Half Year 2026 L1 Group Ltd Earnings Call Transcript
Key Points
- Funds under management increased by over 8% since June, driven by L1 capital inflows and strong performance.
- Revenue rose by over 23% while costs decreased by about 15% compared to the first half of 2025.
- EBITDA increased by 61% and EA by 63%, reflecting strong profitability metrics.
- Successful execution of cost synergies with approximately $25 million realized, achieving about 70% of the target.
- Flagship funds delivered exceptional returns, with the L1 Long Short Fund generating a 46.8% net return in 2025.
- Outflows in platinum strategies, although offset by inflows in L1 capital strategies.
- Platinum funds experienced persistent outflows pre-merger and some further outflows post-merger.
- The GLS LIC management fee holiday will impact revenue in the second half of FY26 and the first half of FY27.
- Forecasting precision on the full-year impact of cost synergies remains challenging for shareholders.
- The integration of platinum strategies is still in progress, with stabilization expected within 15 months.
Good morning to everyone.
Thank you for joining today's call to go through our first half results for financial year '26. I'm joined in the room by Andrew Stannard, our finance director.
Let me start by saying we're very happy with this result, the integration progress, and the broad-based momentum across our business.
Touching briefly on the agenda, I'm going to talk through the highlights for this half, including our financial results, the integration activities, and the overall business performance before moving on to our outlook.
We'll then finish up with your questions.
In the first instance, let me turn to slide 4, a snapshot of our key metrics.
In summary, our funds under management is up over 8% since June, driven by L1 capital inflows and strong performance.
Our revenue was up over 23% and costs were down about 15% compared to the first half in 25.
The consequential positive jaws are reflected in our profitability metrics. EBITDA was up 61% and
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