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, with NPAT rising 67% to $20.5 million and FUMAS up 28% to $283.7 billion, driven by strong segment performance and new client wins.

• Core business lines delivered resilient organic growth, supported by new business, productivity gains, and the completion of AET integration.

• Interim dividend of 56 cents per share declared, up one cent year-over-year, with a payout ratio of 73%.

• Strategic review of the Superannuation Trustee Services business initiated amid ongoing regulatory and legal challenges.

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

Financial highlights

• NPAT rose 67% to $20.5 million, with underlying NPBT up 24.5% and statutory NPBT at $30.3 million, up 53.9% year-over-year.

• FUMAS grew 28% year-over-year to $283.7 billion.

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

• Cash and cash equivalents increased by $105.8 million year-over-year, reaching $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 business underway due to regulatory risk and margin pressure, with results to be communicated upon completion.

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

• Results remain sensitive to investment market movements.

• TWS growth to moderate in 2H due to timing of large client wins; CSTS to leverage technology and portfolio scale for further growth.

• STS faces revenue risk from HUB24’s intention to insource trustee services, with $5 million revenue at risk.