MA Financial Group (MAF) H1 2026 earnings summary

Executive summary

• Achieved record first half earnings in 1H26, with underlying EPS up 96% year-over-year and underlying revenue up 41% to $230.1 million; recurring revenue contributed 72% of total, and AUM rose 44% to $15.5 billion.

• MA Money loan book grew 127% to $7.5 billion, and Finsure managed loans increased 25% to $193 billion.

• Interim dividend increased by 33% to 8 cents per share, fully franked, reflecting business strength.

• Diversified business model and strategic acquisitions, including IP Generation, underpinned strong performance despite challenging market conditions.

• Corporate Advisory & Equities performed well, with strong activity levels and several transactions announced post-balance date.

Financial highlights

• Underlying EPS (ex large notable items) was 20.3c, up 45% year-over-year; underlying EBITDA (ex LNI) rose 43% to $68.2 million; underlying NPAT (ex LNI) increased 59% to $35.9 million.

• Statutory revenue up 69% to $623.2 million; statutory NPAT up 143% to $18.5 million; basic EPS doubled to 9.8c.

• Return on equity (ex LNI) at 15.5%, up 4.5 pps year-over-year.

• Recurring revenue at $154 million, nearly four times the level five years ago.

• Cash and undrawn facilities at $148 million, up 75% year-over-year.

Outlook and guidance

• Underlying EPS ex LNI expected to be materially higher in FY26 than FY25, with earnings skewed to 2H26.

• Net fund inflows (ex institutional) anticipated to increase in 2H26, though FY26 net inflows may remain below FY25.

• MA Money NPAT guidance upgraded to $25–30 million for FY26, with strong growth expected into FY27.

• Corporate Advisory revenue per executive targeted at $1.1–$1.3 million, with revenue expected to be heavily weighted to 2H26.

• Strategic spend forecast at $6–8 million in FY26, focused on US private credit platform and new product development.