AUB Group (AUB) H1 2026 earnings summary

Executive summary

• Underlying NPAT rose 13.9% to AUD 90.4mn, with margin expansion to 33.9% in 1H26, reflecting resilience and disciplined cost management.

• Revenue increased 6.6% year-over-year to AUD 759.5mn, with EPS up 13.9% to 77.54 cents and interim dividend up 8% to 27.0 cents per share.

• International division led profit growth with 29% underlying PBT increase and 510bps margin expansion, while New Zealand Broking saw profits decline due to market softness.

• Prestige acquisition and ~30 smaller equity investments completed, advancing UK retail strategy and positioning the group for future growth.

• Appointment of Nick Dryden as CFO, effective 24 February 2026.

Financial highlights

• Organic NPAT growth was 14.4%, with acquisitions contributing 6.0% and FX/funding costs having a -6.5% impact.

• EBIT margin reached 33.9%, up 190bps year-over-year, with meaningful expansion across the group.

• BizCover revenues grew 13.3%, EBIT margin up 330bps to 46.6%, and NPBT up 23.3%.

• Agencies delivered 10.8% revenue growth, EBIT margin up 200bps to 42.4%, and NPBT up 10%.

• Cash and undrawn debt stood at AUD 143.5mn at 31 Dec 2025; pro-forma post-Prestige acquisition at AUD 300.3mn.

Outlook and guidance

• FY26 underlying NPAT guidance upgraded to AUD 220–230mn, representing 9.9%–14.9% growth over FY25, assuming Prestige acquisition settles by 1 May 2026.

• Guidance incorporates FX and interest rate assumptions, with USD 36mn brokerage income unhedged in 2H26.

• 2H26 organic and acquisition growth expected to drive further earnings, with FX and funding costs monitored.