MA Financial Group (MAF) H2 2024 earnings summary

Executive summary

• Gross fund inflows reached AUD 2.7 billion in FY24, up 27% year-over-year, with AUM rising 12% to AUD 10.3 billion and strong domestic channel growth.

• MA Money's loan book surged 155% to AUD 2.1 billion, turning a profit in 2H24, while Finsure managed loans increased 26% to AUD 139 billion, reinforcing competitive positioning.

• Underlying revenue rose 14% to AUD 306.6 million, with recurring revenue up 7% and representing 62% of total.

• Underlying EBITDA increased 7% to AUD 87.1 million; underlying EPS up 1% to 26.1 cents, with statutory EPS up 46%.

• Material investment in platform, technology, and brand to support future growth.

Financial highlights

• Statutory revenue up 47% to AUD 576.7 million; statutory EBITDA up 84% to AUD 320.7 million.

• Group EBITDA margin was 28.4% for FY24; adjusted for strategic spend, margin was close to 35%.

• Underlying NPAT up 1% to AUD 42.1 million; statutory NPAT up 47% to AUD 41.8 million.

• Recurring margin in asset management increased to 161 basis points in 2H24, reflecting real estate credit deployment.

• Cash and undrawn facilities at AUD 120 million, providing flexibility for growth.

Outlook and guidance

• FY25 EPS anticipated to be materially higher, with earnings skewed to 2H and recurring margin expected to improve.

• MA Money is on track for AUD 15–20 million NPAT in FY26, with non-linear growth in FY25 due to front-ended investment.

• Strategic investment spend to reduce to AUD 10 million in FY25, with focus on US Private Credit platform.

• AUM target of AUD 15 billion by FY26, with current AUM at around AUD 11 billion including pending allocations.

• Performance and transaction fees anticipated to remain below long-term trends due to market uncertainty.