Announcement PDF Together for the better Annual Report 2025 Together for the better At MyState Limited we understand the importance of tailoring financial services to all stages of life. We’re always ready to serve the best interests of our customers and shareholders. Acknowledgement of Country MyState Limited acknowledges Aboriginal and Torres Strait Islander Peoples and their rich culture. We acknowledge the Traditional Owners and Custodians of Country throughout Australia and their connections to land, sea and community. We acknowledge MyState’s Aboriginal and Torres Strait Islander employees, partners and stakeholders, and pay our respects to their Elders, both past and present, for they are the knowledge-keepers who hold the memories and traditions of the oldest continuing living culture in the world. We recognise and value the ongoing contribution of Aboriginal and Torres Strait Islander cultures to Australian life and how this enriches us and our communities. We embrace the spirit of reconciliation, working towards mutual respect, equality and a better future together. Scan to learn more about our RAP and the artist that created our artwork, Bianca Templar. About MyState Limited MyState Limited (MYS, MyState Group, MyState Limited Group, MyState) is the non‑operating holding company of a diversified financial services group listed on the ASX, and is a provider of banking, equipment finance, trustee and wealth management services to customers across the country through our retail brands – MyState Bank, Auswide Bank, Selfco and TPT Wealth. See pages 4 and 5 for more detail. Proudly welcoming all Auswide Bank shareholders, customers and employees to MyState Limited MyState Limited | Annual Report 2025 Introduction and performance Contents Annual General Meeting Corporate Governance To this end, the Board of MyState Limited has a governance framework whereby the appropriate Board policies, meeting the APRA prudential requirements, apply across the Group. Welcoming Auswide Bank to the Group 06 Our year at a glance 08 Group performance 11 Chair’s review 12 Chief Executive Officer’s review 14 Our strategy 16 Approach to risk 18 Sustainability report 20 Board of Directors 32 Key Management Personnel 34 Directors’ report 36 Remuneration report 44 Financial report 63 Shareholder information 120 Board of Directors and KMP 04 Sustainability report MyState Limited’s Board-approved Corporate Governance Statement is available on the Company’s website at mystatelimited.com.au. Our diversified financial services Our strategy and approach to risk The Board is committed to upholding the highest levels of corporate governance and subscribes to the Corporate Governance Principles and Recommendations published by the ASX Corporate Governance Council in order to promote investor confidence in the Company and within the broader market. In addition, the Australian Prudential Regulation Authority (APRA) requires MyState Limited, as the non‑operating holding company of a bank, to comply with the prudential obligations that apply directly to its wholly-owned subsidiaries MyState Bank Limited and Auswide Bank Ltd. 03 Chief Executive Officer’s review In accordance with the Corporations Act 2001, hard copies of the Notice of AGM (NoM) will not be sent to shareholders unless they have previously requested a hard copy. Instead, the NoM and other related material, including an online meeting guide, can be viewed and downloaded from our AGM website accessible via mystatelimited.com.au. Our purpose and values Chair’s review The 2025 Annual General Meeting of MyState Limited will be held on Tuesday, 21 October 2025 at 10:30 a.m. (Hobart time) in the Derwent Room at the MyState Bank Arena, 601 Brooker Hwy, Glenorchy, and online. Directors’ report and remuneration report Financial report Shareholder information 01 MyState Limited 02 | Annual Report 2025 MyState Limited | Annual Report 2025 Introduction and performance Our purpose and values Chair’s review MyState Group purpose We have big ambitions. We invest in our people and communities, so together we can thrive. Our purpose is lived through our rally cry – Together for the better. Chief Executive Officer’s review We make managing your money easy and earn your trust by helping you achieve what matters most. Our purpose represents the way we collaborate with each other, our customers, our shareholders and our community to deliver the very best outcomes for all. Together for the better. Our shareholders Our community We deliver sustainable, profitable growth We invest into and support our local communities Our customers and clients We care about what matters Our people We grow and achieve great things Our strategy and approach to risk What this means for: Sustainability report Board of Directors and KMP Collaborate to win • We act in our customers’ best interests and deliver on our promises. • We are bold in our ambition and passionate about sustainable progress. • We care deeply – for each other, our customers, our communities and our partners. • We build trust by being clear, caring and genuine. • We empower our people to identify the ‘why’, own their actions and adapt to change. • We combine our efforts and strengths across our businesses to win together. • We have the courage to try new things, grow through learning, and celebrate success. • We take ownership and support one another to be accountable in a positive, respectful way. • We simplify our customer experience to make things easy, and deliver with heart. • We take pride in understanding what matters most. • We improve continuously – how we think, how we work together, and our customer experience. • We share knowledge freely to enable confident, informed decision-making. Shareholder information Chase the better Financial report Create customer ‘wow’ Directors’ report and remuneration report MyState Group values 03 MyState Limited | Annual Report 2025 Our diversified financial services Banking At MyState Bank, we’ve believed that banking should be built around people since 1958. As a wholly-owned subsidiary of MyState Limited, we’re proud of our customer-first roots and our evolution into one of the most customer-centric banks in Australia. MyState Bank has grown its customer base by continually striving to deliver exceptional customer experiences, keeping things simple and by being relentlessly focused on helping our customers thrive. When Ron Hancock founded what would become Auswide Bank in 1966, his goal was clear – to offer Australians a great alternative to the big banks. Today that mission lives on. In 2025, we were proud to join forces with MyState Bank as part of the MyState Limited Group. For nearly 60 years, we have helped thousands of Australians achieve home ownership and financial security. We know that every experience our customers have with us matters – and we’re committed to making each one count. 04 MyState Limited | Annual Report 2025 Introduction and performance Chair’s review Shareholder information Our focus is on building strong relationships, delivering reliable solutions, and ensuring every broker and customer feels supported – because their success is our success. Financial report Now operating nationally as part of the MyState Limited Group, we work closely with a trusted network of accredited finance brokers and an experienced sales team across the country. Directors’ report and remuneration report Since 2003, Selfco has been helping Australian businesses grow by making vehicle and equipment finance simple, accessible, and tailored to their needs. Board of Directors and KMP We manage close to $1 billion in funds on behalf of Australians nationwide – but it’s the trust our customers place in us that we value most. Their peace of mind is our greatest measure of success. Sustainability report Whether it’s managed funds, commercial lending or estate planning, our goal is to help every client make confident financial decisions at every stage of life. Our strategy and approach to risk With origins dating back to 1887, TPT’s trustee, wealth and commercial lending services bring together almost 140 years of experience with a forward-thinking approach. Chief Executive Officer’s review Financial services 05 MyState Limited | Annual Report 2025 Welcoming Auswide Bank to the Group The merger combines MyState Limited, a Tasmanianbased financial services company providing banking and wealth services, with Queensland-based Auswide, providing banking services and equipment finance. The merged group operates under four brands: MyState Bank, Auswide Bank, Selfco, and TPT Wealth. The Group distributes a suite of banking products via its branch network, digitally and through trusted broker networks across Australia’s eastern seaboard. TPT Wealth continues to offer investment management and trustee services. “Together, we are a stronger, more diversified regional bank, serving customers from Queensland to Tasmania. Our combined scale allows us to invest more to deliver Australians a genuine alternative for their banking, equipment finance and wealth needs. We thank our customers, shareholders and the communities we serve for their trust and support throughout this merger.” MyState Managing Director & CEO Brett Morgan 06 MyState Limited | Annual Report 2025 Introduction and performance Chair’s review $12.9b $10.1b in home lending Our strategy and approach to risk Balance sheet Chief Executive Officer’s review Profile of the merged banking group in customer deposits Sustainability report Total customers c.275,000 Distribution branches, mobile and internet banking, two Australian-based contact centres, brokers and mobile lenders Directors’ report and remuneration report 23 Board of Directors and KMP MyState 180,000 customers Auswide 95,000 customers Financial report Shareholder information 07 MyState Limited | Annual Report 2025 Our year at a glance Our performance Our customers Underlying net profit after tax* Total Group customers $41.3m Underlying earnings per share c.275,000 30.7 cps Focused resources to support customer financial wellness Group cost to income ratio 68.0% MyState Bank and TPT Wealth net promoter score Total dividend 21.5 cps +54 Continued investment in cyber security and in educating customers on scam awareness Award-winning products A landmark year for the MyState Group MyState Limited now includes MyState Bank, Auswide Bank, Selfco and TPT Wealth and serves over 275,000 customers across Australia’s eastern seaboard. Home loan book $12.9b, up 62% on pcp. Customer deposits $10.1b, up 71% on pcp. Total capital ratio of 17.5%, providing capacity for future investment and growth. High, stable level of customer advocacy. Annualised synergies of $8.4m in the four months since the merger completed. Note: pcp previous corresponding period. * Excludes merger related transaction and integration costs which are included in Statutory net profit after tax of $35.6m. 08 08 Strong employee engagement of 71%. MyState Limited | Annual Report 2025 Introduction and performance Chair’s review Our team Our community 71% New Group values and purpose launched Principal partner of Tasmania’s National Basketball League team Ronald McDonald House and the Salvation Army 450 Continued community investment throughout Queensland Tassie Mums, JCP Youth and Home Base Celebrating diversity Leadership roles filled by women 56% Male Female Community programs supported through MyState Foundation grants 12 Sustainability report 38% 62% Investment in the Tasmanian community through multi-year partnerships supported through the MyState Foundation Our strategy and approach to risk Staff volunteering hours MyState Group employees Tasmania JackJumpers Chief Executive Officer’s review Employee engagement score Board of Directors and KMP Directors’ report and remuneration report Financial report Shareholder information 09 MyState Limited 10 | Annual Report 2025 MyState Limited | Annual Report 2025 Introduction and performance Group performance Underlying earnings per share (cents) Chair’s review Underlying net profit after tax ($ million) Dividends – fully franked per share (cents) 35.3 41.3* 30.3 35.5 32.0 30.7 12.5 11.5 11.5 10.5 11.0 38.5 11.5 32.0 2024 2025 2022 2023 2024 2025 2022 2023 2024 2025 Net interest income ($ million) Board of Directors and KMP Cost to income ratio (%) Underlying return on average equity (%) Sustainability report 2023 Our strategy and approach to risk 11.5 11.5 Chief Executive Officer’s review 2022 Directors’ report and remuneration report 8.7 7.7 7.3 68.4 64.0 66.3 68.0 110.2 132.6 124.5 156.6 2023 2024 2025 2022 2023 2024 2025 2022 2023 2024 2025 Shareholder information 7.7 Financial report 2022 * Excludes merger related transaction and integration costs which are included in Statutory net profit after tax of $35.6m. 11 MyState Limited | Annual Report 2025 Chair’s Chair’sreview review Sandra Birkensleigh Chair I am pleased to present the FY25 Annual Report, my first as Chair of MyState Limited. Positioned for growth FY25 was a landmark year for our organisation, defined by bold strategic action and disciplined execution. The merger between MyState and Auswide Bank, which was formally completed in February 2025, is already delivering tangible benefits – not only in terms of stronger financial performance, but also in terms of greater scale, broader capability and extended reach. Our combined teams have embraced the merger and we are confident that our customers and shareholders will benefit. I’m proud of the progress we have made this year and am confident in the direction we are heading. Delivering on strategic intent The strategic rationale behind the merger was clear: create a stronger, more competitive and diverse business. By bringing together two high-performing, customer-first organisations, we have expanded our geographic and customer reach across Australia’s eastern seaboard. The merger gives us greater scale and diversification to support long-term profitability. It also increases our capacity to invest in our people and pursue growth opportunities – creating significant value for all of our stakeholders. 12 The Board is pleased with the early progress on the integration of the two businesses, and we are on track to deliver $20-$25 million in annual pre-tax synergies, over a three-year period. Operating performance Underlying net profit after tax (NPAT) for the fiscal year was $41.3 million, up 17.0% on FY24. Statutory NPAT was up 0.8% to $35.6 million, impacted by one-off merger-related transaction costs and integration costs. Revenue grew strongly, up 22.4% with a 16.1% uplift in core earnings driven by four months of earnings from Auswide Bank. Total operating expenses increased by 25.7% to $127.0 million from the previous year, reflecting the inclusion of Auswide Bank for approximately four months of the year. Underlying cost growth across MyState Bank and TPT Wealth was 3.7%, primarily driven by inflation-related increases in staff and technology costs. Merger-related transaction and integration costs were $7.5 million. Dividend and capital The Board determined to pay a final dividend of 11.0 cents per share, fully franked, equivalent to a pay-out ratio of 78.1% of second half underlying NPAT. The Board considered a range of factors when declaring a dividend above its target range on a statutory NPAT basis, including one-off mergerrelated transaction costs and integration costs, while also recognising Auswide Bank only contributed to earnings of the Group for a four-month period. MyState’s capital position strengthened, with a total capital ratio of 17.5% at 30 June 2025, up from 16.4% at 30 June 2024. This stronger position was further supported by the issue of $100 million of Tier 2 eligible subordinated notes. The Board remains focused on supporting a prudent approach to capital, cost management, and sustainable returns. Underlying earnings per share was 30.7 cps. Underlying return on equity was 7.3%, down from 7.7% in FY24. The Board is pleased with the early progress on the integration of the two businesses, and we are on track to deliver $20-$25 million in annual pre-tax synergies, over a three-year period. MyState Limited | Annual Report 2025 Introduction and performance Chair’s review I extend my sincere thanks to our people, who continue to serve customers with excellence. Thank you also to our shareholders for your continued support and confidence. The progress we have made is only the beginning – the future of this organisation is bright. After a successful merger in FY25, we are entering FY26 with a clear strategy to deliver shareholder value through growth and synergies. The fundamentals of the business remain strong – and with a highly capable leadership team, clear strategic focus, and a united culture, I am confident in our ability to deliver long-term value to shareholders, customers and communities. Sandra Birkensleigh Chair of the Board Directors’ report and remuneration report Of course, risk management, regulatory engagement and customer advocacy continue to be core to our governance focus. Our merged business has enhanced the scale and value proposition of the Group, providing it with the opportunity to accelerate its earnings and growth profile while benefiting from an enlarged balance sheet and increased funding flexibility. Board of Directors and KMP The Board is pleased with how the businesses have come together, the progress on synergies, and remains confident in delivering long-term benefits to shareholders. In closing Sustainability report From the outset of the merger, a unified Board and executive team were established to provide continuity and clear accountability. The Board is overseeing the integration program, the effective delivery of synergies and targeted investments across the Group. This includes alignment and simplification of the core banking systems, strategic procurement and technology platform integration, as well as the consolidation of functions across corporate services. Looking ahead Our strategy and approach to risk Board oversight and governance Chief Executive Officer’s review Our combined teams have embraced the merger and we are confident that our customers and shareholders will benefit. I’m proud of the progress we have made this year and am confident in the direction we are heading. Financial report Shareholder information 13 MyState Limited | Annual Report 2025 Chief Executive Officer’s review Brett Morgan Managing Director & Chief Executive Officer Stronger together – laying the foundations for a bigger future A transformative year FY25 has been a year of significant change for MyState Limited. After announcing our proposed merger with Auswide Bank in August 2024, the transaction was completed on 19 February 2025 following approval from the Australian Prudential Regulatory Authority (APRA), the Supreme Court of NSW, the Federal Treasurer and Auswide shareholders. The merger is transformative for two strong, customer-centric organisations. We are confident that we now have a more diverse, more capable and ultimately more scalable business. We are one team, operating four distinct brands with a shared purpose and a stronger foundation for growth. Why we came together – and why it matters When we began the merger, we knew we had a compelling reason for doing so – to have a larger and more diverse customer base across the eastern seaboard and become a more scalable and resilient financial services business. Together, we now manage $12.9 billion in home loans, $10.1 billion in customer deposits, and nearly $1 billion in funds under management. We now serve more than 275,000 customers through 23 branches, two Australian-based contact centres, and have a growing digital and mobile footprint. And importantly, the merger is already delivering value to our shareholders. We are on track to deliver $20-$25 million in annual pre-tax cost synergies over 14 three years. As at 30 June 2025, approximately four months after the transaction was completed, in excess of $8 million in annualised savings have been achieved across a number of areas including people, governance, technology, and early vendor consolidation. Staying focused on the underlying business through change I am incredibly proud of how our people across all of our businesses have come together to serve our customers well and deliver a strong financial result. MyState’s full year earnings combined with Auswide’s four-month contribution have delivered: • Core earnings up 16.1% to $59.6 million • Underlying NPAT up 17.0% to $41.3 million We declared total dividends of 21.5 cents per share and remained strongly capitalised, with our total capital ratio increasing by 109 basis points to 17.5%, providing MyState with the capacity to support growth. Laying the right foundations The first phase of our integration roadmap was focused on creating the foundations that will carry us forward and delivering early synergies. On 19 February 2025, we began with a unified Board and executive team. Since that time our key business functions – Risk, Finance, Technology, HR and Marketing – have each been aligned under a single leader. We’ve also made Total capital ratio Dividend 17.5% 21.5 cps good progress integrating our broker partnership and product teams and rationalised key service providers such as internal and external audit and insurance. Critically, through this change we have grown our customer base and maintained our customer-centric culture. Our brands in FY25 – growth through stronger partnerships In early July 2024 MyState Bank successfully launched and migrated all retail banking customers to a new mobile app and internet banking platform. This delivered a significant upgrade to our customers’ digital experience. During the year MyState Bank attracted 15,430 new to bank customers. MyState Bank also delivered digital enhancements to its lending processes, which have supported a reduction in decision times for customers and brokers. At TPT Wealth, we continued to focus on growing and optimising our trustee services business, which resulted in a strong trust pipeline and lower costs. On the investment services side we pursued opportunities to support funds under management growth. MyState Limited | Annual Report 2025 Introduction and performance Chair’s review Our people are key to our business success. We have prioritised integration activities that enable our teams to contribute and be their best. Our cultural alignment is well underway. We have launched our new Group purpose and values and have standardised performance assessment and the opportunities for reward and recognition across the Group. Customer first The MyState Foundation invests in community organisations that support young Tasmanians to reach their potential. Over the year the foundation supported 15 community organisations, investing $219,000. MyState Bank also works with Home Base, a community group providing housing for young Tasmanians, to produce the Tasmanian Financial Wellbeing Report. The report shines a light on the financial aspirations and stresses of Tasmanians as they build their lives. The report provides valuable data to policy makers in dealing with community issues such as housing, employment and training. Over the year Auswide provided support to key initiatives in Queensland, including the Salvation Army, Ronald McDonald House and the Lord Mayor’s Charitable Trust. Our business ambition remains unchanged, which is to profitably grow our home loan book and customer deposits, scale our equipment finance business and profitably grow our funds and private trustee services business. A heartfelt thank you To our people: thank you. Your resilience, adaptability and belief in what we’re building have made our achievements possible. To our customers and partners: we are grateful for your trust. And to our shareholders: thank you for your continued support and belief in our future. We set out to become stronger together – and we are. Brett Morgan Managing Director & CEO Shareholder information Amid all this change, we’ve remained firmly focused on the people we serve. One of our early commitments was to ensure a seamless experience throughout the merger for our customers – and we’ve delivered on that. MyState has a proud history of supporting the communities in which we operate. Financial report Our increased size is delivering new opportunities; it’s an exciting time for our people to develop and grow with the business and be rewarded for success. Community Directors’ report and remuneration report In the period since the merger we have focused on building a strong foundation to support our people to succeed. We believe our customers will benefit from a bigger and stronger financial services business, which the merger has delivered. As we move into the next phase of the integration, we will continue to deliver synergies and make our banking business simpler and more efficient. We will do this by moving to a single banking licence, upgrading our loan origination system, and continuing to integrate and consolidate our technology, including the core banking system. Further, we will continue to consolidate vendors, standardise processes and use our increased scale to generate efficiencies. Board of Directors and KMP Bringing people together We’ve continued to invest in our digital offering and in cyber security, while ensuring our customers were well served, with continuity and consistency across our branches and contact centres. Looking ahead with confidence Sustainability report Selfco expanded its business vehicle and equipment lending portfolio by 98% since its acquisition by Auswide in August 2024, through developing closer relationships with key brokers and improving client servicing times. Pleasingly, customer advocacy has also remained strong during a time of transition. Our strategy and approach to risk Auswide Bank commenced a partnership with leading rural services provider, Elders, to offer a range of financial services including farm management deposits, term deposits, cash management accounts and savings accounts. Chief Executive Officer’s review When we began the merger, we knew we had a compelling reason for doing so – to have a larger and more diverse customer base across the eastern seaboard and become a more scalable and resilient financial services business. 15 MyState Limited | Annual Report 2025 Our strategy This year marked a significant milestone in our growth ambitions with the successful merger of Auswide Bank into the MyState Limited Group. Coming together has expanded our regional footprint and strengthened our shared commitment to our purpose rally cry: Together for the better. The merger was guided by a clear vision – to create a stronger, more resilient financial institution that delivers enhanced value to our customers, communities and shareholders. We are proud that it was executed with minimal operational disruption, representing a seamless transition for our customers and clients. This achievement is a testament to the commitment of our teams and the strong alignment between our businesses. Our strategic focus to grow our market share in deposits, lending and funds under management remains unchanged, and we are excited to now be serving more customers in more locations than ever before. We manage over $12.9 billion in home lending, $10.1 billion in customer deposits, and nearly $1 billion in funds under management. More than 275,000 customers rely on us, and our 650-strong team works across 23 branches and two Australian-based contact centres, and enabling our growing digital and mobile footprint. Guided by our purpose-led strategy, and through the products and services of MyState Bank, Auswide Bank, Selfco and TPT Wealth, our goal is to improve the financial wellbeing of our people, customers and communities by making managing money easy. Our strategic focus to grow our market share in deposits, lending and funds under management remains unchanged and we are excited to now be serving more customers in more locations than ever before. 16 We offer a broad range of services; from everyday banking, home and investment loans, equipment financing, asset management and commercial lending, to estate planning and trust administration. These services are delivered through key channels, including digital platforms, broker networks, mobile lenders in Tasmania and Queensland, and our branch and contact centre networks in two states. TPT Wealth’s key channels include digital platforms and relationship managers, while Selfco distributes primarily through relationship managers and commercial finance brokers. We believe our unified organisation is greater than the sum of its parts. Together, we have formed a stronger business – better positioned to respond to the evolving needs of our customers, communities and stakeholders. MyState Limited | Annual Report 2025 Introduction and performance Chair’s review MyState Group strategy Chief Executive Officer’s review Our ambition is to profitably grow our share in deposits, lending and funds under management. Sustainable, profitable growth Savings accounts Equipment finance Term deposits Home lending Wills and estate planning Commercial lending Trustee services Investing and borrowing Wealth transfer Core offerings Spending, saving and borrowing Borrowing Create customer ‘wow’ Chase the better Collaborate to win Directors’ report and remuneration report Our award-winning products assist our customer