Tower (TWR) investor relations material

Opening remarks and agenda

• The chair welcomed attendees, introduced the board, management, and auditors, and outlined procedures for the meeting.

• Chairman and CEO addressed record FY25 performance and future growth positioning.

• The agenda included a review of the previous year's performance, strategy updates, and formal resolutions, with a quorum confirmed.

Financial performance review

• FY25 gross written premium reached NZD 600 million, with 318,000 customers and underlying profit after tax of NZD 107.2 million.

• Reported profit for FY25 was NZD 83.7 million, with large event claims at NZD 7.2 million, and total declared dividends of NZD 0.245 per share.

• Management expense ratio held at 31.4%, and BAU claims ratio improved to 41%.

• The first four months of FY26 saw GWP up 2% to NZD 204 million, policy numbers up 5%, and a solvency ratio of 160%.

Dividend announcements

• Total FY25 dividends were NZD 0.245 per share, with NZD 45 million of capital returned to shareholders.

• Final FY25 dividend of 16.5 cents per share paid in January 2026.

• The dividend policy is to pay 60%-80% of adjusted earnings, subject to prudent capital management.

• Any unused portion of the large events allowance may be distributed as dividends.