Shine Justice (SHJ) H1 2026 earnings summary

Executive summary

• Returned to profitability with NPAT of $6.7 million, reversing a prior year loss of $1.7 million, driven by strong personal injury performance and improved productivity.

• Revenue rose 8% year-over-year to $108.8 million, reflecting strong demand and productivity gains.

• Declared a fully franked interim dividend of 1.5 cents per share, payable in April.

• Significant progress in technology integration and AI initiatives, including the launch of an emerging technology centre.

• Celebrated 50 years of operations, with ongoing international expansion and incorporation of Shine Delaware, LLC.

Financial highlights

• EBITDA increased 77% to $21.1 million, with margin rising to 19% from 11% year-over-year.

• EPS improved to 4.55 cents from negative 1.01 cents per share.

• Gross operating cash flow was negative $6.3 million, mainly due to delayed class action receipts, with $8.5 million collected in early 2026 and $9.1 million due in March.

• Net debt at 31 December 2025 was $79.9 million, with debt/equity below 31% and average cost of debt under 8%.

• Employee expenses rose slightly, offset by higher productivity and stable overheads.

Outlook and guidance

• H2 FY26 expected to benefit from normalization of class action settlements and continued PI momentum.

• Majority of future class actions expected to be externally funded, reducing cash flow variability.

• Technology and automation initiatives forecast to drive margin improvement over the next 24–36 months.

• Strategic focus on balancing shareholder returns, growth investments, and capital flexibility.

• Ongoing expansion in strategic growth locations and selective file acquisitions to build scale.