Aspen Group (APZ) Q1 2027 TU earnings summary

Executive summary

• 1Q FY27 results exceeded expectations, led particularly by rental pool performance; on track for another year of strong profitability and at least 20% growth in Underlying EPS.

• Strategy combines property ownership, active operations, development and capital management; reported pre-tax ROE was 2.3x the listed-peer return.

Financial highlights

• 1Q FY27 NRI rose 16% to $12.7m, realised Development Profit increased to $7.9m, EBITDA rose 38% to $17.8m and pre-tax EPS increased 34% to 7.1 cents.

• Rental revenue increased 10% to $21.7m; NRI margin expanded 3ppt to 58%.

• Development revenue rose 70% to $22.1m; settlements increased 53% to 46 and average Lifestyle house price rose 9% to $520k.

Outlook and guidance

• FY27 guidance reiterated, subject to no material operating-environment change: NRI $44m, Development Profit $33m, EBITDA $66m and pre-tax EPS 26.1 cents.

• FY27 DPS guidance is 12.0 cents, up 9%; expected effective tax rate is 10–15% of total pre-tax Underlying Earnings after historic tax losses were exhausted in FY26.

• 123 development contracts were on hand at quarter-end; combined with 46 settlements, these represent ~78% of FY27 Development Profit guidance.

• Australind Residential BTR is on track for completion this half; Lifestyle development is expected to commence in FY27.