Eureka Group Holdings (EGH) H1 2026 earnings summary

Executive summary

• Portfolio expanded by over 40% year-over-year, with more than 10 communities acquired and another 10 under assessment, representing 1,000 additional sites.

• New all-age business established with over 1,000 homes/units, and a significant pipeline of growth opportunities identified.

• Resilient cashflows supported by high occupancy (97% seniors, 86% all-age) and CPI-linked rent reviews.

• Annualized Recurring Revenue introduced as a new key metric, focusing on long-term rents and recurring management fees.

• Strategy centers on scalable solutions to Australia's housing affordability crisis, with disciplined capital allocation and rapid scaling in regional and outer-metro markets.

Financial highlights

• Revenue increased 19.7% year-over-year to $26.99 million, driven by acquisitions and rent growth.

• Underlying EBITDA grew 11.2% to $9.1 million, and underlying profit before tax rose 14.2% to $6.14 million.

• Underlying EPS was 1.44 cents, down due to share issuance and higher non-cash share-based remuneration costs.

• Underlying EBITDA margin was 33.6%, down from 36.2% due to integration and lease-up impacts.

• Net cash from operating activities reached $7.2 million, supported by high occupancy and acquisition contributions.

Outlook and guidance

• FY26 underlying EBITDA guidance set at $20.2–21.1 million, representing 20%-25% growth on FY25.

• Underlying EPS guidance for FY26 is 3.37–3.44 cents, up 7.5%-10% on FY25.

• Full period contribution from recent acquisitions and cost normalization expected to drive stronger second half results.

• Portfolio expected to grow by upwards of 35% over the next two to three years, with a development pipeline exceeding 800 home sites.

• Same-store rent growth targeted at 5%-7% year-over-year.