• Wealth Consulting positioned for growth in FY12/26 – AZN is navigating the turbulence related to the tax reforms impacting ADVANTAGE CLUB well, with formations resuming in February 2026 and expected to ramp up to normalized levels in Q2. Demand remains robust, evidenced by the Akasaka Mitsuke AD's one-week sellout. Importantly, AZN is driving Wealth Consulting growth through regional expansion (multiple offices planned for 2026), strengthening Chester Group synergies, and continued investment in technology and AI to improve consultant productivity. Further, asset price appreciation in Japan provides tailwinds for unit price growth. Looking past the near-term turbulence, AZN continues benefit from the wealth transfer megatrend with a clear runway for growth.
