PEXA Group (PXA) H1 2026 earnings summary

Executive summary

• Achieved record half-year revenue of $215.3 million, up 10% year-over-year, driven by strong transaction volumes, disciplined cost management, and improving conditions in Australia and the UK.

• EBITDA rose 19% to $85.8 million, with margin expanding to 39.9% (up 3.1ppt), reflecting operational improvements and cost discipline.

• Statutory NPAT from continuing operations was $15.4 million, reversing a prior year loss, and core NPAT rose over 90% to $20.8 million.

• Exited majority-owned Digital Solutions businesses, classifying them as discontinued operations and sharpening focus on core exchange operations and international expansion.

• Strengthened balance sheet with $25 million debt repayment, reducing net debt to EBITDA ratio from 2x to 1.4x.

Financial highlights

• Group revenue increased 10% year-over-year to $215.3 million; Australia revenue up 10.2% to $181.8 million, International up 8.4% to $33.5 million.

• EBITDA margin expanded from 36.8% to 39.9%; Australia margin at 58%, International margin improved by 4.9ppt but remained negative.

• Core NPAT up over 90% to $20.8 million; NPATA from continuing operations increased 33% to $40.3 million.

• Free cash flow increased 25% to $40.2 million; operating cash flow up 33% to $60.1 million.

• Discontinued operations (Digital Solutions) posted a loss after tax of $29.6 million due to impairments.

Outlook and guidance

• FY26 guidance upgraded: group EBITDA margin now 34–37%, core NPAT $15–25 million, capex reduced to $50–55 million.

• Expect seasonal revenue moderation and expense uptick in H2, with full-year margin guidance of 34–37%.

• Focus on maintaining margin discipline, driving adoption of PEXA Clear, scaling UK operations, and exploring new markets including New Zealand.

• Continued investment in Australian Exchange and modular platform build for UK market.

• Disposition of Digital Solutions businesses expected to complete by end of FY26.