Praemium (PPS) H1 2025 earnings summary

Executive summary

• Achieved 32–33% revenue growth and 43% increase in underlying EBITDA for 1H25, with revenue at $52.3m and EBITDA at $12.9m, reflecting disciplined execution and platform innovation.

• Funds Under Administration (FUA) reached $62.1b, up 29% year-over-year and 8% from June 2024, with strong net inflows and market movement.

• Returned $7.5m to shareholders through dividends and buy-backs in HY25.

• Maintained a high market rating, ranking number three overall and number one in key categories in the latest investment trends survey.

• Announced CFO David Coulter's departure, with succession planning and interim arrangements underway.

Financial highlights

• Revenue rose to $52.3m, up 32–33% year-over-year; underlying EBITDA increased to $12.9m, up 43%; NPAT was $5.8m, up 45–46%.

• Gross profit increased 28% to $45.7m; EBITDA margin improved to 25.0%.

• Platform revenue margins elevated by SMA repricing; OneVue margin at 28 bps, in line with group average.

• Operating cashflow at $10.8m, with net cash movement of -$7.0m due to shareholder returns and investment.

• Cash position at $37.3m as of Dec 2024, supporting future growth and shareholder returns.

Outlook and guidance

• Targeting continued double-digit revenue growth and cost growth at or below 10%.

• Focus on realizing the potential of Spectrum, Scope, and Scope+ as leading HNW advice platforms.

• Full integration of OneVue expected to deliver synergies and accretion in FY26, with at least AUD 3m in cost synergies targeted.

• Expecting significant second-half tailwinds from Scope repricing and positive market movements.

• Continued investment in technology and platform innovation, including Spectrum launch.