Kelly Partners Group (KPG) H1 2026 earnings summary

Executive summary

• Revenue grew 17.1% year-over-year to $76.99 million for the half-year, with 4.2% organic growth and 12.8% from acquisitions.

• Underlying NPATA attributable to members increased 12.8% to $5.56 million.

• Statutory net profit after tax was $8.26 million, down 4.6% year-over-year due to higher amortisation and one-off acquisition costs.

• Net debt increased to $77.1 million, mainly to fund acquisitions.

• Dividend payments ceased in February 2024 to prioritize capital allocation for growth.

Financial highlights

• Underlying EBITDA increased 9.5% to $22.29 million; EBITDA margin for the group was approximately 29%.

• Free cash flow per share up 10% to 19.95c, with cash conversion at 101.1%.

• Net cash from operating activities was $18.57 million, up from $17.64 million year-over-year.

• Net assets at 31 December 2025 were $71.66 million, up from $66.48 million at 30 June 2025.

• Earnings per share (underlying NPATA) grew 11.9% to 12.27c.

Outlook and guidance

• Focus on programmatic acquisitions and organic growth, with ongoing investment in technology and people.

• Targeting 35% EBITDA margin and 5% annual growth in accounting and complementary businesses.

• M&A pipeline remains robust, with no negative impact from share price volatility.

• Plans to pursue a listing on a market other than the ASX once debt structuring is resolved.

• Buyback program renewed post-blackout to support share price.