Steadfast Group (SDF) H2 2025 earnings summary

Executive summary

• Underlying NPATA rose 14.5% to $346.2M and underlying NPAT increased 17.2% to $295.5M for FY25, with underlying EBITDA up 11.9% to $591.4M and diluted EPS (NPAT) up 14.2% to 26.7 cps.

• Statutory NPAT was $334.9M, up from $228.0M in FY24, reflecting strong organic and acquisition-driven growth.

• Leadership transitions included new appointments in key executive roles, including new CEOs for Australasia Broking and Underwriting Agencies, and a seamless CFO succession.

• Continued focus on compounding growth, operational efficiency, and strategic acquisitions, including Novum and Insurebot.

• Total shareholder return since listing stands at 530.3%.

Financial highlights

• Revenue grew 8.9% year-over-year to $1,825.7M, with underlying EBITA up 11.9% and NPATA up 14.5%.

• Gross written premium in the Australasian broker network grew 6% to $12.5B, with 17 new brokers joining.

• Underwriting Agencies GWP increased 5.9% to $2.5B, with EBITA up 10% to $221.7M.

• Free cash flow reached $124.9M, and total FY25 dividends increased 13% to 19.50 cps (fully franked).

• Gearing ratio at 27% as of 30 June 2025, with board-approved maximum increased to 35%.

Outlook and guidance

• FY26 guidance: underlying NPATA $365M–$375M, NPAT $315M–$325M, EBITDA $650M–$665M, and EPS growth of 6%–10%.

• Organic growth target set at 3%–7%, with a minimum of 3% and a target of 7%.

• Guidance assumes a 3%–5% increase in insurance premium pricing in Australia and continued investment in international expansion and technology.