MA Financial Group Limited is pleased to present its financial results for the 12 months to 31 December 2025.

Operational highlights

• Result highlighted by strong broad-based performance across all business units. Scale benefits evident
• Record annual fund inflows. Gross inflows of $4.1 billion up 82% on FY24 
• Net fund inflows of $2.4 billion approximately double FY24
• Assets under management (AUM) up 49% on FY24 to $15.3 billion. $4.5 billion of AUM added in 2H25
• Finsure managed loans up 26% on FY24 to $175 billion, as broker market share continues to grow
• MA Money loan book grew 148% on FY24 to $5.2 billion. Net interest margin (NIM) of 1.4%, up 11bps on FY24
• Corporate Advisory fees up 26% on FY24 to $63 million, with market conditions improved
• Strategic investment spending anticipated to slow from $10 million in FY25 to $6-$8 million EBITDA headwind in FY26. US Private Credit platform growth remains a priority
• Underlying EPS is anticipated to be materially higher in FY26 than FY25, with earnings skew to 2H26

Financial results

• Underlying revenue of $382.4 million up 25% on FY24
• Recurring revenue up 24% on FY24, now representing 67% of total Underlying revenue
• Underlying EBITDA of $113.0 million, up 30% on FY24
• Underlying EPS of 34.2 cents, 31% above FY24
• Underlying ROE of 13.6%, up from 10.7% in FY24
• Statutory EPS of 6.2 cents impacted by one-off costs associated with the acquisition of IPG and the establishment of the MA1 listed private credit trust 
• Fully franked final dividend of 14 cents per share, payable on 17 March 2026. FY25 dividend distribution of 20 cents per share, fully franked, in line with FY24

Strong earnings momentum across all business divisions

MA Financial today announced its financial result for FY25 that highlighted the strength of the Group's ongoing earnings momentum. Underlying EPS in FY25 was up 31% on FY24 and was 44% higher in 2H25 than in 1H25. Fund inflows and transaction activity levels grew over the year and MA Money continued to significantly scale. This momentum provides strong tailwinds for the business in FY26.  

Underlying revenue increased by 25% to $382.4 million, supported by growth across all lines of business.

• Asset Management revenue was up 15%, driven by strong growth in Private Credit funds and in Core Real Estate highlighted by the acquisitions of Top Ryde City shopping centre and Hyperdome Town Square
• Lending & Technology revenue was up 59% as MA Money’s growth accelerated and Finsure continued to rapidly grow its managed loans and the number of brokers using its marketplace platform
• Corporate Advisory & Equities revenue was up 23%.

Underlying EBITDA of $113.0 million was up 30% on FY24.  Expenses were up 23% reflecting the Group’s investment into strategic growth initiatives, increased headcount and broad inflationary impacts. Growing the Group’s United States based Private Credit business together with investment into brand awareness of MA Financial remain important strategic initiatives. More recently, extending the Group's Asset Management distribution capabilities into New Zealand has also become a strategic focus.

The benefit of this investment in growth was seen in FY25 as MA Money delivered an $11.0 million EBITDA in FY25 after being a $3.6 million EBITDA headwind in FY24. MA Money is growing rapidly as demonstrated by its 157% growth in underlying revenue in FY25.

FY25 Underlying net profit after tax (NPAT) of $57.0 million and Underlying EPS of 34.2 cents were up 35% and 31% respectively on FY24. The Board has declared a fully franked final dividend of 14 cents per share, taking the FY25 distribution to 20 cents per share, in line with FY24. 

Since listing at $2.35 per share in 2017, MA Financial will have paid to its shareholders an aggregate of $1.32 per share in fully franked dividends and delivered total shareholder return of 21% per annum.

Joint CEOs Julian Biggins and Christopher Wyke said: "2025 was a year of strong momentum right across our business, and this momentum continued to build over the year. Our Assets under Management and Loan books continue to grow rapidly and the transactional environment has become more supportive.

Our Private Credit funds continue to deliver solid performance and our Core Real Estate business has materially increased in scale following the acquisition of IP Generation. MA Money continues to deliver exceptional growth and is demonstrating the scalability of the residential mortgage ecosystem that we have built. Underlying EPS in FY26 is expected to be materially higher than FY25. We believe that the Group is in great shape and positioned to deliver strong earnings growth into the future.”