Kyron Capital (KYN) H2 2026 earnings summary

Executive summary

• FY 2026 was a transition year marked by a $125 million recapitalisation, new CEO appointment, rebranding, and strengthened governance, including an independent trustee board and new AFSL.

• The group shifted focus to core real estate sectors—retail, office, healthcare, and hotels/leisure—divesting non-core assets and reducing AUM from $5.5 billion to $1.8 billion.

• Reinstatement to ASX quotation was achieved in June 2026 after fulfilling reporting obligations.

• Strategic reset actions stabilized the platform, improved governance, and clarified the growth strategy.

Financial highlights

• Funds management income for FY 2026 was $27.1 million, with recurring income at $26.1 million and EBITDA margin at 8%.

• Core earnings showed a loss of $30.3 million, impacted by one-off reset costs, provisions, and legacy financing expenses.

• Corporate costs reduced by 33% to $25 million, down from $37.1 million in FY 2025.

• Gearing improved to 54.2% at 30 June 2026 from 72.4% at 30 June 2025.

• NTA per security was $0.26, but NTA to ordinary equity was negative after perpetual notes deduction.

Outlook and guidance

• The platform is positioned for sustainable growth, focusing on profitability, disciplined capital management, and targeted sector growth.

• Plans include recycling co-investments and receivables to release capital and reduce debt.

• Growth ambitions target expansion of AUM with domestic and Pan-Asian capital partners.

• Continued execution of cost-saving initiatives and platform efficiencies to drive profitability.