Insignia Financial (IFL) investor relations material

Executive summary

• FY25 delivered strong growth with UNPAT up 18% to $255M, NPAT of $16M, and costs falling 6% as transformation and separation initiatives were completed ahead of schedule, supporting the 2030 vision.

• FUMA rose to $323B, supported by $1.6B in net flows, a $5B turnaround from FY24.

• Entered into a scheme for acquisition by CC Capital, valuing equity at $3.3B, a 57% premium to the undisturbed share price, with implementation expected in 1H CY2026.

• Early completion of transformation initiatives and the launch of Rhombus Advisory and MLC Retirement Boost set the foundation for future growth.

Financial highlights

• Net revenue for FY25 was $1.405B, up 0.9% on FY24, driven by higher average FUMA and ongoing business revenue growth.

• Total OpEx fell by 5.9% ($60M reduction), with EBITDA up 18.9% to $453M and underlying NPAT up 17.6% to $254.8M.

• Statutory NPAT was $16.1M, a turnaround from a $185.3M loss in FY24.

• Free cash flow improved by over $400M in the second half, ending FY25 at -$71M, with further improvement expected in FY26.

• FUMA net flows of $1.6B, reversing a $3.4B outflow in FY24.

Outlook and guidance

• FY26 guidance expects base OpEx of $880M–$890M and reinvestment OpEx of ~$80M, mainly for SS&C migration.

• Group net revenue margin expected to decline to 40.5–41.5 bps, with Master Trust margins at 51–52 bps and a $30M negative revenue impact.

• Advice segment expected to maintain revenue growth momentum; performance fees in asset management to moderate.

• 2030 Vision targets double-digit earnings growth, cost excellence, and AI-enabled operations.

• Free cash flow expected to improve as remediation and transformation costs decline.