Link Administration : 2023 Half Year Results Presentation

1H FY23 Results Presentation

24 February 2023

This release has been authorised by the Link Group Board

Vivek Bhatia

Chief Executive Officer and Managing Director

Andrew MacLachlan	TODAY'S PRESENTATION
Chief Financial Officer
	Agenda
	Overview | Financial summary | Summary & Outlook | Q&A

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Link Group 1H FY23 Results Presentation

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EXECUTIVE LEADERSHIP TEAM

GLOBAL BUSINESS UNITS

Dee McGrath	Paul Gardiner	Karl Midl	Antoinette Dunne
CEO, Retirement &	CEO, Corporate Markets	CEO, Fund Solutions	CEO, Banking & Credit
Superannuation Solutions			Management

GLOBAL FUNCTIONS

Vivek Bhatia

Chief Executive Officer and

Managing Director

Andrew MacLachlan	Sarah Turner	Michael Rosmarin	Nicole Pelchen
Chief Financial Officer	General Counsel &	Chief People & Group	Chief Technology Officer
	Company Secretary	Services Officer

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Link Group 1H FY23 Results Presentation

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1H FY23: DOING WHAT WE SAID WE WOULD DO

Simplify

• Global operating model fully implemented with four global businesses now operating with end-to-end accountability
• PEXA in-specie distribution implemented on 10 January 2023, delivering an implied $0.27 per share in value creation for shareholders1
• Link Group is in exclusive negotiations with the Waystone Group in respect of the sale of the whole of its FS business, excluding Woodford related liabilities
• Link Group and LFSL are in advanced confidential discussions with the FCA to settle the FCA investigation against LFSL

Deliver

• Delivered on 1H FY23 Operating EBIT guidance provided at the FY22 AGM.
  1H FY23 Operating EBIT up 14.1%
• 1H FY23 Operating NPATA ex-PEXA up
  4.9% on 1H FY22
• RSS contract renewals and extensions - Rest (in principle agreement for 5 year extension), AMIST (renewed for 4 years), AustralianSuper (extended for 2 years), HESTA (extended for 1 year), Prime Super (extended for 2 years), RBF (extended for 5 years)
• Link Group Board has declared an interim dividend of 4.5 cents, 80% franked

Grow

• Connecting over 110 million people globally with their assets
• Link Group 1H FY23 revenues were up 1.9% on 1H FY22 on constant currency
• Corporate Markets 1H FY23 revenues up 2.5% on 1H FY22 on constant currency. Corporate Markets in India 1H FY23 revenues up 35% on 1H FY22
• RSS has entered Hong Kong and will provide digital pension administration and value-added services to HSBC's Occupational Retirement Scheme Ordinance (ORSO) clients for a 10 year term

1. Reflects the difference between (a) the Link Group share price on 29 December 2022 (the day immediately prior to the ex-date for the distribution) of $3.29 and

1. the sum of the Link Group share price on 30 December 2022 (the ex-date for the distribution) of $1.98 and the distributed PEXA share value attributable per Link Group share of $1.59 (being the PEXA share price on 30 December 2022 of $11.95 divided by the distribution exchange ratio of 7.52).

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1H FY23 FINANCIAL PERFORMANCE

REVENUE	OPERATING EBITDA1	OPERATING EBIT1	OPERATING NPATA ex-PEXA1
$592m	$128.3m	$80.2m	$38.2m
1H FY22	$594m	1H FY22	$119.0m	1H FY22	$70.2m	1H FY22	$36.4m
Change	-0.2%	Change	+7.8%	Change	+14.1%	Change	+4.9%
STATUTORY NPAT3	NET DEBT	GROUP OPERATING EBIT	DIVIDEND PER SHARE
$(410)m	$617m	MARGIN		4.5 cents
13.5 %
1H FY22	$(82)M	PRO-FORMA LEVERAGE2 2.5x	1H FY22	11.8%	1H FY22	3.0 cents
Change	nmf	Guidance 2.0x - 3.0x	Change	+170bps	Change	+50.0%

1. Operating EBITDA, Operating EBIT, Operating NPATA, and Net Operating Cash Flow exclude Significant Items. See Appendix 1 for a reconciliation of Non-IFRS measures and definitions for non-IFRS measures. Non-IFRS measures have not been audited or reviewed in accordance with Australian Accounting Standards.
2. Calculated in accordance with Link Group's debt agreement adjusted for PEXA in-specie distribution.
3. 1H FY23 statutory loss includes $448.9 million non-cash impairment related to the FS assets, $15.4 million non-cash impairment related to BCM goodwill and a one-off gain of $47.9 million related to the sell-down of 10% of Link Group's PEXA shareholding on 21 November 2022.

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