EQT (EQT) H2 2026 earnings summary

Executive summary

• Achieved 33% growth in after-tax profit from continuing operations for FY26, with revenue up 9.4% and NPAT up 32.7%, reflecting strong execution and a transition to a focused trustee services business.

• Margin expansion of 580bps driven by productivity improvements and technology implementation.

• The group exited the superannuation trustee business (STS), simplifying the organization and sharpening focus on high-quality growth opportunities.

• Ongoing legal proceedings (Shield & First Guardian) and heightened regulatory engagement impacted costs and risk profile.

Financial highlights

• Funds under management, administration, and supervision (FUMAS) grew 15.1% to $191.9 billion.

• Revenue from continuing operations increased 9.4% to $167 million year-over-year.

• NPAT from continuing operations rose 32.7% to $33.9 million, but group NPAT fell 20.5% to $26.4 million due to discontinued STS operations and a $13.1 million impairment.

• Earnings per share was 98.64c; full-year dividend was 76c per share (77% payout ratio).

• Operating cash flow after tax was $54.9 million, up $14.6 million from prior year.

Outlook and guidance

• Entering FY27 with strong momentum, supported by favorable market conditions and robust pipelines in core businesses.

• Focus on executing strategic priorities, digital transformation, and completing the superannuation exit.

• Expectation of stable margins and continued top-line growth in continuing operations, subject to normal market and regulatory conditions.

• Approximately $5 million of transformation investment planned, mainly in CTS and digital initiatives.

• Costs associated with Shield and First Guardian matters anticipated to continue through FY27.