Bravura Solutions (BVS) H1 2025 earnings summary

Executive summary

• Successfully progressing the Energize, Build, and Grow strategy, driving 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 profit after tax was $11.3 million, reversing a $1.7 million loss in 1H24; reported profit after tax was $61.2 million, driven by a $56.3 million non-recurring licence sale to Fidelity.

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

• Capital and dividend return to shareholders in FY25 totals 26.8 cents per share, including a $73.2 million capital return and $40 million special dividend.

Financial highlights

• Total revenue of $127.5 million, up 0.4% year-over-year; 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 of $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.

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

Outlook and guidance

• Upgraded FY25 revenue guidance to $248–252 million, EBITDA to $46–49 million, and Cash EBITDA to $38–41 million, driven by APAC digital advice traction, stronger EMEA demand, and FX tailwinds.

• EMEA client demand remains stronger than expected, contributing to guidance uplift.

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

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