Perpetual Group (PPT) H1 2026 earnings summary

Executive summary

• Underlying profit after tax (UPAT) rose 12% year-over-year to AUD 112.7 million for 1H26, driven by growth in Corporate Trust, stronger equity markets, and lower expenses in Asset Management.

• Statutory net profit after tax (NPAT) increased to AUD 53.9 million, up significantly from AUD 12.0 million in the prior year.

• Operating revenue grew 2% to AUD 697.9 million, mainly from Corporate Trust and Group Investments.

• Interim unfranked dividend of AUD 0.59 per share declared, with a payout ratio of 60% of UPAT.

• Progressed strategic simplification, achieving AUD 60 million in annualized savings, on track for AUD 70–80 million by FY 2027.

Financial highlights

• Operating revenue up 2% year-over-year to AUD 697.9 million; revenue reached AUD 704.1 million in some reports.

• UPAT increased to AUD 112.7 million from AUD 100.5 million prior year.

• Statutory NPAT was AUD 53.9 million, up from AUD 12.0 million prior year.

• Total expenses at AUD 547.8 million, within 2%-3% guidance; controllable cost growth at 1%.

• Free cash flow for the half was AUD 33.8 million; cash at period end AUD 325.6 million.

Outlook and guidance

• FY26 expense growth guidance tightened to 1–2%, reflecting FX and cost discipline.

• Effective tax rate expected to normalize at 27%-28% medium term.

• 2H26 dividends expected to be unfranked.

• Continued focus on cost reduction, operational excellence, and investing in growth, especially in Corporate Trust and asset management innovation.

• Wealth Management business being separated to operate on a standalone basis to support a potential sale.