Hipages Group (HPG) H1 2026 earnings summary

Executive summary

• Achieved 11% year-over-year revenue growth to $44.9 million in H1 FY26, with EBITDA up 29% to $11.2 million and free cash flow up 257% to $4.3 million.

• Migrated all Australian tradies to new pricing plans, launched rebranded business app and perks, and integrated new AI-driven features.

• New Zealand operations saw ARPU up 41% and subscription business numbers up 17% year-over-year, driven by the shift to a subscription model.

• Maintained leadership in brand awareness and preference among homeowners and trade businesses in ANZ.

Financial highlights

• Total revenue rose 11% to $44.9 million; MRR up 9% to $7.5 million; recurring revenue now 98% of total.

• EBITDA margin expanded to a record 25%, up 4 percentage points year-over-year.

• Net profit after tax increased to $2.75 million from $0.07 million in H1 FY25.

• Operating cash flow up 37% to $12.9 million; free cash flow at $4.3 million; closing cash and deposits at $31.1 million, with no debt.

• Group ARPU increased 10% to $2,497; subscription businesses stable at 35,000.

Outlook and guidance

• FY26 revenue guidance set at $90–$91 million, EBITDA margin at 24–26%, and free cash flow at $8–$10 million.

• Guidance reflects macroeconomic softness and algorithm adjustments, with stronger H2 performance expected as platform enhancements and AI features drive momentum.