EQT (EQT) H2 2025 earnings summary

Executive summary

• Achieved record FUMAS of $254 billion, up 28% year-over-year, and completed a three-year strategic growth phase including AET integration, technology upgrades, and exit from UK, Ireland, and EU operations.

• Net profit after tax increased by 60% to $33.2 million, driven by business growth and strategic initiatives.

• Realized synergies from AET integration above plan, with significant margin improvement in 2H25.

• Maintained high employee engagement and client satisfaction despite significant organizational change.

Financial highlights

• Revenue grew 7% to $182.5 million year-over-year, with a three-year CAGR of 18.9%.

• Underlying NPBT rose 4% to $53.7 million.

• Statutory EPS up 60% to 124.26 cents; underlying EPS at 140.01 cents.

• Dividend increased 7% to 111 cps, payout ratio at 89%.

• Cash and cash equivalents increased by $17.9 million, with strong operating cash flow and reduced corporate debt.

Outlook and guidance

• Positive FY26 outlook, especially in CSTS, with strong business pipeline and demand.

• Moderate growth expected in TWS; technology investments to focus on efficiency and service.

• Technology spend to normalize at $2 million per annum.

• Statutory profit will be the primary performance measure going forward.

• Heightened regulatory activity and market risk expected to persist.