Financial Data and Key Metrics Changes - The Adjusted Operating Profit (AOP) for FY2025 increased by 7% year on year to $4.5 billion, and excluding two businesses, it rose by 9% to $4.5 billion [9][16] - Profit attributable to shareholders increased by 4% year on year to $2.2 billion [16] - Cash on hand amounted to $20.2 billion, with total available liquidity close to $30 billion [17] - The net gearing ratio was 37%, remaining stable compared to the previous year [17][20] Business Segment Data and Key Metrics Changes - Roads segment AOP decreased by 8% year on year to $1.4 billion, but excluding four roads with expired concession periods, AOP increased by 1% [10][29] - Financial services segment AOP increased by 29% to $1.24 billion, driven by the rebranding and expansion of services [10][30] - Logistics business AOP rose by 3% to $740 million, with occupancy rates in Hong Kong logistics properties targeted to increase from 80% to above 85% [10][36] - Construction segment AOP was $790 million, with a 24% increase in backlog to $38 billion [10][41] Market Data and Key Metrics Changes - The occupancy rate for ATL in Hong Kong decreased from 96% to 80% due to tenant changes, but is expected to recover [36] - The average rental for logistics properties increased by 8% [36] - The proportion of government-related projects in the construction segment increased from 40% to 61% [13][42] Company Strategy and Development Direction - The company aims to enhance its financial services segment by leveraging the Chow Tai Fook brand and expanding its wealth management platform [8][12] - The logistics segment will focus on acquiring undervalued assets in the Greater Bay Area and Yangtze River Delta [12][39] - The construction segment will prioritize government-related projects, especially in light of recent policy initiatives [13][44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining stable results despite macroeconomic headwinds and emphasized the importance of operational excellence across diversified business portfolios [7][8] - The company plans to continue optimizing its portfolio and exploring creative acquisitions to sustain growth [8][71] - Management highlighted the potential for growth in the financial services and logistics segments, driven by strong cash flow generation [20][71] Other Important Information - The company maintained a sustainable and progressive dividend policy, with a total dividend of $0.95 per share for the year [16][21] - The company has issued convertible bonds to enhance liquidity and restore public float [19][23] - The company reported a significant increase in strategic investments, up over 1,000% to $237 million [10] Q&A Session Summary Question: Updates on the roads segment and potential disposals - Management indicated that while there have been inquiries about toll road assets, there are no immediate plans for disposals unless the price is right [58] Question: Impact of not investing further in toll roads on the concession period - Management acknowledged that without further investment, the concession period will decrease, but they are confident in replenishing profit and cash flow through other segments [71] Question: Challenges in increasing logistics occupancy from 85% to 90% - Management noted that while reaching 90% occupancy is challenging, they are optimistic about recovering occupancy rates due to strategic positioning and market conditions [62] Question: Strategic value added by the acquisition of Sunshine Esther - Management explained that the acquisition enhances competitive advantage in project bidding, particularly for design and build contracts, allowing for more accurate cost calculations [66][68]

Financial Data and Key Metrics Changes - Net flows for FY 2025 were $15,800,000,000, a 40.4% increase from the prior corresponding period [2] - Funds under administration (FUA) grew to $112,800,000,000, a 28.2% increase [3] - Total income reached $324,400,000, representing a 27.1% increase [3] - EBITDA was $163,500,000, resulting in an EBITDA margin of 50.4%, a 3.2% increase from the previous year [3] - NPAT surged to CAD116.5 million, a 39.8% increase [3] Business Line Data and Key Metrics Changes - Managed accounts grew by 33.5%, while managed funds increased by 21.9% [4] - Domestic trade volume increased by 28.5%, and international trade volume surged by 121.9% [5] - Ancillary fee income grew by 32.8% [6] Market Data and Key Metrics Changes - The company’s market share increased to 8.7%, up 1.1% [18] - The platform market is growing at $1,200,000,000,000 with a two-year CAGR of 10.2% [18] - There are 7,200,000 Australians with complex financial circumstances seeking advice, with only 10,000 to 11,000 advisors available [19] Company Strategy and Development Direction - The company’s strategy focuses on wealth solutions, wealth tech, insights and analytics, and partnerships [9][10] - Plans to enhance digital capabilities and user experience through a major upgrade to the user interface [12][13] - The company aims to create capacity internally and reduce reliance on third-party systems [21] Management's Comments on Operating Environment and Future Outlook - The company expects strong flows and account growth, with a well-diversified pipeline [44] - Management is optimistic about new offerings and investments in key market segments [45] - The outlook for full net flows is expected to be similar to the previous year, with strong profitability and cash generation [46][47] Other Important Information - The company declared a final dividend that is 50% higher than the previous year, equating to a 90% payout ratio [37] - The company added over 80 employees, with 55% focused on growth initiatives [38] Q&A Session Summary Question: Can you provide the actual number of flows? - The exact number was not disclosed, but it was in the vicinity of about 45% [50] Question: What drove the elevated trading fees? - Significant tailwinds from the shift to T+1 for U.S. equity trading and elevated volatility contributed to increased transaction volumes [52][53] Question: What is the organic growth rate from existing clients? - Most firms are experiencing organic growth rates between 15-20% [55] Question: How do you manage the intersection of growth and margin versus investment? - The company aims to invest appropriately to maximize efficiencies while optimizing opportunities [63] Question: What are the expectations for revenue margins into FY 2026? - Transaction fees are expected to be good, but some one-off benefits from the previous year may not be replicated [104] Question: What is the outlook for operating expenses? - Expected operating expenses are around $190,000,000, excluding any potential impacts from ongoing investigations [75]