PEXA Group (PXA) Q3 2025 TU earnings summary

Executive summary

• 3Q25 trading aligned with expectations; FY25 operating guidance reaffirmed despite macroeconomic volatility.

• Australian Exchange transaction volumes rose 4% year-over-year to 871k, with resilient transfer and strong refinance activity.

• UK remortgage market remained soft, but PEXA platform transactions surged 176% year-over-year.

• CEO Russell Cohen commenced a business review, with findings to be shared at FY25 results.

Financial highlights

• Australian Exchange transfer volumes up 2% and refinances up 13% year-over-year; total market penetration steady at 90%.

• UK Optima Legal and Smoove remortgage instructions down 20% and 13% year-over-year, but Smoove sale and purchase completions up 41%.

• Digital Solutions subscriptions revenue grew 11% year-over-year; project and consulting revenue up 78%.

• Transaction-related revenue in Digital Solutions increased 111% year-over-year.

Outlook and guidance

• FY25 guidance reaffirmed: Group revenue growth of 13–19%, operating EBITDA margin ≥34%.

• Depreciation and amortisation expected at $98–102m; net interest expense $5.5–7.5m; income tax expense $40–45m.

• Australian capex/revenue ratio 10–14%; international operating cash outflows $55–58m; net debt/EBITDA <2.5x.

• Macroeconomic conditions in Australia and UK remain mixed; impact of global tariffs and economic shifts uncertain.