PEXA Group (PXA) H2 2025 earnings summary

Executive summary

• Achieved 16% revenue growth year-over-year to $393.6m, with all segments contributing positively.

• Group EBITDA margin expanded by 1.3% reported and nearly 4% pro-forma, with EBITDA up 21% to $134.4m, reflecting strong operating leverage.

• Statutory NPAT was a loss of $76.1m, impacted by $78.2m in significant non-operating items, including impairments and restructuring.

• Completed national coverage in Australia, reaching 90% market digitization.

• U.K. platform launch-ready, with NatWest committed as first Tier 1 lender.

Financial highlights

• Revenue grew 16% year-over-year (9% pro-forma), with Digital Solutions up 22%.

• Group EBITDA before associates was $134.4 million, up 23% pro-forma; EBITDA margin at 34.1%.

• Free cash flow rose to $56 million, up 45%, with leverage reduced to 1.8x and interest cover at 6.7x.

• Statutory loss after tax increased to $76.1 million due to impairments and significant items.

• Capex was $58 million, with over half invested in the Exchange platform.

Outlook and guidance

• FY 2026 revenue guidance: $405–$430 million (3–9% growth), EBITDA margin expected between 32–35%.

• Core NPAT expected between $5–$15 million in FY 2026.

• CapEx forecast at $60–$65 million, with continued investment in U.K. and Exchange.

• U.K. business is a strategic focus, with NatWest onboarding and further lender engagement.

• International operating cash flow expected to remain negative as U.K. platform launches.