Kelly Partners Group (KPG) H2 2026 earnings summary

Executive summary

• Revenue increased 18.2% year-over-year to AUD 159.2 million, driven by both organic growth (2.9%) and acquisitions (15.3%), with an 800x increase since inception.

• Underlying NPATA attributable to shareholders rose 18.9% to AUD 10.8 million, reflecting strong operational performance.

• The partner-owner-driver model underpins the business, with 105 partners and 700+ staff across 43 businesses in six countries.

• Completed six acquisitions in FY26, adding up to AUD 22.2 million in annualized revenue and expanding global presence to five countries.

• Focus remains on disciplined growth, global expansion, and maintaining high standards in partnerships and operations.

Financial highlights

• Revenue reached AUD 159.2 million, up 18.2% year-over-year, with underlying EBITDA (pre-AASB16) up 18.6% to AUD 45.2 million and a margin of 28.4%.

• Underlying NPATA EPS increased 18% to 23.82c; owner earnings per share rose 17.5% to 22.14c.

• Free cash flow per share rose 17.5% to AUD 0.221; cash from operations was AUD 32.4 million, up 30.1%.

• Return on equity reached 40.8% (group) and 35.7% (parent); ROIC was 23.2%.

• Net debt increased to AUD 70.7 million, with gearing at 1.52x underlying EBITDA.

Outlook and guidance

• Illustrative scenario targets doubling revenue to AUD 270 million by FY28, maintaining a 32.5% EBITDA margin and 10% NPATA margin.

• Focus on scaling the acquisition engine, expanding into new markets, and leveraging the partner-owner-driver model globally.

• Plans for international listing, long-term debt raise, and dual-class share structure.

• No plans to reinstate dividends while high ROIC opportunities persist; special dividends possible if listing venue changes.

• Continued investment in AI and technology, with a disciplined approach to adoption and value creation.