Insignia Financial (IFL) H1 2026 earnings summary

Executive summary

• UNPAT rose 6% year-over-year to AUD 132 million, driven by higher average FUMA, positive net flows, cost reductions, and completion of NAB separation.

• Statutory NPAT swung from a loss of AUD 16.8 million to a profit of AUD 78.8 million, reflecting improved operations and absence of new remediation provisions.

• EBITDA increased 6.5% to AUD 238.2 million, with base OpEx down 6.4% to AUD 449.2 million due to ongoing cost-out initiatives.

• Board unanimously recommends shareholders vote in favor of the AUD 4.80 per share scheme with CC Capital, a 57% premium to the undisturbed price, with regulatory approvals expected in 1H CY 2026.

• Achieved significant progress on 2030 Vision, including digital initiatives, AI deployment, and MLC brand relaunch.

Financial highlights

• Net revenue increased 1.8% to AUD 718.2 million, with average FUMA up AUD 19 billion to AUD 339 billion.

• Net revenue margin declined from 43.8 to 42 basis points due to product mix and pricing changes.

• Free cash flow improved to +AUD 52 million from -AUD 239 million year-over-year, aided by lower remediation and separation costs.

• Cost-to-income ratio improved to 63% from 68%.

• Closing FUMA reached AUD 341.97 billion, up from AUD 326.77 billion a year ago.

Outlook and guidance

• No interim dividend declared due to the pending scheme; special dividend possible if scheme not effective by July 2026.

• Master Trust margin guidance raised to 51.5-52.5 bps; Wrap margin guidance lowered to 27-28 bps due to timing and migration delays.

• FY26 guidance: group net revenue margin 40.5–41.5 bps, opex AUD 880–890 million, reinvestment opex ~AUD 80 million.

• Acceleration in reinvestment OpEx expected in 2H 2026; cost guidance otherwise unchanged.

• 2030 Vision targets double-digit earnings growth, cost excellence, and digital transformation.