Pacific Smiles Group (PSQ) H2 2025 earnings summary

Executive summary

• Achieved 9.1% year-over-year revenue growth to $196.0m, with patient fees up 8.7% to $317.1m and underlying EBITDA (pre-AASB 16) up 12.1% to $31.6m.

• Statutory net profit after tax fell 75.5% to $2.0m due to one-off costs from a change of control and takeover bid.

• Underlying NPAT increased 38.1% to $12.3m, reflecting operational improvements and cost management.

• Closed two underperforming centres and maintained a net cash position of $21.4m, with no new centres opened in FY25.

• Beam Dental Bidco Pty Ltd acquired 89% of shares, resulting in a change of control and refreshed board.

Financial highlights

• Revenue: $196.0m (+9.1% YoY); Patient fees: $317.1m (+8.7% YoY); Underlying EBITDA: $31.6m (+12.1% YoY).

• Underlying EBIT: $17.6m (+45.7% YoY); Underlying NPAT: $12.3m (+38.1% YoY).

• EBITDA margin: 16.1% (+43bps); EBIT margin: 9.0% (+225bps).

• Net cash position: $21.4m (2024: $17.7m); no drawn debt; $20m undrawn facilities.

• Final dividend of 3.25c per share paid; no interim dividend declared.

Outlook and guidance

• Favourable outlook with focus on revenue and earnings growth through embedded capacity, cohort maturation, and network optimisation.

• Continued investment in refurbishments, expansions, and strategic partnerships to drive scale.

• Dividend policy under review post-takeover; capital allocation to align with new strategic priorities.