Eureka Group Holdings (EGH) H1 2026 earnings summary

Executive summary

• Portfolio expanded by over 40% year-over-year, with more than 10 communities acquired and another 10 under assessment, representing 1,000+ additional sites and a significant pipeline of growth opportunities.

• Revenue increased 20% to $27.0 million for 1H26, driven by a 28% rise in rental income, high occupancy (97% seniors, 86% all-age), and expansion in all-age rental sites.

• Underlying EBITDA rose 11.2% to $9.1 million, with underlying profit before tax up 14.2%, supported by acquisitions and resilient cash flows.

• Statutory net profit after tax declined 18% to $5.2 million, impacted by acquisition transaction costs and GST adjustments following an ATO review.

• Annualized Recurring Revenue introduced as a new key metric, focusing on long-term rents and recurring management fees.

Financial highlights

• Revenue increased 19.7%–20% year-over-year, reaching $27.0 million for 1H26; AUM up 29% to $454 million.

• Underlying EBITDA margin was 33.6%, down from 36.2% due to integration and lease-up impacts.

• Net cash from operating activities reached $7.2 million, up from $1.24 million in the prior period.

• Underlying EPS was 1.44c, down due to share issuance and higher non-cash costs.

• Interim dividend maintained at 0.73 cps (unfranked), with a dividend reinvestment plan in place.

Outlook and guidance

• FY26 guidance reaffirmed: Underlying EBITDA $20.2–$21.1 million (20%–25% growth), Underlying EPS 3.37–3.44c (7.5%–10% growth).

• Full period contribution from recent acquisitions and cost normalization expected to drive stronger second half results.

• Portfolio expected to grow by upwards of 35% over the next two to three years, with a development pipeline exceeding 800 home sites.

• Same-store rent growth targeted at 5%–7% year-over-year.

• Medium-term targets: 5,100+ units, U-EPS CAGR 12.5%–17.5%, LVR <40%.