Ben Rundle unpacks what really matters in the numbers and where he sees the next leg of growth emerging.
Key Numbers
- Closing FUA up 23.6% to $125.6bn vs. Macquarie ests of $125bn (0.5% beat)
- EBITDA up 23.9% to $96.7m vs. ests of $94.7m (2% beat)
- EBITDA margin of 49.9%, broadly in line with the FY26 target of ~49%
- NPAT up 19.9% to $69.0m vs. ests of $65.0m (6% beat)
- Interim dividend up 20% to 21 cps vs. ests of 20 cps (5% beat)
- FY26 guidance reaffirmed: EBITDA margin (ex-FG expenses) of ~49%, FUA net flows not to differ materially year-on-year, and capitalised software investment of ~$12m
