EQT (EQT) H1 2026 earnings summary

Executive summary

• Revenue reached $100 million for the half, up 11.8% year-over-year, marking a record high and driven by strong growth in core business lines and new client appointments.

• Net profit after tax rose 67% to $20.5 million, with underlying profit up 24.6%–25% due to organic growth, segment performance, and synergy benefits.

• Funds under management, administration, and supervision (FUMAS) grew 28% year-over-year to $284 billion, supported by new business and positive net flows.

• The business operates across Trustee Wealth Services (TWS), Corporate and Superannuation Trustee Services (CSTS), and Superannuation Trustee Services (STS), with TWS contributing over 50% of group revenue.

• Maintained a strong balance sheet with low leverage and high cash generation.

Financial highlights

• EBITDA margin remained just under 33%, with temporary headwinds from litigation and regulatory costs.

• Operating expenses increased 7.1% to $69.7 million, mainly due to regulatory, compliance, and litigation costs.

• Dividend declared at 56 cents per share, up from 55 cents, with a payout ratio of 73%.

• Cash and cash equivalents increased by $105.8 million year-over-year to $220.4 million.

• Statutory and underlying EPS both at 76.48 cents, up 66.6% and 24.4% respectively.

Outlook and guidance

• Strategic review of the Superannuation Trustee Services (STS) business underway due to elevated regulatory risk and revenue risk from HUB24’s insourcing plans.

• Litigation and regulatory costs expected to remain elevated in the second half, with easing anticipated in FY27.

• Strong pipeline in Corporate Trustee Services, with 30 new schemes and custody appointments in progress.

• Results remain sensitive to investment market movements.

• TWS growth to moderate in 2H due to timing of large client wins; technology and digital service expansion planned.