Count (CUP) H2 2025 earnings summary

Executive summary

• Achieved a milestone year with strong growth driven by organic expansion, strategic acquisitions, and cost synergies, including funds under management surpassing $4 billion as of July 31, 2025.

• Realised $5.1 million in cost synergies from integrating Diverger businesses, exceeding expectations.

• Underlying NPAT more than doubled and EBITDA nearly tripled compared to two years ago; share price almost doubled and market capitalization tripled over 24 months.

• Completed 11 M&A transactions, including the merger of Count Adelaide and Johnston Grocke, and divested two underperforming legacy assets.

• Business mix shifted, with the high-growth wealth segment now contributing one-third of EBITDA, equity partnerships at 40%, and services at 25%.

Financial highlights

• Revenue grew 28% year-over-year to $143.6 million.

• Underlying EBITDA margin increased from 15% to 20%; underlying EBITDA reached $27.7 million, up 67%.

• Statutory NPAT (A) was $12.7 million; underlying NPAT attributable rose 89% to $10.9 million.

• Operating cash flow rose 167% to $22.1 million, supporting increased dividends and debt repayment.

• Final dividend increased 22.2% to $0.0275 per share, with a total annual dividend of $0.045 per share, the highest in eight years.

Outlook and guidance

• Expect one-off integration and system upgrade costs to normalize in FY 2026, with recurring revenues to flow through.

• Ambition to reach $10 billion in funds under management within five years, leveraging only 14% current adoption of investment solutions.

• Strategic plan targets growth in advice margin, education market share, FUM, and return on capital.

• Continued focus on M&A, expanding investment solutions, and improving operating efficiencies in FY2026.

• Strong pipeline of acquisition opportunities and continued focus on organic and M&A-driven growth.