MA Financial Group (MAF) H2 2025 earnings summary

Executive summary

• FY 2025 saw strong performance with multiple growth engines scaling, delivering material earnings growth and record AUM of $15.3 billion, up 49% year-on-year, supported by strategic acquisitions and new product launches.

• Underlying EPS rose 31% year-over-year, driven by record underlying revenue and robust business growth across all segments.

• All divisions contributed to growth, with significant momentum heading into FY 2026.

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

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

Financial highlights

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

• Underlying earnings per share grew over 30% year-on-year to 34.2 cents; underlying revenue, EBITDA, and EPS all delivered 25%-35% growth.

• AUM increased nearly 50% to over $15 billion; gross flows reached a record $4.1 billion, up 82% year-on-year.

• Recurring revenue was $258 million, up 24%-25% year-on-year, now 67% of total revenue.

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

Outlook and guidance

• Most FY 2026 targets are expected to be met or exceeded ahead of schedule, with strong momentum into the new year and FY26 EPS expected to be materially higher.

• Net fund inflows (excluding institutional) are anticipated to rise, underpinned by private credit and real estate, though recurring revenue margin may be slightly lower due to real estate AUM growth.

• 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.