Financial Data and Key Metrics Changes - Net profit after tax increased by 60% to $33,200,000 [3] - Funds under management administration and supervision (FUMAS) grew to $254 billion, up 28% from the prior year [3] - Revenue grew by 7% to $182,500,000, with underlying net profit before tax increasing by 4% to $53,700,000 [4][21] - Earnings per share grew by 60% to reach $124.26 per share [4] - Total shareholder return as of June 30 was 9.7% [4] Business Line Data and Key Metrics Changes - Trustee Wealth Services (TWS) revenue increased by 3.1%, while Corporate Trustee Services (CSTS) revenue grew by 11.9% [31][29] - CSTS established 53 new schemes in FY '25, contributing to strong revenue growth [16][31] - TWS revenue growth was impacted by the exit of the AET platform business and nonrecurring revenue [21][29] Market Data and Key Metrics Changes - The company reported a strong performance across all subsegments of fund services, custody, and debt and securitization services [17] - The superannuation business saw an 8% revenue increase, despite merging three funds which reduced revenue [18] Company Strategy and Development Direction - The company aims to leverage its market-leading position to capture ongoing growth, particularly in CSTS [39] - Focus will be on designing and deploying digital solutions to enhance client experience and meet regulatory demands [39] - The company plans to engage in inorganic opportunities following the completion of the AET integration [38] Management's Comments on Operating Environment and Future Outlook - The management acknowledged geopolitical uncertainties affecting investment markets but expressed a positive outlook for FY '26 based on business plans and pipeline [40] - The company expects moderate growth in TWS and continued strong performance in CSTS [40] - Operating expenses for technology are forecasted to normalize at $2 million in FY '26 [40] Other Important Information - The company successfully exited the UK business, which is now in the final stages of liquidation [2][6] - Charitable grants made throughout FY '25 totaled $170 million, down from FY '24 due to lower dividend income [10] Q&A Session Summary Question: Where do you think the blame lies in the Shield Master Trust failure? - The company stated it is not for them to direct blame and is confident that the matter is being thoroughly investigated by regulators [42] Question: Can management just focus on executing? - The management expressed satisfaction with completing the three-year restructure program and realizing significant synergy benefits from the AET acquisition [43] Question: What was EQT's role in the Shield First Guardian matters? - The company is assisting regulators and ensuring members are informed and supported during this difficult time [44] Question: Is there something you'll look at this year regarding pricing due to increasing regulatory burdens? - The company is continually reviewing pricing, particularly in superannuation and corporate trustee services, to maintain or improve margins [46] Question: Expectations for headcount in FY '26? - The company expects to see headcount increases in CSTS to support growth and manage regulatory changes [50] Question: Will FY '26 see a similar level of new business activity as FY '25? - The company noted that new business activity has continued strongly in the early months of FY '26, with a solid pipeline being developed [52]