EQT (EQT) H2 2024 earnings summary

Executive summary

• FY 2024 saw strong growth, with funds under management, administration, and supervision (FUMAS) up 26.7% to $202.8 billion, and revenue up 23.1% to $174 million.

• Net profit after tax increased 10% to $20.7 million; underlying NPAT rose 13.8% to $37.9 million.

• The AET acquisition integration progressed well, delivering anticipated synergies and supporting strong performance in Trustee and Wealth Services.

• Technology modernization and platform transitions advanced, supporting operational scale and efficiency.

• Dividend increased to 104 cents per share, with total shareholder return at 27.5%.

Financial highlights

• Revenue up 23.1% year-over-year to $174 million, driven by AET annualization, synergies, and new business.

• Expenses rose 28.3% to $141.8 million, reflecting AET integration, restructuring, and inflation.

• Underlying EPS up 9% to 142.37c; statutory EPS up 5.3% to 77.84c.

• Net cash flow from operations increased by $19.3 million to $49.9 million.

• Strong closing cash position of $113.2 million and low debt-to-equity ratio of 11.9%.

Outlook and guidance

• Focus remains on completing AET integration, achieving synergy targets, and finalizing technology builds in FY 2025.

• Margin improvement expected as technology investments are leveraged and expense synergies realized.

• Continued investment in technology, with $5 million planned for FY 2025.

• Anticipated growth in CSTS and Trustee Wealth Services, with strong pipelines in superannuation and fund services.

• FY25 expected to benefit from reduced one-off integration and technology costs.