Steadfast Group (SDF) H1 2026 earnings summary

Executive summary

• Underlying NPAT increased 7.3% to AUD 137.5 million for 1H26, with underlying revenue up 14.6% to ~AUD 1 billion and underlying EBITDA/EBITA up 12.6%, driven by acquisitions, revenue growth, and increased equity stakes.

• Statutory NPAT was AUD 127 million, up from AUD 106.4 million, with diluted EPS (NPAT) up 7.2% to 12.4 cents.

• Completed AUD 238.9 million of EPS-accretive acquisitions in 1H26, with AUD 195 million more planned for 2H26.

• Maintained disciplined capital allocation and expense management, with head office and subsidiary cost reductions to benefit 2H26 EBITA.

• Dividend increased 5.1% to AUD 0.082 per share, with a dividend reinvestment plan in place.

Financial highlights

• Revenue rose 14.6% to AUD 1,010.4 million; net fee and commission income increased to AUD 734.3 million.

• Statutory NPAT was AUD 127 million, up from AUD 106.4 million; profit before income tax was AUD 239.4 million.

• Free cash flow rose to AUD 34.7 million, with strong conversion of profits to cash.

• Gearing ratio at 33.4%, well below the 40% board-approved maximum, with total borrowings at ~AUD 1.2 billion.

• Net cash inflows from operating activities (excluding trust and premium funding) were AUD 177.3 million.

Outlook and guidance

• FY26 guidance reaffirmed: underlying NPATA AUD 365–375 million, NPAT AUD 315–325 million, EBITA AUD 650–665 million, and diluted EPS (NPAT) growth of 6–10%.

• Assumes 2–3% increases in insurance premiums, with current trends closer to 3%.

• Expense reductions and acquisition contributions expected to drive stronger second half performance.