MA Financial Group
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MA Financial Group (MAF) investor relations material

MA Financial Group H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Logotype for MA Financial Group Limited
H2 2025 earnings summary19 Feb, 2026

Executive summary

  • FY 2025 saw strong performance with multiple growth engines scaling, delivering material earnings growth and record AUM of $15.3 billion, up 49% year-on-year, supported by strategic acquisitions and new product launches.

  • Underlying EPS rose 31% year-over-year, driven by record underlying revenue and robust business growth across all segments.

  • All divisions contributed to growth, with significant momentum heading into FY 2026.

  • Lending & Technology segment saw MA Money's loan book grow 148% and Finsure managed loans increase 26% to $175 billion.

  • Return on equity improved to 13.6% from 10.7% in the prior year.

Financial highlights

  • Underlying revenue rose 25% year-on-year to $382.4 million; underlying NPAT was $57.0 million, up 35%.

  • Underlying earnings per share grew over 30% year-on-year to 34.2 cents; underlying revenue, EBITDA, and EPS all delivered 25%-35% growth.

  • AUM increased nearly 50% to over $15 billion; gross flows reached a record $4.1 billion, up 82% year-on-year.

  • Recurring revenue was $258 million, up 24%-25% year-on-year, now 67% of total revenue.

  • Statutory NPAT was $11.1 million, down 73% due to $41 million in acquisition and fund establishment costs.

Outlook and guidance

  • Most FY 2026 targets are expected to be met or exceeded ahead of schedule, with strong momentum into the new year and FY26 EPS expected to be materially higher.

  • Net fund inflows (excluding institutional) are anticipated to rise, underpinned by private credit and real estate, though recurring revenue margin may be slightly lower due to real estate AUM growth.

  • MA Money is on track for a $20 million NPAT contribution in FY26, with further upside possible.

  • Strategic investment spend is forecast to decrease to $6–8 million in FY26 as the U.S. platform becomes more active.

  • EBITDA margin is expected to improve but unlikely to reach the 40% target in the near term.

Path to 40% EBITDA margin and long-term view?
Dividend policy: balance growth vs shareholder return?
Private credit differentiation in competitive market?
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Frequently asked questions

MA Financial Group Limited is an Australian financial services firm offering asset management, lending, and corporate advisory services. The company serves institutional, high-net-worth, and corporate clients with investment solutions across real estate, credit, and private equity strategies. It also engages in mergers and acquisitions and capital markets activities. MA Financial Group Limited is headquartered in Sydney, Australia, and its shares are listed on the ASX.

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