Hipages Group (HPG) H1 2026 earnings summary

Executive summary

• Achieved 11% year-over-year revenue growth to $44.9 million in H1 FY26, with EBITDA up 29% to $11.2 million and free cash flow up 257% to $4.3 million.

• Completed migration of all Australian customers to new pricing platform, launched rebranded business app and perks, and integrated new AI-driven features.

• New Zealand operations saw ARPU up over 40% and subscription business numbers up 17% year-over-year, driven by the shift to a subscription model.

• Maintained leadership in brand awareness and preference among homeowners and trade businesses in ANZ.

Financial highlights

• Monthly recurring revenue (MRR) reached $7.5 million, up 9% year-over-year; total revenue up 11% to $44.9 million; recurring revenue now 98% of total.

• Record EBITDA margin of 25%, up 4 percentage points; net profit after tax rose to $2.75 million from $0.07 million in H1 FY25.

• Operating cash flow up 37% to $12.9 million; free cash flow at $4.3 million; closing cash and deposits at $31.1 million, with no debt.

• Group ARPU increased 10% to $2,497; subscription businesses stable at 35,000 in Australia, up 17% in New Zealand.

• Basic EPS increased to 2.04 cents from 0.05 cents.

Outlook and guidance

• FY26 revenue guidance set at $90–91 million, EBITDA margin at 24–26%, and free cash flow at $8–10 million, reflecting macroeconomic softness and algorithm adjustments.

• Expecting stronger H2 performance and MRR growth as matching engine and seasonality drive momentum.

• Focus remains on disciplined expense management and sustainable value creation.