EQT (EQT) H1 2025 earnings summary

Executive summary

• Funds under management, administration, and supervision (FUMAS) reached AUD 224 billion, up 26% year-over-year, driven by organic growth and favorable equity markets.

• Revenue grew 6.5% year-over-year, supported by both TWS and CSTS segments and favorable investment markets.

• Statutory net profit after tax was AUD 12.3–12.9 million, down year-over-year due to integration and transition costs, but up sequentially.

• Major transformation milestones achieved, including completion of AET integration and exit from U.K./Irish/European businesses.

• Technology modernization and platform consolidation completed, with further upgrades scheduled and digital channel development underway.

Financial highlights

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

• Statutory NPAT was AUD 12.3–12.9 million, down 2.9–11.3% year-over-year; underlying NPAT was AUD 16.4 million, down 7.4%.

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

• Statutory expenses rose due to integration, platform exit, and increased people costs.

• EBITDA margin was 28.9%; underlying EBITDA margin was 33.5%.

Outlook and guidance

• Expenses expected to decline by AUD 6 million in the second half, supporting margin expansion.

• Management expects a return to profit growth in the second half, barring unforeseen market disruptions.

• Sales momentum remains strong, with a robust new business pipeline and three new superannuation fund take-ons.

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

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