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Aspen (APZ) investor relations material
Aspen H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
EPS increased 22% to 16.08–16.8¢ per share, 12% ahead of guidance, and DPS rose 18% to 10¢ per share; NAV per security up 14% to $2.54.
Comprehensive income before deferred tax was $77.0m, with $0.10 per share dividend and $0.31 per share NAV uplift.
Underlying EBITDA increased 29% to $41.4m, and operating earnings grew 35% to $34.1m.
Portfolio expanded to 6,344 dwellings/sites, with a 21% increase in property and inventory value to $681m.
Gearing reduced to 13% and net financial debt fell 46% to $87m, supporting future growth.
Financial highlights
Net rental income rose 14% to $35.0m, with margin expanding to 52%; rent revenue grew 9% to $67.4m.
Development profit surged 47% to $12.7m, with margin up to 32%; development revenue increased 35% to $39.5m.
DPS increased 18% to 10¢ per share; NAV up 14% to $2.54.
Statutory net profit climbed 18% to $57.1m.
Corporate overhead rose 7% due to team expansion.
Outlook and guidance
FY26 guidance: underlying EBITDA of $47.0m (up 14%), EPS of 19¢ (up 13%), DPS of 11¢ (up 10%).
Net rental income guidance of $38.5m for FY26, up 10%; development profit guidance of $17.5m, up 30–38%.
Expecting 3–5% rental growth and strong forward bookings in parks.
Targeting 140 settlements for the year, with 72 already in place.
Expectation of no tax payable in FY26, with effective tax rate of 5–10% from FY27.
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