MA Financial Group (MAF) H2 2025 earnings summary

Executive summary

• FY25 delivered strong performance and scale benefits, with underlying EPS up 31% and underlying net profit up 35%, driven by record underlying revenue and robust growth across all business units.

• Assets under management (AUM) reached $15.3 billion, up 49% year-over-year, with record annual fund inflows of $4.1 billion and significant strategic acquisitions.

• Lending & Technology saw MA Money's loan book grow 148% to $5.2 billion and Finsure managed loans rise 26% to $175 billion.

• Corporate Advisory revenue increased 26% to $63 million, with improved market conditions and productivity at $1.1 million per executive.

• Return on equity improved to 13.6% from 10.7% in the prior year.

Financial highlights

• Underlying revenue rose 25% year-over-year to $382.4 million; underlying NPAT was $57.0 million, up 35%.

• Underlying EBITDA increased 30% to $113.0 million; underlying EPS up 31% to 34.2 cents.

• Recurring revenue grew 24% to $258 million, now 67% of total revenue.

• Statutory NPAT was $11.1 million, down 73% due to $41 million in acquisition and fund establishment costs.

• Fully franked dividend of 20 cents per share, unchanged from the prior year.

Outlook and guidance

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

• Net fund inflows (excluding institutional) are anticipated to rise, underpinned by private credit and real estate.

• MA Money is on track for a $20 million NPAT contribution in FY26, with further upside possible.

• Strategic investment spend is forecast to decrease to $6–8 million in FY26 as the U.S. platform becomes more active.

• EBITDA margin is expected to improve but unlikely to reach the 40% target in the near term.