Bravura Solutions (BVS) H1 2025 earnings summary

Executive summary

• Revenue for 1H25 was $127.5 million, up 0.4% year-over-year, with EBITDA (excluding non-recurring licence sale) rising to $23.8 million and underlying NPAT of $11.3 million, reflecting successful execution of the Energize, Build, and Grow strategy and improved operational performance.

• Upgraded FY25 guidance for revenue, EBITDA, and Cash EBITDA, supported by strong business momentum and transformation success.

• Special and interim dividends totaling over 10.5 cents per share announced, with total FY25 cash distribution exceeding 26.8 cents per share, including a $73.2 million capital return and $40 million special dividend.

• Reported profit after tax was $61.2 million, driven by a $56.3 million non-recurring licence sale to Fidelity International.

• Strong balance sheet with closing cash of $151.8 million at 31 December 2024.

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, reversing a $1.7 million loss in 1H24.

• Total EBITDA, including non-recurring licence sale, was $80.1 million; net profit after tax was $61.2 million.

• Operating cash flow increased to $67.1 million from $18.8 million in 1H24.

• Net closing cash balance was $151.8 million at period end.

Outlook and guidance

• FY25 revenue guidance upgraded to $248–252 million, EBITDA to $46–49 million, and Cash EBITDA to $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 suspensions.

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