Tyro Payments (TYR) H1 2025 earnings summary

Executive summary

• Gross profit reached $112.0 million in H1 FY25, up 6.5% year-over-year, with EBITDA up 20.6% to $33.0 million and statutory profit before tax nearly doubling to $10.3 million.

• Health vertical TTV surpassed $7 billion, growing at a 24% CAGR over three years, with household health spend in Australia exceeding $100 billion annually.

• Integrated payments and banking solutions saw strong adoption, with active Tyro Bank Account users up 34% and business loan originations up 10%.

• Operating efficiency improved, with operating expenses at 69% of gross profit, down from c.70% in H1 FY22.

• Leadership team refreshed and tech operating model evolved to support high performance and innovation.

Financial highlights

• H1 FY25 gross profit was $112.0 million, up 6.5% year-over-year; EBITDA was $33.0 million, up 20.6%, with margin expanding to 29.5%.

• Statutory profit before tax was $10.3 million, nearly doubling from $5.1 million in H1 FY24; profit after tax was $10.3 million.

• Payments TTV was $21.97 billion, down 0.9% year-over-year, with Health vertical TTV up 16.2%.

• Banking gross profit rose 9.1% to $7.8 million, with loan originations up 10% and improved net returns.

• Free cash flow for the half was $9.0 million.

Outlook and guidance

• FY25 gross profit guidance maintained at $218–226 million (3–7% growth), with EBITDA margin guidance at approximately 28%.

• Second half expenses expected to rise due to investment spend and salary increases, but within planned profile.

• Medium-term target is to achieve the Rule of 40 from FY26, combining gross profit growth and EBITDA margin.

• Positive momentum expected in integrated payments and banking, with new banking-as-a-service partnership to accelerate product delivery.

• Management remains confident in delivering profitable growth, leveraging proprietary payments technology and integrated banking.