Bravura Solutions (BVS) H1 2025 earnings summary

Executive summary

• Successfully progressing the Energize, Build, and Grow strategy, delivering improved financial and operational performance, with upgraded FY25 guidance for revenue, EBITDA, and Cash EBITDA reflecting strong business momentum.

• Revenue for 1H25 was $127.5 million, up 0.4% year-over-year; EBITDA (excluding non-recurring licence sale) rose to $23.8 million from $7.9 million; adjusted NPAT was $11.3 million, reversing a $1.7 million loss in 1H24.

• Special and interim dividends totaling over 10.5 cents per share announced, with total FY25 cash distribution to shareholders exceeding 26.8 cents per share, including a special dividend and capital return.

• Strong balance sheet with a closing cash balance of $151.8 million at the end of 1H25.

• Major licence sale to Fidelity International contributed $56.3 million in non-recurring revenue, driving reported profit after tax to $61.2 million.

Financial highlights

• Total revenue from contracts with customers was $127.5 million (1H24: $127.0 million); recurring revenue up 7.2% to $78.7 million.

• EBITDA (excluding non-recurring) was $23.8 million, up 201.3% year-over-year; underlying NPAT was $11.3 million.

• Net closing cash at $151.8 million, with net cash inflow of $61.9 million, including $46.3 million from the Fidelity licence sale.

• Operating cash flow increased to $67.1 million from $18.8 million in 1H24, reflecting improved collections and cost base.

• Basic and diluted EPS were 13.7 cents (1H24: -0.4 cents).

Outlook and guidance

• Upgraded FY25 guidance: revenue forecasted at $248–$252 million, EBITDA at $46–$49 million, and Cash EBITDA at $38–$44 million, excluding one-off licence sale impact.

• Revenue upgrades driven by APAC digital advice traction, stronger EMEA demand, and FX tailwinds contributing about 40% of the forecast upgrade.

• Second half revenue expected to be seasonally softer due to timing of professional services and client budget cycles.

• R&D investment focused on Alta and Advice OS to enhance product functionality and expand addressable market.