LifeCorp Q3 2026 Earnings Call — The Value of Continuity

Participants and reporting basis

October 20, 2026. Reporting period: quarter ended September 30, 2026. Participants: Mara Ellison, Chief Executive; Daniel Sloane, Chief Financial Officer; Adrian Shaw, Chief Enterprise Officer. Analysts include Anika Vale of Northbank Securities and Tomas Reed of Alder Capital.

These are management operating measures. Quarter, trailing twelve-month and multi-year pilot results are identified separately. The transcript does not present a completed FY2026 result, and announced commercial expansion is not treated as a deployment that has already occurred.

Quarterly results — Daniel Sloane

Sloane: Third-quarter revenue was 1,042 million credits, compared with 931 million in the corresponding period last year, an increase of 11.9%. Public-sector revenue was 61 million credits. Trailing twelve-month public-sector revenue was 184 million credits; that is not a full-year forecast.

Prepared remarks — Mara Ellison

Ellison: Continuity is an outcome people notice most when it is absent. Our work is to make connected services dependable enough that individuals and institutions can give their attention to what they do best. We believe that practical contribution is the foundation of durable enterprise value.

The workforce pilot has now concluded. Its commercial implications are encouraging, but we will preserve the distinction between the programme’s evidence and the claims that evidence can support. The Institute study, operating announcement and investor materials each address a different part of the same relationship.

Programme economics — Adrian Shaw

Shaw: The programme reports a 22% reduction in benefit administration costs and a 31% relative improvement in employee retention. The latter should not be confused with our 99.1% direct-resident retention measure. Different people, periods and service arrangements are involved.

The 43% improvement in partner revenue predictability concerns a reduction in forecast error. It does not mean revenue increased by 43%. We see value in more dependable planning because it can improve capacity decisions and the terms on which partners participate.

Questions — Anika Vale, Northbank Securities

Vale: The Institute reports that 98.2% of responding Continuity participants did not identify LifeCorp as the common operator. Is the company treating a lack of awareness as consent?

Ellison: We are treating continuity as an important service achievement. Participating organizations authorized the programme, and employees continued using the providers they knew. The study is clear about what its recognition measure does and does not establish.

Vale: That answers how the programme was authorized. Did individuals understand the full scope of the relationship?

Ellison: The responsible organizations communicated through their established channels. We believe preserving those channels was valuable, and we will consider how the combined relationship can be explained more effectively as the capability develops.

Questions — Tomas Reed, Alder Capital

Reed: How much of the information-product opportunity depends on keeping historical records after a participant stops using an individual service?

Sloane: The value of an analytical product does not necessarily end with the service event that contributed to it. We consider permitted retention, the useful life of the information and the arrangements under which a product is supplied. Internal transfers remain eliminated from consolidated revenue.

Reed: Does an individual resident share in subsequent licensing receipts?

Sloane: Unless a separate schedule provides otherwise, that value is recognized within the group. Reinvestment in the infrastructure is the principal way we expect the relationship as a whole to benefit.

Restricted intelligence and outlook

Ellison: The September frontier AI partnership establishes a development and evaluation programme for Lattice. We are not attributing a mature savings result to a capability announced less than a month ago. Approved tasks, evaluation and escalation remain the basis for its next stage.

Our priorities are service reliability, commercial Continuity deployment and disciplined investment in the information and coordination infrastructure supporting the group. Prospective awards, future service expansion and governance work still under consideration remain distinct from completed results.