PEXA FY26 Core Revenue Up 7%; Leverage Cut to 1.0x

PEXA Group Limited (ASX:PXA) reported group revenue of $406.9 million for the 12 months ended 30 June 2026, up 7 per cent on FY25, with group EBITDA up 12 per cent to $151.7 million and the group EBITDA margin, which the company calculates as group EBITDA divided by revenue, up 1.7 percentage points to 37.3 per cent. Those figures sit in a table PEXA heads core financial operating results, which it defines as results from continuing operations representing statutory results adjusted for significant non-recurring items, and describes as a non-IFRS measure. Group NPATA, which adjusts statutory NPAT for significant items and historical acquired amortisation and is also non-IFRS, rose 35 per cent to $65.3 million. Statutory net profit after tax from continuing operations improved to $19.2 million from a loss of $65.6 million in FY25, while the statutory net loss after tax was $15.9 million against a loss of $76.1 million; the loss after tax from discontinued operations of $35.1 million relates to the group's exit of the Digital Solutions business and, PEXA said, largely reflects impairment charges recognised during the period. Free cash flow rose 39 per cent to $93.5 million, net debt fell $85.8 million or 35 per cent to $158.7 million, and net leverage reduced from 1.8 times to 1.0 times.

Australian revenue was $345.6 million, up 8 per cent, on a 6.4 per cent increase in market transaction volumes to 4.7 million and a 2.2 per cent increase in average revenue per transaction to $80.6, which PEXA said reflects CPI-linked price increases; Australian EBITDA rose 12 per cent to $192.8 million at a margin of 55.8 per cent. International revenue was $61.3 million, up 1 per cent, or up 12 per cent excluding foreign exchange and the cessation of a low margin search contract, and the segment recorded an EBITDA loss of $41.1 million against a loss of $37.8 million in FY25. PEXA said it delivered NatWest's digital remortgage capability in the United Kingdom ahead of schedule in March 2026 and completed a full market launch to conveyancers across England and Wales. In July 2026 IPART released a draft report in its review of ELNO service fees proposing a 20 per cent cut to PEXA's regulated revenue from FY28 with CPI increases thereafter, with a final report expected to be completed by 30 September 2026; PEXA said it has identified material concerns with the methodology and assumptions applied. On the same core continuing operations basis, FY27 guidance is for group revenue of $385 million to $415 million, a group EBITDA margin of 31.5 to 33.5 per cent and group NPAT of $5 million to $20 million, against FY26 outcomes of $406.9 million, 37.3 per cent and $26.3 million. PEXA said the guidance reflects an uncertain economic environment in Australia that is expected to dampen property transaction volumes, and in turn revenue and margins in FY27, with transfer volumes flowing through the Australian Exchange softening in July 2026.