REA Group (REA) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 rose 4% year-over-year to AUD 429 million, with EBITDA (excluding associates) up 5% to AUD 254 million, supported by double-digit residential yield growth and record audience engagement.

• Strategic focus remains on innovation, AI investment, and maintaining leadership in the Australian property portal market.

• New CEO Cameron McIntyre affirmed commitment to growth, operational discipline, and leveraging technology for future opportunities.

• Free cash flow increased 16% year-over-year to AUD 86 million.

• CEO highlighted a clear strategy, strong talent, and a robust product pipeline supporting future growth.

Financial highlights

• Australian revenue grew 6% year-over-year to AUD 405 million, while India revenue declined 20% to AUD 24 million.

• Group operating expenses increased 3% year-over-year, with Australia up 10% and India down 22%.

• Residential revenue in Australia increased 4% year-over-year, driven by a 13% yield increase despite an 8% decline in national listings.

• Commercial and New Homes segments both delivered revenue growth, with New Homes outpacing Commercial for the first time in four years.

• Financial services saw a 24% increase in submissions and a 16% rise in settlements year-over-year.

Outlook and guidance

• National residential buy listing volumes expected to be broadly flat year-over-year.

• Double-digit residential buy yield growth targeted, including a 7% Premier Plus price rise.

• Group core operating expenses expected to increase mid-single digits, with high single-digit growth in Australia.

• EBITDA losses in India expected in the range of AUD 40–45 million due to the exit from Housing Edge.

• Associates' losses expected to improve modestly compared to the prior year.