PEXA Group (PXA) H2 2026 earnings summary

Executive summary

• Group revenue exceeded AUD 400 million for the first time, up 7% year-over-year, with EBITDA up 12% and margin expanding to 37.3%.

• Statutory NPAT from continuing operations returned to a profit of AUD 19.2 million, compared to a loss of AUD 65.6 million in FY 2025.

• Successfully executed strategic objectives, including the exit from Digital Solutions, launch of PEXA Clear, and preparation for the New Zealand pilot.

• Delivered NatWest's digital remortgage capability in the UK ahead of schedule, positioning for further UK growth.

• Strong operating leverage achieved through cost efficiency measures and record Australian transaction volumes, despite regulatory and macroeconomic headwinds.

Financial highlights

• Group revenue rose 7% year-over-year to $406.9m; Group EBITDA increased 12% to $151.7m; EBITDA margin expanded 1.7ppt to 37.3%.

• Core NPAT rose 186% to AUD 26.3 million; NPATA from continuing operations up 35% to $65.3m.

• Free cash flow increased 39% to $93.5m, with conversion rates between 54% and 64%.

• Leverage ratio reduced to 1.0x from 1.8x, and interest cover improved to 9.6x.

• Discontinued operations from Digital Solutions posted a loss after tax of AUD 35.1 million due to impairments.

Outlook and guidance

• FY27 group revenue guidance: $385m–$415m; EBITDA margin expected at 31.5%–33.5%; NPAT from continuing operations forecast at $5m–$20m.

• Group EBITDA margin expected to moderate in FY27 due to lower Australian transaction volumes and targeted investments.

• CapEx guidance of $45m–$55m, expected to remain broadly in line with FY26, with flexibility based on adoption in the UK and New Zealand.

• Double-digit fall in Australian transfer transaction volumes expected in FY27 due to elevated interest rates and tax changes.

• Macroeconomic and regulatory uncertainties, including a potential 20% regulated revenue cut from FY28, may impact future performance.