EQT (EQT) H1 2025 earnings summary

Executive summary

• Achieved strong organic growth, completed AET integration, and exited U.K., Irish, and European businesses, with major technology modernization and platform consolidation initiatives progressing.

• Funds under Management, Administration, and Supervision (FUMAS) reached AUD 224 billion, up 26% year-over-year, driven by favorable investment markets and client fund increases.

• Revenue grew 6.5% year-over-year, supported by both business units and market conditions.

• Statutory NPAT rose 51.5% sequentially but declined year-over-year due to transition and integration costs.

• Dividend increased to AUD 0.55 per share, continuing a track record of rising shareholder returns.

Financial highlights

• Group revenue was AUD 89.4 million, up 6.5% year-over-year; organic growth was 7.6%.

• Net profit after tax was AUD 12.3 million; underlying net profit was AUD 16.4 million, both down year-over-year due to transition costs.

• Statutory expenses rose to AUD 69.8 million, mainly from people and technology costs.

• Earnings per share declined by AUD 0.05–0.06 per share year-over-year; underlying EPS was 61.49c, down 7.9%.

• Interim dividend of AUD 0.55 per share, up AUD 0.04 year-over-year, with an 89.5% payout ratio on underlying earnings.

Outlook and guidance

• Expenses expected to decline by AUD 6 million in the second half, with further expense synergies from AET integration.

• Sales momentum remains strong, with 40+ investment schemes in the pipeline and three new superannuation fund take-ons.

• Margins expected to expand slightly for the full year, consistent with previous guidance.

• Technology upgrades largely complete for TWS; focus shifting to CSTS automation and scaling.

• Positive long-term outlook supported by demographic trends, superannuation growth, and intergenerational wealth transfer.