges?