MA Financial Group Ltd (ASX:MAF) Full Year 2025 Earnings Call Highlights: Strong Growth in …

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Thu, February 19, 2026 at 4:00 PM GMT+9 3 min read

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**Underlying Revenue:** Increased 25% year on year to $382 million.

**Assets Under Management (AUM):** Increased by nearly 50% to over $15 billion.

**Gross Flows:** $4.1 billion, up 82% on the prior year.

**MA Money Loan Book:** $5.2 billion, up 148% on the prior period.

**Corporate Advisory Revenue:** Up 26% year on year.

**Recurring Revenue:** $258 million, 25% higher than the prior period.

**Return on Equity:** Increased to 13.6% from 10.7% a year earlier.

**Dividend:** Stable at $0.20 per share, with a payout ratio of just less than 60%.

**Finsure Loans on Platform:** Grew by 26% to $175 billion.

**MA Money Net Interest Margin (NIM):** 1.4% over the year.

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Release Date: February 19, 2026

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

Positive Points

MA Financial Group Ltd (ASX:MAF) achieved over 30% growth in underlying earnings per share, with underlying revenue increasing by 25% year-on-year to $382 million.

Assets under management (AUM) grew by nearly 50% to exceed $15 billion, driven by strong diversification across private credit, real estate, growth capital, and equities.

The acquisition of IP Generation significantly expanded the company's real estate investment and distribution capabilities.

MA Money's loan book grew by 148% to $5.2 billion, with strong performance in monthly settlements and low arrears.

Corporate Advisory revenue increased by 26%, demonstrating strong productivity and revenue growth post-pandemic.

Negative Points

Statutory profit was down due to accounting treatments related to the acquisition of IP Generation and listing costs for the MA1 private credit fund.

The group EBITDA margin is slightly below the FY26 target, with challenges in achieving the 40% margin due to ongoing strategic investments.

Recurring revenue margin decreased by 6 basis points due to the acquisition of IP Generation and elevated cash levels in private credit funds.

There is increased competition in the private credit market, which may impact future growth opportunities.

The sale of the Marion shopping center, representing approximately $600 million of AUM, could impact future asset management revenue.

Q & A Highlights

Q: You’ve achieved FY26 targets well in advance for Asset Management and MA Money. Why haven’t you increased the stated targets for FY26 or set targets for FY27? A: Julian Biggins, Joint CEO: We debated this internally. When we set these targets in August 2023, we were at a different growth stage. The current momentum is strong, but we haven’t considered updating the targets yet.

Story Continues  

Q: How confident are you in achieving the group EBITDA margin target of 40% this year, considering the strategic investment headwind? A: Julian Biggins, Joint CEO: We are good at growing revenue but also invest in the business and our people. While we see the EBITDA margin expanding with scale, it’s unlikely we’ll hit the 40% margin by December 31 this year.

Q: How are you thinking about setting medium-term targets, especially in Asset Management, given the competition in private credit? A: Julian Biggins, Joint CEO: We build three-year forecasts for each business. We’re always exploring new products and channels. In private credit, we differentiate by focusing on asset-backed investments and leveraging our ecosystem, including Finsure and MA Money.

Q: What are your priorities regarding dividend increases versus funding new business lines and projects? A: Julian Biggins, Joint CEO: We balance funding future growth with moderate dividend increases. We have a strong opinion on retaining capital for growth while rewarding shareholders with dividends.

Q: How do you view the property market following the IP Generation acquisition, and what is your outlook? A: Julian Biggins, Joint CEO: We see property as a long-term investment. Despite interest rate fluctuations, buying growth assets with strong demand drivers remains opportunistic. We are active in the market and see a good pipeline of opportunities.

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

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