EQT Holdings shares slump on superannuation trustee exit

The news: Shares in Equity Trustees’ holding company, EQT Holdings, plunged in afternoon trade after the company unveiled plans to exit independent superannuation trusteeship services through its subsidiary, Equity Trustees Superannuation Limited (ETSL).

Shares fell 10.1% to $16.86 at 2:18pm AEST.

The context: The decision follows a strategic review aimed at focusing on its core Corporate Trustee Services and Wealth Services businesses.

The superannuation trustee services business represented 5% of the group’s net profit before tax in the first half and oversees $95 billion of funds under management and $36 million of annualised revenue. If ETSL retires from its superannuation trustee appointments, EQT will be required to pay $36 million in loan repayments.

EQT added that the proposed exit will result in the business being classified as a “discontinued operation” in the full-year financial statements. It will also recognise a one-off, non-cash impairment charge of $13 million in FY26, alongside $6.3 million in legal and advisory fees relating to these matters.