Challenger Ltd

CGF: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Challenger: Growth Outlook Solid, but Upside More Than Priced In

Shaun Ler

Oct 16, 2025

Challenger saw a 4% increase in product sales for the first quarter of fiscal 2026 to AUD 2.5 billion, from AUD 2.4 billion a year ago. Funds under management in its funds management business fell 8% over the same period to AUD 110 billion.

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We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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Challenger Ltd

Challenger: Growth Outlook Solid, but Upside More Than Priced In

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