AUB Group (AUB) H1 2025 earnings summary

Executive summary

• Group revenue increased 12.1% year-over-year to AUD 712.6 million, with underlying NPAT up 13% to AUD 79.3 million, driven by robust organic and acquisition growth.

• All major divisions delivered strong revenue and profit growth, with standout performances in BizCover (+16.5% revenue, +26.8% EBIT) and Agencies (+26.1% revenue, +26.3% EBIT).

• International segment restructured, with new leadership and streamlined operations, showing 10.4% normalised revenue growth and 19.8% EBIT growth after adjusting for one-off items.

• Strategic investments and acquisitions, including Tysers, Pacific Indemnity, and Movo, have driven value and created a strong pipeline for future growth.

• FY25 underlying NPAT guidance reaffirmed at AUD 190–200 million, representing 11.1–16.9% growth over FY24.

Financial highlights

• Revenue rose to AUD 712.6 million (+12.1% year-over-year); underlying NPAT reached AUD 79.3 million (+13.0%).

• Underlying EPS increased 5.1% to 68.07 cents; interim dividend up 25% to 25.0 cents per share.

• EBIT margin was 32.0% (down 50bps), impacted by one-off items in International.

• Organic NPAT growth was 9.3%, with acquisitions contributing 15.0%.

• Operating cash flow was AUD 188.5 million, up from negative AUD 17.3 million in HY24.

Outlook and guidance

• FY25 underlying NPAT guidance maintained at AUD 190–200 million, implying 11.1–16.9% growth over FY24.

• 2H25 organic growth expected at 8.0–16.0% half-on-half, with acquisition growth of 11.9–13.9%.

• Anticipates strong medium- and long-term growth, with margin expansion and profitability improvements.

• FY26 expected to benefit from removal of one-off bonus accruals and improved commercial arrangements at Tysers.

• Expanded scale in Retail and recent acquisitions position International for future growth.