MA Financial Group (MAF) H1 2025 earnings summary

Executive summary

• Underlying earnings per share rose 26% year-over-year, driven by record revenue and strong momentum across all business divisions.

• Recurring revenue accounted for 74% of total revenue, reflecting improved revenue quality and future growth confidence.

• Strategic milestones included the IPO of MA1, acquisition of IP Generation, and partnership with Warburg Pincus in real estate credit.

• All business segments—Asset Management, Lending & Technology, and Corporate Advisory—delivered strong growth and performance.

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

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 NPAT was $7.6 million, down 44% from the prior year.

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

• MA Money loan book surged 134% to $3.3 billion; Finsure managed loans up 28% to $155 billion.

Outlook and guidance

• Expectation of continued momentum and strong second half performance across all divisions, with higher EPS forecasted for 2H25.

• Asset Management anticipates continued growth in fund inflows and AUM, with IP Generation acquisition settling in September.

• MA Money’s growth to drive increased OpEx and technology spend in H2 FY25, with confidence in achieving FY26 NPAT target of $15–$20 million.

• Strategic investment spend guidance unchanged at ~$10 million for FY25, focused on U.S. private credit platform.

• Corporate Advisory revenue expected within $1.1–1.3 million per executive target, with a robust transaction pipeline.