Historical setup
What HY26 said to watch
From Operating cash flow fell 44% as gross borrowings climbed to $1.0bn
No forward guidance or stated targets are supplied in this release. The FY25 shape shows H1 represented 49.5% of full-year revenue but only 43.7% of full-year Operating EBITDA — second-half weighted, with implied H2 FY25 EBITDA of $56.9m versus $44.1m in H1.
If the FY25 cadence repeats, full-year Operating EBITDA could again approach $100m. But reported NPAT is unlikely to benefit from a repeat of HY25's $72.9m fair value tailwind given the "subdued" property market commentary, so the reported earnings shape and the operating earnings shape will likely diverge again at year-end.