Helia Group Limited ($HLI)

Good morning. I'm Leona Murphy, Chair of the Board of Directors of Helia Group Limited. I'd like to begin by acknowledging the traditional owners of the lands on which we meet today, the Cammeraygal people of the Eora Nation, and I pay my respects to elders past, present and emerging. Welcome to our 2026 Annual General Meeting. It's now 11:00 a.m., and I've been informed that the necessary quorum of shareholders is present, and I therefore declare the meeting open. Today, we're holding a hybrid AGM. So shareholders will be attending virtually and will be able to view a video broadcast of this meeting, ask a question and participate through the online platform. The Notice of Meeting and the virtual online meeting guide released on the ASX on the 26th of March 2026 set out our meeting procedures to enable attendance and participation of this meeting by virtual means. I will take that notice of meeting as read. My address as Chair, along with the interim CEO's address, will be released to the market prior to the commencement of meeting and has actually been done so. Before I proceed with my formal address and the formal business of the meeting, I would like to introduce my fellow directors: Alistair Muir, Director and Committee member; Andrea Waters, Chair of the Audit Committee; Andrew Moore, Chair of the People and Remuneration Committee; Joanne Stephenson, Chair of the Risk Committee. You will hear from Andrea later in the meeting when she speaks to her resolution for reelection. Michael Cant, our Interim CEO, is also present at the meeting, as is Brady Weissel, our General Counsel and Company Secretary. Also present is Mark Stavert, our Deputy General Counsel and Assistant Company Secretary, who's going to be assisting us with the procedures of the meeting. Ms. Leann Yuen of KPMG, our company's auditor for the 2025 year, is also present at this meeting. Ms. Yuen is available to answer any questions in relation to the conduct of the audit, the auditor's report and the company's accounting policies and independence of the auditor. I will now outline how shareholders can participate in this meeting. You will be able to ask questions on each of the resolutions that are being voted on today. For shareholders and proxy holders attending in person, of which we have a few, so welcome, you may raise your hand and ask a question at the relevant time. For shareholders attending online, you will be able to ask questions and cast your vote once you have registered for an electronic voting card. Please click on Ask a Question box and follow the prompts. Shareholders attending virtually can also ask a question by audio by clicking on the web phone box. Now when I call for questions and comments on each of the business items [Operator Instructions] on your screen for the item of the business that relates to the comment or question that you have. If at any time you no longer wish to ask [Operator Instructions] I encourage all shareholders to participate in the meeting today, and the online platform and web phone are now open for you to submit any questions that you have. You can submit questions at any time up to and during the item of business, which your question relates and all questions you submit through the online platform will be placed in a queue, and I will respond to each when we reach that relevant part of the meeting. We may need to aggregate questions if we do receive multiple questions on the same topic. But if you do experience any difficulties or any technical issues in the online platform, please ring the help line displayed at the top of the page. Now if we experience any technical issues here, I may need to briefly adjourn the meeting, and this will be communicated via market announcement and e-mail to all virtual attendees. So with all of that behind us, on behalf of the Board, I really thank you for joining us here today. I would like to speak to you very candidly this morning. 2025 brought some challenges for Helia. We lost our largest customer. We faced questions from shareholders about governance and executive remuneration. And we saw the federal government's expansion of the 5% deposit scheme remove most first homebuyers from our addressable market. I want to be direct with you about how we have responded to these challenges and why I believe Helia is in a better position today than it was 12 months ago. Now despite the headwinds, Helia delivered a strong financial result. Underlying net profit after tax was $247 million, up 12% compared to the prior year, benefiting from the economic conditions produced another low claims environment. We returned $343.4 million to shareholders through ordinary and special dividends totaling $1.26 per share. Over the past 5 years, Helia's total shareholder return has significantly outperformed the ASX 200, placing us among the top performers in the ASX 200 financials. Our balance sheet remains strong. At the end of the year, our prescribed capital coverage ratio was 2.3x, comfortably above our target range of 1.4 to 1.6x. Now the Board remains focused on disciplined capital management and we'll continue to assess opportunities to return excess capital to shareholders in a prudent and sustainable manner. Now the loss of the Commonwealth Bank contract was significant for us, and I want to be straightforward about that. Following a competitive process, Commonwealth Bank selected an alternative LMI provider for new business from 2026. The Board conducted a comprehensive review, including a thorough assessment of strategic options, considering the structural changes with the first homebuyers scheme expanding. The conclusion for us was pretty clear. Helia's scale, balance sheet strength, risk discipline and experience across the market cycles provide a strong foundation to navigate this change and to continue creating value for shareholders. We remain the market leader, holding approximately 51% of the total in-force market with a 60-year heritage of helping Australians into homeownership. Since 2010, we've helped more than -- almost 1.2 million homebuyers achieve that goal. This is a business that knows what it does well and is focused on the pathway ahead. As we navigate these changes, we also remain focused on the broader foundations of long-term value, housing accessibility, employee well-being, climate resilience, data privacy and regulatory compliance. These priorities are part of how we manage risk, support our customers and lending partners and maintain trust in our business. I want to directly address the matter that is in front of some of our shareholders' minds today. And that is the first strike on our 2024 remuneration report. As you know, prior to last year's AGM, the Board had already commissioned an independent review into the employee share trading that occurred during the February to March 2025 trading window. This review subsequently found no breach of law or policy by Helia or any of its people, but it did identify opportunities for us to strengthen some governance. And in October 2025, we updated our share policy, our share trading policy. We made changes to our disclosure committee and made changes to our conflicts and delegations policies. Following the first strike, the Board engaged proactively with shareholders and proxy advisers to better understand concerns so that we could respond thoughtfully. Over the past year, Andrew Moore, Chair of our People and Remuneration Committee and I personally met with a wide range of shareholders and listened carefully, listened to the concerns raised and to the constructive feedback offered. Now that engagement shaped everything that followed. On remuneration, the Board took deliberate and specific action. We applied downward discretion to executive remuneration outcomes to reflect material events, including the loss of the Commonwealth Bank contract. We strengthened minimum shareholding requirements and enhanced associated disclosures. We removed the positive risk modifier in our short-term incentive plan and simplified and improved disclosure of the underlying return on equity measure in the long-term incentive plan. There were direct responses to what -- this was directly in response to what our shareholders told us. Now I'm grateful for the time and the candor our shareholders have brought to those conversations, and I'm confident that the 2025 remuneration report reflects a framework that is more transparent, more accountable and continues to demonstrate alignment with shareholder interests. In fact, voting in favor of our 2025 remuneration report is currently at 99%, with votes received prior to the meeting representing 70% of issued capital. Having completed both the governance review and the business review, we have appointed an external search firm to assist with the recruitment of a permanent CEO. Michael Cant has performed with real distinction as interim CEO during a really demanding period for the organization, stabilizing the business, maintaining a clear agenda around growth, cost reduction and capital management. Now this focus continues as our recruitment process progresses. Additionally, I would like to use this opportunity to acknowledge and thank Duncan West, who retired as a director after 7 years of service in last September and Pauline Blight-Johnston for her 5-year tenure as CEO. Speaking of the Board, the collective skills of the Board and succession plan for directors are reviewed annually to ensure an appropriate balance of experience and expertise. Andrew and I are both standing for reelection today, and we will speak to our resolutions shortly. As Helia enters its 61st year, the Board is confident in the company's foundations with strategic clarity and capacity to navigate industry change while continuing to deliver value for all stakeholders. The past year has asked more of this company than most. The Board heard what shareholders said, acted on it and has put in place a stronger framework as a result. On behalf of the Board, I'd like to thank you for your continued trust and support. And I would also like to thank Michael Cant, the senior leadership team and all of Helia's employees for their commitment to our purpose and our lenders for their continued collaboration. I now would like to invite Michael to address shareholders before we move to the formal business of the meeting. Michael, over to you.

Thank you, Leona, and good morning, everyone. It's a pleasure to be here today, and I appreciate you taking the time to join us. I'm Michael Cant, Helia's Interim Chief Executive Officer. I'm pleased to be here today to discuss Helia's 2025 performance as well as our recent results and the outlook for the business. Our purpose is to accelerate financial well-being through homeownership. This focus continues to guide our decisions and priorities. As affordability challenges persist, Helia continues to play a crucial role in helping homebuyers at different stages of their property journey. In 2025, we supported over 36,000 people to buy a home. As Leona highlighted, despite a number of challenges in 2025, we delivered another strong financial result. Underlying net profit after tax was $247 million, up 12% on the prior year, which resulted in a return on equity of 23.5%. Gross written premium in 2025 was $240 million, up 23% on the prior year. And while this was the highest level of new business in 3 years, premium does remain below historic levels, reflecting the impact of the government's 5% deposit scheme, combined with higher levels of lender self-insurance. Credit conditions in the last year were very favorable with low unemployment, falling interest rates and rising house prices, all contributing to negative total incurred claims. Operating expenses were down 8% on the prior period and are expected to fall further. Our balance sheet remains very strong with a significant level of capital and further value embedded in the in-force portfolio. Helia's vision is to be Australia's most trusted risk partner for home lending. Our strategy for delivering this is grounded in our strengths and focused on sustainable long-term performance. We are focused on growing new business by leveraging our deep industry expertise to support growth of both our existing and new lender customers. By partnering closely with our customers, we aim to build enduring relationships. We are also simplifying and strengthening the business by redesigning how the company operates. This work is reducing complexity and increasing efficiency through automation, enabling Helia to deliver frictionless service to our customers. While 2025 was a challenging year, it was also a pivotal one as we have taken meaningful strides to set Helia up for continued success. The loss of the Commonwealth Bank contract was a disappointing outcome, but this has sharpened our focus on our approach to market. We've evolved our customer value proposition to ensure that it continues to be competitive with a balanced approach to pricing and underwriting risk settings. Pleasingly, we renewed exclusive contracts with five lender customers in 2025, including Bank of Queensland and MyState. In the first part of 2026, we've continued this market momentum and have renewed additional customer contracts, including with AMP Bank. In response to a changing market, we are making our business simpler and more efficient. We have a modern and agile technology platform, which has recently been fully migrated to a lower-cost cloud environment. We've made good progress on our digital and automation agenda, including a redesign and automation of operational processes. We are embracing the efficiency opportunities presented by AI, including the rollout of enterprise-wide AI tools accompanied by upskilling of our people. Our progress in these areas resulted in a $15 million reduction in our recurring expense base last year. Our risk culture remains strong, reflected in a score of 80% in the 2025 employee engagement and culture survey. We continue to advance our cybersecurity posture and have taken an active approach to addressing AI governance. Our people are integral to Helia's success. We continue to enhance our employee value proposition through competitive benefits, development opportunities and initiatives that support an inclusive and equitable workplace. During a period of significant change for the business, employee engagement did decline year-on-year in 2025. However, pleasingly, the overall culture score for the business remained in the top quartile at 83%. We remain focused on supporting our people through change and were recognized as an employer of choice in the Australia, Insurance Business Australia Awards. We were also recognized by the Workplace Gender Equality Agency as an employer of choice for the 12th consecutive year. I'd now like to turn to the current year performance and outlook. Trading conditions for the first quarter of the 2026 financial year continue the same trends observed last year with low claims and strong profits. The loss of new business from Commonwealth Bank from the end of January and the expanded 5% deposit scheme have seen gross written premium fall 32% from the previous corresponding period. Importantly, insurance revenue changes much more gradually, and first quarter insurance revenue was down 9% on the prior year. Claims remain extremely low with total incurred claims of negative $9.5 million, reflecting low delinquencies and strong levels of positive equity. The conflict in the Middle East has seen volatility in investment markets with higher bond yields and widening credit spreads leading to unrealized losses on the bond portfolio. This has impacted headline statutory profit for the quarter, but with an offsetting benefit of a higher running yield on our portfolio. The regulatory capital base remains well above the Board's target capital range. Looking forward, homebuyers are facing cost of living pressures driven by inflation and successive interest rate rises. While this may well lead to some rise in delinquencies, we expect the level of LMI claims will be relatively benign, benefiting from a continuing strong employment market and high levels of embedded equity from past house price appreciation. Housing affordability will continue to remain a major challenge in Australia and with it, the vital role that LMI and Helia can play. The government 5% deposit scheme is having a significant negative impact on the LMI industry premium volumes, while adding to borrower demand, which is putting upward pressure on house prices for first home buyers. We will continue to advocate for government intervention to be more targeted, ensuring that public support flows to households most in need of assistance and that government schemes complement rather than detract from the private sector. There is no change from our earlier guidance for financial year 2026. Insurance revenue is expected to be within the range of $320 million to $370 million. And the total incurred claims ratio is expected to remain well below the historical through-the-cycle average. Helia manages the business with a long-term view, informed by all stages of the credit cycle. With a strong capital position, a large in-force portfolio and experience across all market cycles, Helia is well placed to navigate the environment with the same strength, stability and resilience that we've done for 60 years. In closing, I'd like to thank Leona, the rest of the Helia Board, the Helia leadership team and all the Helia staff for their hard work and commitment. I'd also like to thank our lender customers with whom we work with so closely to support homeownership in Australia. Finally, thank you to our shareholders for your ongoing trust and support. We are proud of the returns we have delivered, and we remain focused on continuing to create long-term value. I'd now like to hand back to Leona to conduct the formal business of the meeting.

Thanks, Michael. At this time, I'd like to give shareholders an opportunity to ask any general questions that they may have. There will be an opportunity for shareholders to ask questions that relate to each of the items of business as we get to that. And I can confirm that no general questions were received by shareholders prior to the meeting. So shareholders who wish to ask a general question online can start submitting those now if they haven't already. I now invite those shareholders in the room who would like any -- to ask any questions to raise their hand. Okay. We have a shareholder over here. So do we have any microphones maybe? There we go.

Ms. Chairwomen. My name is [indiscernible]. I am a shareholder. My question, AI is coming. With it is coming a drop in employment. Jobs are replaced by AI. It's going to happen. My question is, have you factored in an increase in the delinquencies rate because let's be honest here, people will be losing their jobs.

Yes. And AI is all pervasive at the moment, isn't it? Everywhere you look and everything you read, it's all about AI. So I think your question is very, very relevant. As you know, what drives claims in the LMI business and for Helia, interest rate changes is housing prices and increase in reduction of housing prices and unemployment. And we take a long-term view of our pricing and how we think about reserving for claims over the long term. Now as you also know, we've been in a very low claims environment to date. And we believe the claims will increase, but they won't increase more than what we would have factored into our long-term views of pricing and reserving for claims. So yes, I think there is a risk that unemployment will increase for multiple reasons, one of which may be AI. And we do factor that into how we consider the scenarios for when we consider our reserving and our pricing. Any other questions here in the room?

I'm [ Brian Allison ], shareholder. There was a gentleman at last year's AGM who asked if you recommended diversifying into strata insurance and I didn't think that was such a good idea. But it does wonder -- I did wonder whether because of the shrinking market that we're going to have in the future, whether some diversification might be considered.

Yes, it's a good question and one that has been exercising our mind actually. You'll be pleased to know, as a shareholder, we have been thinking about the same things that are on your mind. So as we mentioned earlier, as a result of the increase in the government guarantee and first home buyers sort of almost retreating from the LMI market as well as the loss of the CBA account, we did think that it was an opportunity to take a step back and do a bit of a business review, not just of Helia, but the marketplace in which Helia operates. So looking at the size of the industry and what are the consequences of that for our ability to compete in that industry and continue to create value for shareholders. So we took the time to do that. And we looked at everything, to be honest, from one end of the spectrum, which is putting the business in runoff right through to the other end of the spectrum, which is diversification. And what we came to the conclusion of, based on our 60 years' experience in the risk space, in home lending risk and also the fact that our skills, capabilities and experience in that exist in the organization, we came to the conclusion that actually we needed to continue our focus on being Australia's leading risk partner for home lending, which includes obviously a continued drive for LMI. And we believe that there is still enough in the addressable market for us to focus on. And -- but there's three things that we need to do and that we need to focus on. First one is our customer value proposition and looking at how we think about our customers in segments from the large banks to the mid-tier banks to the smaller customer-owned banks and what our proposition is to them and how we can obviously create value for them and their customers. We also recognize that we needed to review our approach to pricing, both our actuarial pricing, but also our commercial pricing and how we go to market for that. And finally, how we think about expenses. And we needed to make sure -- and a big drive for us is to make sure that our expense base is commensurate with the size of the organization that we're managing. So we believe that there's still opportunity for us in the addressable market, and there's still opportunity for us to continue to create value for shareholders.

Yes. Just a comment, I think that considering the headwinds you've had, you've performed much better than I would have expected. So congratulations on that. And certainly like your -- the way you treat shareholders in the distribution of the dividend is excellent. Any other questions from the room? No. I'll now take questions received through the online platform.

Chair, we have received some questions through the online platform today. The first question is from Mr. [ Stephen Mayne ]. Were we satisfied with the level of consultation that the federal government offered before they introduced their 5% loan equity scheme. If the scheme was to be tweaked, what sort of changes would we recommend? Do any other countries have such a scheme? And how do they work offshore?

Yes. I might answer that, and then I'll get Michael to talk in a little bit more detail around the work that we are doing with government and also our perspectives. What I would like to say it's probably not appropriate for me to opine on how well or otherwise the government has consulted. So that's for them to think about. It's up for us to continue to engage with government proactively, which we do and to talk through some of the gaps that might exist in the scheme and how we might be able to support borrowers and ultimately lenders to address those. But Michael, helpful for you to talk through some of your engagements with government.

Look, we've had ongoing dialogue with the government certainly over the last 2 years or 3 years around the scheme. They understand our concerns, both for the impact on the LMI industry, but also the unintended impact on first-time buyers through the increase in prices and also the potential unintended impact, particularly in competition in the lending market with the smaller banks and the nonbank lenders perhaps being less advantaged in that scheme than the major banks. And so we've been very active in communicating that, and we'll continue to do so. One of -- I think the second leg of the question referred a little bit about what changes we would like to see. Look, the origins of this scheme were originally a very narrow means tested scheme that was targeted to help people who probably weren't being fully serviced by the private market. And we think, ultimately, there's a good nexus between a targeted public scheme that's focused in a particular area of the market and enabling the private sector to support the majority of the market, and we'll continue to make that position to the government and the opposition. There was a third part of the question, which I think was around offshore schemes. Look, I'm not an expert in every jurisdiction, but I understand the particular design of our scheme is somewhat unique to most other parts of the market, and it's a function of the regulatory environment that exists in Australia. So I don't think there are great parallels offshore. Having said that, housing for all governments and societies is an important one, but I think the government policy is quite different in other countries.

Michael, and thank you for the question.

Our second question is from Mr. Stephen Mayne. It's in two parts, so I will read them together. Given that Australia's biggest home lender, CBA, doesn't report any bad debts in its enormous home loan portfolio, is there really any need for a residential mortgage insurance product in this market? And then the second part, as residential prices continue to rise nationally to new records, in what circumstances do we ever face a claim due to a mortgage default where the bank was unable to recover its loan through a seizure and sale process?

Okay. So I'll answer the first part of the question, which is need for residential products. I think lenders mortgage insurance is an interesting product, and I would call our claims experience lumpy. And so when you look through -- when you look at general insurance more broadly, you actually have more consistent loss ratios that exist within the book and a more consistent frequency and loss profile within parameters. It's not the way that lenders mortgage insurance works. So you will see very large claim environments in situations where the key drivers for LMI stepping in and kicking in hit. So I spoke to those earlier. So you won't expect a what I would call a smooth loss ratio flow through the years. So this is more in times where interest rates impacted, housing prices impacted, unemployment impacted. And I think it's -- in the short term, we've had very benign and low claims environment. But if you look through the long term, that's not been the case. So...

There are no more questions online.

Great. So I'll now take any questions received over the web phone.

Chair. There are currently no questions at this time.

Okay. If there are no further general questions, I'll now briefly run through the formalities for casting your votes. For those in the room, you will have been issued an attendance card. A yellow card indicates a voting shareholder or a proxy holder for the meeting. A blue card indicates a nonvoting shareholder and a red indicates also a visitor, but also nonvoting. Now please record your vote by marking in the for, against or abstain box against each resolution for the card that you are holding. The bar code on the voting card is personalized, so you will be able to vote the number of shares held as at the record date. You must lodge your voting card for votes to be counted. Your voting card will be collected at the end of the meeting. And for shareholders attending online, if you did not vote prior to the meeting, you may do so using the online platform. Please click, get a voting card and follow the prompts if that's the case. Shareholders eligible to vote or their appointed proxies will be able to vote at any time during the meeting by using the electronic voting card that's on your screen. Live voting on the online platform will close 5 minutes after the meeting. Once voting has closed, all voting cards will be automatically submitted and cannot be changed. For those that are attending online to submit a full vote in respect of all of your shares, please ensure you are in the full vote tab and record your vote by clicking either for, against or abstain for the relevant resolution. To submit a partial vote, please ensure you're in the partial vote tab, and you'll then be able to enter the number of shares that you would like to vote on the resolution. The total amount of votes you're entitled to vote will be listed under each of the resolutions. You cannot vote if you're using the web phone. Shareholders who are able to attend the meeting have also had the option of casting a direct vote or alternatively appointing a proxy. If you are a proxy holder and have only directed votes for and/or against, please submit your vote by clicking or marking either the for or against box for each resolution. If you're a proxy holder with open votes, you need to click or mark for either for, against or abstain box for each of the resolution to indicate how you wish to cast your open votes. As a significant number of our shareholders -- there's lots of instructions here, so I do apologize for that. But as a significant number of our shareholders vote by direct or proxy vote, and we have received proxy votes and direct votes in respect to approximately 72% of our total shares, we consider it appropriate to recognize the votes both of attending the meeting today and those that have voted by proxy or direct vote. Accordingly, a poll will still be called for each resolution that we have today, and I now declare that poll open. Prior to putting each resolution forward, we will display the proxy and direct votes that have already been received, and we will then take any questions before moving to a vote. Where I, as Chair, have been appointed as a proxy with a discretion on how to vote, I intend to vote all shares in favor of resolutions 1 to 3. And if this meeting -- if it is put to the meeting, I will vote against Resolution 4. There are three resolutions to be voted on today. And as I said, a conditional fourth resolution that will only be put to the meeting if at least 25% of the votes validly cast on Resolution 1 are against that resolution. The results of the poll will be declared and will be released to the ASX as soon as possible after the meeting has concluded. Now the first item of business is the receipt and consideration of the company's annual financial report, directors' report and auditor's report for the year ending 31 December 2025. The reports were contained in the 2025 annual report, which was released to the ASX and Helia's website on the 25th of February 2026. Hard copies were sent to those shareholders who requested a hard copy of the annual report, so I will take these reports as read. There is no vote for this item, but I do welcome questions, and I'll respond to any questions specifically relating to remuneration when we come to Resolution 1 on the remuneration report. Ms. Leann Yuen, our audit partner from KPMG, is available to answer any specific questions you may have about the conduct of the audit. And I can confirm that no written questions were received for the auditor ahead of the meeting. I now invite those shareholders in the room who would like to ask a question to raise their hand. It doesn't seem like there's any questions in the room. I will now take questions received through the online platform.

Chair, we've received several questions through the online platform from Mr. Stephen Mayne. The first one is, if the former CEO hadn't sold some of her shares before the loss of the Commonwealth Bank contract, would she still be CEO today? Also, what are the gardening leave elements of her departure? And are there any -- are there still any LTI grants in play even though she is no longer able to directly influence events at Helia.

Okay. Can I -- I might just get -- just do the first question -- the first part of that question, and I missed some of the second part, Mark. So let's just do that next. So the first part of the question was around share trading and Pauline exiting the organization. The two are not related.

So the second part was also what are the gardening leave elements of her departure? And are there any -- are there still any LTI grants in play even though she's no longer at Helia?

So she has contracted obligation or contracted -- Helia has contracted obligations with its previous CEO. And so those LTIs do remain on foot, and they remain on foot based on a pro rata view with Board discretion at the time. So that's as per her contract.

The second question from Mr. Mayne is, what was the most important remuneration change you made to avoid a second strike and achieve such strong support today? Was the departure of the CEO a factor?

So I don't know that I could say the one thing that made the most difference because, as I mentioned in my address, we spent a lot of time engaging with shareholders and with proxy advisers working through feedback and considerations. And it's outlined in the remuneration report in some detail around what changes that we made and how we exercise discretion in relation to remuneration for 2025. So I don't think it was any one thing. I think it was the fact that we took the opportunity, listened, heard what our shareholders are saying, made quite extensive changes to our framework to align with that feedback and did so in a transparent way. So I can't see one particular matter that would have impacted that.

Chair, the next question from Stephen Mayne is, -- how many institutional shareholders did you meet with to personally discuss the remuneration policies? And did you have any engagement with the Australian Shareholders' Association?

Yes. So over the course of a 6-month period, we did meet with, I think, in excess of -- I'm trying to remember the numbers now because it was many. It was around 20 institutional shareholders that we met, and we met with all proxy advisers.

The final question from Stephen Mayne is, thank you for running a best practice hybrid AGM with early proxy disclosure, including headcount data. You also commendably followed the agenda calling for questions separately on all items of business, unlike many companies such as Rio Tinto last night. Will you also publish a copy of the webcast on your website plus include headcount data on all items, including the spill resolution in the poll results. If you do that, you're at best practice plus received strong voting support for all resolutions well done.

Well, I appreciate that feedback. And just to confirm that we will be best practice because we will be publishing all of those results as well as the webcast. But thank you for that feedback. We do appreciate it.

There are no further questions at this time.

Great. I'll now take questions if there are any over the web phone.

Chair, there are currently no questions at this time.

So there being no more questions, we will move to the first resolution. The first resolution relates to the company's remuneration report for the financial year ended 31 December 2025. The remuneration report, which forms part of the director's report was released on the ASX and Helia's website and sent to shareholders on request. So I will take that report as read. Further details about the resolution were contained in the explanatory notes that accompanied the notice of meeting. I remind shareholders that this vote is advisory only and is not binding on the company. However, please be assured that the Board does take into consideration the feedback we received from shareholders. Shareholders should also note that if 25% or more of the votes validly cast on Resolution 1 are against adopting the remuneration report. Resolution 4, the conditional spill resolution will be put to the meeting. Before putting that resolution forward, I would like to advise shareholders that the company will disregard any votes as stated in the voting exclusion statement related to Resolution 1 as set out in the notice of meeting. The directors recommend that shareholders vote for this resolution. I now put forward Resolution 1 and the wording for this resolution appears on your screen, along with the proxy and direct votes already received in relation to this resolution. I now invite those shareholders in the room who would like to ask a question to raise their hand. There being no questions in the room, I will now take anything received on the online platform.

There are no questions on the online platform at this time.

I will now take questions on this item of business over the web phone.

Chair, there are no questions at this time.

There being no questions, we will move to voting on Resolution 1, and I will pause briefly giving you time to cast your vote. [Voting]

Okay. I think that's given everyone enough time. Thank you. Moving to Resolution 2. I will now ask Joanne Stephenson to facilitate the meeting for Resolution 2, which concerns obviously, my reelection as director. So Joanne, please.

Thanks, Leona, and good morning, everyone. Lovely to see shareholders here with us. So I'm going to turn now to Resolution 2, the reelection of Leona Murphy as a Director. Leona was appointed to the Board on the 1st of November 2022 and was elected at the 2023 AGM and appointed Chair of the Board in May 2024. Leona is an experienced Chair and Non-Executive Director of ASX-listed member-based and not-for-profit organizations. She's currently a Non-Executive Director of the Liberty Financial Group Limited and Chair and President of the Royal Automobile Club of Queensland Limited and Chair of Members Banking Group Limited and Club Finance Holdings Limited. Leona also serves as an advisory Board member at the Climate Ready Initiative, an initiative hosted by Griffith University's Climate Action Beacon and as an independent member of the Griffith University Risk and Audit Committee. She holds a Bachelor of Commerce and Accounting and Law from Griffith University and has been awarded the medal of the Order of Australia for service to business through governance roles. Leona is Chair of our Board and the Nominations Committee. You can find also a brief summary of Leona's experience and qualifications on Page 5 of our Notice of Meeting. The directors, with Leona Murphy abstaining, recommend that shareholders vote for this resolution. I'd now like to invite Leona to say a few words on her reelection.

Thanks, Joe. And thank you, shareholders, for the opportunity to stand for reelection to the Helia Board today. The last 2 years where I've sat as Chair have brought with them both challenges and opportunities for Helia. And it's been a demanding and rewarding tenure for me as Chair, and I'm personally pleased with how the Board has responded, responded to shareholders, responded to industry change and to the governance matters that I addressed earlier. I'm standing for reelection because I think this experience and my broader skills and background are directly relevant for the period that lies ahead. I bring more than 25 years' experience in general insurance and financial services and deep expertise in strategy, risk management, large-scale transformation and governance across the full insurance value chain. Alongside my corporate experience, I've also worked with and led organizations at different stages of growth and maturity, and that breadth shapes how I think about businesses navigating disruption and structural change. I'm committed to continuing to work with the Board and the executive team as we navigate the period ahead with the same clarity and accountability I have sought to bring to this role to date. Thank you for your consideration.

Thanks, Leona. I will now put forward Resolution 2, and the wording for this resolution appears on your screen, along with the proxy and direct votes received in relation to the resolution. I now invite those shareholders in the room who would like to ask a question to raise their hand.

No questions in the room. Thank you. I'll now take questions received through the online platform. Ms. Stephenson, no questions have been received on resolution 3 through.

And could I now take questions on the item of business over the web phone?

There are currently no questions. Thank you. So there being no -- any questions on this resolution, we'll move to voting on this resolution, and I'll pause briefly again whilst you cast your vote. [Voting]

Thank you. For those in the room, at least, I can see you voted. So thank you very much. I'll now hand back to Leona, and we'll move on to Resolution 3.

Thanks, Joe. I now turn to Resolution 3, the reelection of Andrea Waters as Director. Andrea was appointed to the Board on 16th of March 2020, elected at the 2020 AGM and reelected at the 2023 AGM. Andrea has over 40 years' experience in financial services as a Nonexecutive Director, accountant and auditor. She was a partner of KPMG until 2012, specializing in financial services audit and has deep experience in risk management and in implementing and enhancing audit and governance practices in financial services. Andrea is a fellow of the Chartered Accountants Australia and New Zealand and a member and accredited facilitator of the Australian Institute of Company Directors. She's currently a Director of MyState Limited and Chair of Grant Thornton Australian Limited and the Colonial Foundation. At Helia, Andrea is Chair of the Audit Committee and member of the Risk Committee and People and Remuneration Committee and Nominations Committee. You can find a brief summary of Andrea's experience and qualifications on Page 6 of our Notice of Meeting. The directors, with Andrea Waters abstaining, recommend that shareholders vote for the resolution. I would now like to invite Andrea to say a few words.

Thank you, Leona, and good morning, fellow shareholders. Thank you for the opportunity to stand for reelection to the Helia Board today. I joined the Helia Board because I'm passionate about the role we can play in helping Australians get into the housing market, a role that's even more important today. It's been my pleasure to serve you as a director for the past 6 years. During this time, I've served as Chair of the Audit Committee and have been able to bring over 40 years' experience in financial services as an auditor, accountant and a Nonexecutive Director to Helia. As Leona said, I was a partner of KPMG until 2012, specializing in financial services audit, and I've got deep experience in risk management and in implementing and enhancing audit and governance structures in financial services. My nonexecutive director experience spans over 20 years with deep experience chairing audit committees. Since 2012, I've been a member of a number of listed and unlisted Boards. I currently hold nonexecutive director positions with MyState Limited, and I Chair Grant Thornton Australia and the Colonial Foundation. If reelected, I commit to continue to serve in the interest of you, our shareholders and all of Helia's stakeholders. Thank you for your consideration.

Thanks, Andrea. I'll now put forward Resolution 3 and the wording for this resolution appears on your screen, along with the proxy and direct votes that we've received in relation to this resolution. I now invite those shareholders in the room who would like to ask a question to raise their hand. There being no questions in the room, I'll now take questions received through the online platform.

We've just received one online question from Mr. Stephen Mayne. How does it work for Andrea? -- serving on the Board of a client in MyState, how extensive are our dealings with MyState?

Okay. I don't -- I won't sort of talk through the exact size of the MyState portfolio, but I'll talk about how Helia considers conflicts. So this goes to actual -- how the Board and the organization govern and manage conflicts, both perceived and real. And we have a very robust process in place. And for this particular item in question, Andrea is not in any of the conversations that relate to MyState and is refused from any discussions that take place. But I would -- I think what I can say, Stephen, is that MyState is not one of the largest parts of our portfolio, an important customer, but not the largest part of our portfolio, and we manage those conflicts very diligently.

There are no further questions.

I'll now take questions on this item of business received over the web phone.

There are currently no questions on the phone.

There being no more questions, I'll now move to voting on Resolution 3, and I will briefly pause while you can cast your votes. [Voting]

Thank you. As I mentioned earlier in the meeting, Resolution 4 is a conditional resolution, which will be put forward to the meeting only if 25% or more of the votes validly cast on Resolution 1 are against the adoption of the remuneration report. Displayed on the screen are the direct and proxy votes received prior to the meeting for Resolution 1 and Resolution 4. I'm informed that based on the direct and proxy votes received and the votes available to be cast by attendees present at today's meeting, the condition for putting forward Resolution 4 has not been met. So Resolution 4 will not be voted on. This brings us to the end of the formal resolutions of the meeting. And I'd like to see if there's anything other or any other business pertaining to your shareholding that any shareholder would like to bring before the meeting. So if so, raise your hand. We'll start within the room. Those joining us in the room, please raise your hand. Those online, submit your questions as you have been doing to date as well as anyone on the phone. So does anyone in the room have anything that they're wanting to raise in any other business? So we'll start here in the room. No, nothing further here. Anything received?

No other business, Chair.

Nothing received online on the phone.

Chair, there are currently no questions on the phone.

Great. Well, thank you. As there's no further other business to be brought before the meeting, I would like to ask shareholders to finalize voting and submit their voting cards, and we'll give you some time to do that. Now poll results, as you know, will be released to the market via the market announcements platform and will be available on the Helia website as soon as is possible, which is expected to occur later today. So before I close the meeting, I just want to thank everyone for, firstly, joining us, whether it's face-to-face or online and importantly, taking the time to actually engage and ask questions. This is your one time as shareholders to engage with the Board as a collective and with management and to hold us to account and to ask questions that are on your mind in relation to our business. So really appreciate your engagement in that matter and look forward to seeing you again next year. I now declare the meeting and the poll closed, and thank you for your attendance at the 2026 Annual General Meeting of Helia Group Limited. Have a great day, everyone.