REA Group (REA) H2 2025 earnings summary

Executive summary

• Delivered record FY25 results with revenue up 15% to $1.673 billion, EBITDA (excluding associates) up 18% to $969 million, and NPAT up 23% to $564 million.

• Statutory net profit after tax surged 124% to $678 million, reflecting significant one-off gains from the PropertyGuru sale and impairment reversals.

• Full year dividend increased 31% to $2.48 per share, with a final dividend of $1.38 per share.

• Strong cash position with $429 million closing balance and all external debt repaid.

• CEO transition underway, with new appointment expected soon.

Financial highlights

• Group revenue increased 15% year-over-year to $1.673 billion; Australia up 14%, India up 25%.

• EBITDA (excluding associates) rose 18% to $969 million; EBITDA margin at 58%.

• NPAT from operations up 23% to $564 million; EPS up 23% to $4.27.

• Operating expenses increased 12% to $704 million.

• Free cash flow grew 16% to $538 million; operating cash flow $675 million; closing cash balance $429 million.

Outlook and guidance

• National residential listing volumes expected to be broadly in line with prior year; Q1 listings to be lower due to strong comparables.

• Targeting double-digit residential buy yield growth, including a 7% Premier+ price rise.

• High single-digit group operating cost growth (excluding PropTiger), with positive operating jaws targeted.

• India EBITDA losses expected to widen due to lower Housing Edge revenues.

• Confident in double-digit yield growth and positive jaws for FY26 and beyond.