AUB Group (AUB) H1 2025 earnings summary

Executive summary

• Underlying NPAT for 1H25 was AUD 79.3mn, up 13% year-over-year, with underlying EPS rising to 68.07 cents; reported NPAT was AUD 26.4mn, down from AUD 53.1mn due to absence of prior period one-off gains.

• Group revenue increased 12.1% year-over-year to AUD 712.6mn, driven by robust organic (9.3%) and acquisition (15%) growth.

• All major divisions—Australian Broking, International, Agencies, New Zealand, and BizCover—delivered strong revenue and profit growth, with standout margin expansion in BizCover and Agencies.

• International segment restructured, with new leadership and streamlined operations; headline profit impacted by one-off items and restructuring.

• FY25 underlying NPAT guidance reaffirmed at AUD 190–200mn, representing 11.1–16.9% growth over FY24.

Financial highlights

• Revenue rose to AUD 712.6mn (+12.1% year-over-year); underlying NPAT reached AUD 79.3mn (+13.0%).

• Underlying EPS increased 5.1% to 68.07 cents; interim dividend up 25% to 25.0 cents per share.

• EBIT margin contracted slightly due to one-off items and timing differences; margin was 32.0% (down 50bps).

• Operating cash flow was AUD 188.5mn, up from negative AUD 17.3mn in HY24.

• Before one-off items, underlying NPAT grew 27.8% year-over-year.

Outlook and guidance

• FY25 underlying NPAT guidance reaffirmed at AUD 190–200mn, representing 11.1–16.9% growth.

• 2H25 organic growth expected at 8.0–16.0%, with acquisition growth of 11.9–13.9%.

• Guidance assumes no unknown acquisitions, historical renewal/income split, and specified FX rates and hedging.

• FY26 expected to benefit from removal of one-off bonus accruals and improved commercial arrangements at Tysers.

• Ongoing initiatives in BizCover and Agencies expected to drive further revenue and margin growth.