MA Financial Group (MAF) H1 2025 earnings summary

Executive summary

• Underlying earnings per share rose 26% year-over-year, driven by record first-half underlying revenue and strong momentum across all business divisions, with recurring revenue accounting for 74% of total revenue.

• Strategic milestones included the IPO of MA1, acquisition of IP Generation (adding $1.9 billion AUM, expected to settle September 2025), and partnership with Warburg Pincus in real estate credit.

• All business segments—Asset Management, Lending & Technology, and Corporate Advisory—delivered strong growth and performance, with Lending & Technology revenue up 63% year-over-year.

• Statutory profit after tax was $7.6 million, down 44% due to one-off investment and acquisition costs.

• Strong business momentum and expectations for materially higher underlying EPS in 2H25.

Financial highlights

• Underlying revenue increased 21% to $163.4 million; underlying EBITDA up 25% to $47.8 million; underlying NPAT rose 27% to $22.6 million; underlying EPS up 26% to 14.0 cents.

• Statutory revenue up 50% to $367.9 million; statutory expenses up 62% to $347.6 million.

• Recurring revenue up 26% to $120.2 million, now 74% of total revenue.

• Assets under management grew 31% to $12.7 billion; gross fund inflows up 36% to $1.5 billion.

• Cash and undrawn facilities at $84.7 million.

Outlook and guidance

• Underlying EPS in 2H25 expected to be materially higher than 1H25, with all divisions showing positive momentum.

• Asset Management recurring revenue margin for FY25 expected at ~160bps (excl. IPG), ~155bps post-acquisition.

• Lending & Technology expects MA Money to deliver on its $15–20 million NPAT target for FY26, with ongoing investment to support growth.

• Performance and transaction fees anticipated to rise in 2H25, though still below peak years.

• Corporate Advisory revenue per executive targeted at $1.1–$1.3 million, with a robust transaction pipeline.