Perpetual Group (PPT) H2 2026 earnings summary

Executive summary

• FY26 delivered 6% UPAT growth to $217.0 million, with earnings driven by Corporate Trust and Asset Management, supported by disciplined cost management and the Simplification Program, which delivered $72.6 million in annualized savings.

• Statutory NPAT was $88.9 million, reversing a $58.2 million loss in FY25, reflecting stronger underlying earnings and reduced significant items.

• The sale of Wealth Management to Bain Capital is progressing, with completion targeted for Q4 2026 and proceeds to be used for debt repayment and a net cash position.

• The board remains open to engagement with third parties regarding proposals, with ongoing discussions with EQT and Windflower Pte Limited.

Financial highlights

• Operating revenue was $1,374.2 million, flat year-over-year.

• UPAT rose 6% to $217.0 million; UPBT up 6% to $295.8 million; diluted EPS on UPAT up 3% to 186.0 cps.

• NPAT was $88.9 million, reversing a net loss of $58.2 million in FY25.

• Final dividend of $0.63 per share unfranked; total FY26 dividends $1.22 per share.

• Free cash flow increased by $93 million, supporting debt reduction and capital management.

Outlook and guidance

• Sale of Wealth Management on track for Q4 2026, with proceeds to repay debt and move to a net cash position.

• FY27 controllable cost growth expected at 1%-2%, with a group cost-to-income ratio of approximately 78%.

• Focus remains on simplification, cost discipline, and selective investment in growth and technology.

• Return to partial franking of dividends anticipated in FY27.