This article first appeared on GuruFocus .
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Underlying Revenue:Increased 25% year on year to $382 million.
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Assets Under Management (AUM):Increased by nearly 50% to over $15 billion.
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Gross Flows:$4.1 billion, up 82% on the prior year.
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MA Money Loan Book:$5.2 billion, up 148% on the prior period.
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Corporate Advisory Revenue:Up 26% year on year.
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Recurring Revenue:$258 million, 25% higher than the prior period.
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Return on Equity:Increased to 13.6% from 10.7% a year earlier.
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Dividend:Stable at $0.20 per share, with a payout ratio of just less than 60%.
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Finsure Loans on Platform:Grew by 26% to $175 billion.
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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
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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.
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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.
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The acquisition of IP Generation significantly expanded the company's real estate investment and distribution capabilities.
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MA Money's loan book grew by 148% to $5.2 billion, with strong performance in monthly settlements and low arrears.
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Corporate Advisory revenue increased by 26%, demonstrating strong productivity and revenue growth post-pandemic.
Negative Points
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Statutory profit was down due to accounting treatments related to the acquisition of IP Generation and listing costs for the MA1 private credit fund.
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The group EBITDA margin is slightly below the FY26 target, with challenges in achieving the 40% margin due to ongoing strategic investments.
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Recurring revenue margin decreased by 6 basis points due to the acquisition of IP Generation and elevated cash levels in private credit funds.
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There is increased competition in the private credit market, which may impact future growth opportunities.
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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.
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 .
