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Shine Justice (SHJ) investor relations material

Shine Justice H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary28 Aug, 2025

Executive summary

  • FY 2025 featured strategic organizational restructuring, new CEO and CFO appointments, and a sharpened focus on personal injury and class actions, with divestment from non-core areas.

  • Revenue increased to $204.4 million from $195.7 million year-over-year, while adjusted EBITDA declined to $38.4 million from $45 million, and adjusted NPAT fell to $9.7 million from $14.5 million.

  • Final fully franked dividend of $0.05 declared for FY25, reflecting confidence in cash position.

  • Operating cash flows were $30.6 million, down from the prior year due to one-off class action receipts in FY 2024.

  • Initiatives launched to drive shareholder value in FY26 include technology investments and US mass torts expansion.

Financial highlights

  • Revenue up 4.4% year-over-year to $204.4 million, driven by core practice areas.

  • Adjusted EBITDA down to $38.4 million, mainly due to increased provisions, higher employee benefits, and a $9.6 million fair value loss.

  • Net debt increased to $53.6 million, primarily from reclassifying $18.8 million disbursement funding to borrowings, resulting in interest savings.

  • Gross borrowings at $71.6 million, with average cost of debt around 7%.

  • CapEx at $2.3 million, lower than previous years.

Outlook and guidance

  • FY26 outlook anticipates improved financial outcomes, supported by leadership changes, strategic realignment, and targeted branch-level growth in PI and class actions.

  • PI EBITDA margin baseline set at 20%, with ambitions to reach 25% or higher as operational improvements take effect.

  • Class actions segment expects further revenue growth as portfolio funding is secured, with growth weighted toward the second half of FY 2026.

  • Continued investment in emerging technologies and US International Mass Torts strategy.

  • Headcount expected to decrease as AI and technology improve efficiency.

What is the expected scale of IMT portfolio funding?
How will emerging tech investment drive efficiency?
What is the path to reducing the constraint rate?
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Frequently asked questions

Shine Justice Ltd is an Australian law firm that provides legal services specializing in personal injury, class actions, and social justice litigation. The company operates through its principal brand, Shine Lawyers, offering representation in areas such as workers' compensation, medical negligence, public liability, and institutional abuse. Shine Justice also handles cases involving financial misconduct and environmental law. The firm serves clients across Australia through its network of offices, focusing on accessible and client-centered legal services. Shine Justice Ltd is headquartered in Brisbane, Australia, and its shares are listed on the ASX.

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