CHALLENGER LIMITED — Capital/Financing Update 2025

25 November 2025

Market Release

S&P upgrades credit ratings

Challenger Limited (ASX:CGF) today announced that S&P Global Ratings (S&P) has recently completed its annual ratings review and upgraded the long-term financial strength and issuer credit ratings for Challenger Life Company Limited (CLC) and Challenger Limited.

Challenger’s S&P ratings are now as follows:

• Challenger Life Company Limited – ‘A+’ (from ‘A’)

• Challenger Limited – ‘A-’ (from ‘BBB+’)

The outlook on these ratings is stable.

S&P noted that the upgrade in ratings reflects CLC maintaining its market leadership position in the Australian annuities market, better regulatory settings and strong retirement savings trends that will support earnings. S&P also commented that CLC’s risk management framework provides a competitive advantage and excellent capital adequacy offers flexibility to navigate market and credit stress.

ENDS

This release has been authorised by Challenger’s Continuous Disclosure Committee.

About Challenger

Challenger Limited (Challenger) is an investment management firm focused on providing customers with financial security for a better retirement.

Challenger operates a fiduciary Funds Management division and an APRA-regulated Life division. Challenger Life Company Limited (Challenger Life) is Australia's largest provider of annuities.

For more information contact:

Investor Relations Media Relations

Mark Chen

Felicity Goodwin

General Manager Investor Relations Head of Public Affairs Mob +61 423 823 209 Mob +61 461 579 782 [email protected] [email protected]

Irene Xu

Mark Roberts

Senior Manager Investor Relations General Manager Corporate Affairs and Sustainability Mob +61 451 822 326 Mob +61 466 328 581 [email protected] [email protected]

Challenger Limited A.B.N 85 106 842 371. Disclaimer: The forward-looking statements, estimates and projections contained in this release are not representations as to future performance and nothing in this release should be relied upon as guarantees or representations of future performance.