iFAST Corp Ltd (FRA:1O3) Full Year 2025 Earnings Call Highlights: Record Revenue and Ambitious …

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Wed, February 18, 2026 at 10:04 AM GMT+9 3 min read

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Release Date: February 12, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

iFAST Corp Ltd (FRA:1O3) achieved a significant milestone with total revenue surpassing $500 million for the first time, marking a 34.4% year-on-year increase.

Net profit for the company rose by 50.1% year-on-year to $100.01 million, driven by growth in the Hong Kong pension business and core wealth management platform.

The company's assets under administration (AUA) increased by 27.9% year-on-year to a record high of $31.98 billion, with Singapore being the main contributor.

The board of directors proposed a dividend of $0.05 per ordinary share, a 56.3% increase for the fourth quarter, with total dividends for FY 2025 being 42.4% higher than FY 2024.

iFAST Corp Ltd (FRA:1O3) is targeting an AUA of $100 billion by 2030, implying a compound annual growth rate of about 25.6% over the next five years.

Negative Points

Operating expenses increased by 58.2% year-on-year in the fourth quarter of 2025, impacting overall profitability.

China's operations continued to incur losses, although they have been narrowing, with a 1% reduction in losses in the fourth quarter of 2025.

The Hong Kong business, despite revenue growth, faced challenges in achieving stronger profit stability due to increased operational costs.

The UK banking operation, while profitable, experienced flat revenue growth, attributed to cost adjustments and reduced marketing expenses.

The company's e-pension project in Hong Kong requires significant resources and has led to increased headcount and operational expenses, impacting short-term profitability.

Q & A Highlights

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Q: What were the main drivers of growth in Singapore’s performance in the last quarter, and which segments are expected to continue growing? A: Singapore had a strong year with growth momentum throughout. The wealth management segment in Singapore was the best performer, with growth coming from both B2B and B2C segments. Despite being the most mature market, there are still significant opportunities for growth. (Unidentified_2)

Q: Can you provide insights into the Hong Kong business, particularly regarding operating leverage and the Macau pension scheme? A: Revenue in Hong Kong has been increasing due to onboarding efforts, but operating expenses have also risen due to increased headcount. The focus is on ensuring smooth service delivery, with potential for operational efficiency improvements in the second half of the year. Macau’s pension scheme has just started, with initial AUA around $70 million, and is expected to grow. (Unidentified_2)

Story continues  

Q: What is the outlook for the e-pension project, and how much of the contract has been recognized? A: The e-pension project is a seven-year contract, with revenue phased according to work done. The onboarding of the largest trustees is nearly complete, and operational work will continue. The exact percentage of contract recognition is not disclosed, but revenue aligns with the level of work being done. (Unidentified_4)

Q: Why was there a significant increase in UK earnings despite flat revenue, and what new services are expected to drive growth? A: The increase in UK profit was due to cost adjustments, including the release of over-recognized costs earlier in the year. New services like Dax BACS, which facilitates easier bill payments, are expected to drive growth by attracting more UK customers to use the bank as their primary account. (Unidentified_2)

Q: What are the expectations for dividend growth and payout ratio in 2026, and how does this relate to earnings growth? A: The board expects a 25% increase in dividends for 2026, reflecting anticipated profitability growth. The payout ratio is expected to remain between 25% and 30%, balancing the desire to increase dividends with the need to retain earnings for growth ambitions. (Unidentified_2)

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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