REA Group (REA) H1 2026 earnings summary

Executive summary

• Revenue for H1 FY26 grew 5% year-over-year to AUD 916 million, with EBITDA (ex-associates) up 6% to AUD 569 million and NPAT up 9% to AUD 341 million.

• Announced a fully franked interim dividend of AUD 1.24 per share (up 13%) and an on-market share buyback of up to AUD 200 million commencing from 23 February 2026.

• Achieved double-digit residential yield growth, record audience engagement, and expanded AI-led product offerings.

• Consolidated iGUIDE acquisition, divested PropTiger, and exited Housing Edge in India.

• Maintained a strong cash position with AUD 478 million at period end.

Financial highlights

• Revenue increased 5% to AUD 916 million; operating expenses rose 3% to AUD 347 million.

• EBITDA (ex-associates) reached AUD 569 million, up 6%; NPAT was AUD 341 million, up 9%.

• Free cash flow was AUD 303 million; operating cash flow was AUD 373 million; closing cash balance at AUD 478 million.

• CapEx to revenue was 7% in H1, expected to remain within 7%-9% for FY 2026.

• Group EBITDA margin before associates was 62%.

Outlook and guidance

• National residential buyer listing volumes expected to decline 1%-3% for FY 2026.

• Residential buyer yield growth anticipated at 12%-14%, with geo mix as a key variable.

• Targeting positive group operating jaws and mid-single-digit OpEx growth.

• India EBITDA losses guided at AUD 40-45 million; associate losses to improve slightly.

• Focus on audience growth, product innovation, and leveraging data insights for future growth.