Full Year 2025 MA Financial Group Ltd Earnings Call Transcript
Key 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.
- 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.
Thank you for standing by, and welcome to the MA Financial Group full-year '25 results briefing. (Operator Instructions)
I would now like to hand the conference over to Mr. Julian Biggins, Joint CEO, MA Financial. Please go ahead.
Good morning, and thank you for joining the MA Financial FY25 results call. My name is Julian Biggins, and I'm sitting here with my fellow Joint CEO, Chris Wyke. We also have Giles Boddy, our Group CFO; and Michael Leonard, our Head Of Investor Relations, in the room.
FY25 has been another strong year for MA Financial and demonstrates that the group is delivering. Importantly, 2025 demonstrated that we have multiple growth engines that are scaling and capable of delivering material earnings growth over the coming years. I'll begin on slide 7, which captures the key deliveries across the year and sets the context of the result.
2025 was a year of tangible progress. We delivered very strong AUM growth driven by record
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