PEXA Group (PXA) H2 2025 earnings summary

Executive summary

• Achieved 16% year-over-year revenue growth to $393.6m, with all segments contributing positively and improved results across the board.

• Group EBITDA before associates rose 21% to $134.4m, with margin up to 34.1% and strong operating leverage.

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

• Free cash flow increased 45% to $56m, supporting debt reduction and a share buyback.

• Completed national coverage in Australia, reaching 90% market digitization; UK platform launch-ready with NatWest as first Tier 1 lender.

Financial highlights

• Revenue grew 16% year-over-year to $393.6m (9% pro-forma), with Digital Solutions up 21.7%.

• Group EBITDA margin improved to 34.1%, up 1.3ppt year-over-year.

• NPATA was $41.1m, down 6% due to higher depreciation, amortisation, and tax.

• Free cash flow conversion improved to 45.8% from 39.9% in FY24.

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

Outlook and guidance

• FY26 revenue guidance: $405m–$430m (3–9% growth), EBITDA margin expected between 32%–35%.

• Core NPAT guidance for FY26 is $5m–$15m.

• Capex forecast at $60m–$65m, with continued investment in resilience, cyber security, and UK platform build.

• International operating cash outflow guidance: $(59)m to $(63)m as UK platform launches.

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