Aspen Group (APZ) H2 2025 earnings summary

Executive summary

• EPS increased 22% to $0.168 per share, with DPS up 18% to $0.10 per share and NAV up 14% to $2.54, reflecting strong value creation for security holders.

• Underlying EBITDA increased 29% to $41.4m, and underlying operating earnings grew 35% to $34.1m.

• Five-year compound EPS and NAV growth rates of 20% and 17%, respectively, highlight sustained performance.

• Portfolio expanded to 6,344 dwellings/sites, with a 21% increase in total 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% year-over-year to $35.0m, with margin expanding by two percentage points to 52%.

• Development profit increased 47% to $12.7m, driven by higher volumes, prices, and margins.

• Statutory net profit climbed 18% to $57.1m, and comprehensive income before deferred tax was $77.0m.

• Corporate overhead increased 7% due to expanded management and marketing teams.

• Net debt stands at $87 million, with interest cover at 6x and over $150 million in asset acquisition capacity.

Outlook and guidance

• FY26 guidance: underlying EBITDA of $47.0m (up 14%), underlying EPS of $0.19 (up 13%), and DPS of $0.11 (up 10%).

• Net rental income guidance for FY2026 is $38.5 million, up 10% year-over-year.

• Development profit guidance of $17.5 million for FY2026, up 30-38% from prior year, with 140 settlements targeted.

• Expectation of no tax payable in FY26, with effective tax rate of 5-10% from FY27.

• Forward bookings for parks and short-stay assets are ahead of last year; tourism and corporate activity are stronger.