1H FY26 Investor Update Presentation & Webinar Invitation
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ASX Release
4 March 2026
1H FY26 Investor Update Presentation & Webinar Invitation
The Agency Group Australia Limited (ASX: AU1) (“The Agency” or “the Company”) advises that it has released
its 1H FY26 Investor Update Presentation.
The presentation provides a detailed update on the Company’s operational and financial performance for the
six months ended 31 December 2025 and outlines its growth strategy and outlook.
A copy of the presentation is attached to this announcement and is available on the Company’s website.
Webinar Invitation
The Agency wishes to invite shareholders and interested parties to attend an upcoming webinar to be held on
Wednesday 11 March 2026 at 10:00am AWST / 1:00pm AEDT.
Please register by clicking on the following link:
https://us02web.zoom.us/webinar/register/WN_tZ0m2ra3RAemODq30kC2wQ
The webinar, to be presented by Chairman Andrew Jensen and Executive Director Paul Niardone, will cover
the investor update presentation including overview of HY26 results, growth strategy and outlook.
Investor Briefings
The presentation material will be used in a series of investor briefings and meetings over the coming weeks
with brokers, existing shareholders, small cap fund managers and prospective investors. Shareholders and
investors who are interested in arranging a presentation or meeting are invited to contact David Tasker at
Chapter One Advisors on +61 433 112 936 or via email at dtasker@chapteroneadvisors.com.au.
This announcement has been authorised for release by the Board of The Agency Group Australia Limited.
ENDS
If you require further information, please contact:
Investors Media
The Agency Australia Ltd Chapter One Advisors
Andrew Jensen David Tasker / Colin Jacoby
T: +61 02 8376 9100 T: +61 433 112 936 / +61 439 980 359
HY FY26 Investor Update
March 2026
EBITDA COMBINED GROUP REVENUE ($M)
The Agency – HY FY26 Key 2.5
2
60
50
57.1
Takeaways
$2.1m
1.5 48.3
40 43.9
1
37.5
0.5 30
$0.6m $0.7m
0 20
HY FY23 HY FY24 HY FY25 HY FY26
-0.5
10
UNDERLYING EBITDA Continued EBITDA Growth, with HY FY26 -1
-$0.9m
EBITDA of $2.1m a 200% YoY increase on -1.5 0
HY FY23 HY FY24 HY FY25 HY FY26
$0.7m HY FY25.
GCI ($M) SALES
NET PROFIT (LOSS) Net Loss After Tax reduced to $0.8m (HY25:
90
$2.3m loss) 80
6,000
81.6 5,000
70
4,875
GROSS COMMISSION INCOME GCI increased 34% to $81.6m (HY25: 60
60.9
4,000
$60.9m) 50 56.9
3,000 3,288 3,311
3,585 3,703
40 45.8 3,115
2,847
30 2,556
2,000
BALANCE SHEET Strong Balance Sheet with cash at bank of 20
1,000
$4.5m at 31 Dec 2025, Net Assets of $1.6m 10
with Assets Not on Balance Sheet of $34.4m. 0
HY FY23 HY FY24 HY FY25 HY FY26
0
HY FY23 HY FY24 HY FY25 HY FY26
FINANCIAL POSITION Legacy amortisation concluded, removing
~$3.1m annualised earnings headwind. NUMBER OF NEW LISTINGS (#) PROPERTIES UNDER MANAGEMENT (#)
Banking facilities extended to June 2028, 4,500 14,000
strengthening capital stability. 4,000 12,000
6,914
3,500 3,899
3,709 10,000 5,216
3,000 5,003
3,224
AGENT PRODUCTIVITY 474 agents nationally as at 31 Dec 2025. 2,500
3,124 8,000
2,000 6,000
Agents recruited within the previous 12 960
5,355 5,499
1,500 4,000 4,908 5,089
months contributing ~$5.9m in GCI during HY. 1,000 2,000
The majority of overall GCI growth was driven 500
0
by improved productivity from existing agents. 0 HY FY23 HY FY24 HY FY25 HY FY26
HY FY23 HY FY24 HY FY25 HY FY26
The Agency Owned Services
2
1H FY26
1H FY26 1H FY25 Change$
Growth
Financial Results1 ($M)
GCI 81.6 60.9 34%
Core Financial Revenue 57.1 48.3 18.2%
Operating Results Gross Profit 19.1 15.8 20.9%
Other Income 0.25 0.28
Operating Expenses (17.3) (15.4) 12.3%
Cost of Doing Business2 30.0% 32.0% -2%
EBITDA 2.1 0.7 200%
Net Profit After Tax (0.8) (2.3) 65%
Group Revenue EBITDA
1H FY26 $57.1m 1H FY26 $2.1m
1H FY25 $48.3m 1H FY25 $0.7m
1H FY24 $43.9m 1H FY24 $0.6m
1H FY23 $37.5m -$0.9m1H FY23
1. All figures are unaudited.
3
2. Operating Expenses Pre AASB16 Leasing Standard as a percentage of revenue
($M) 31
31Dec
Dec2025
2025 30 June 2025 Change 14
Cash at Bank $4.5 $5.1 -$0.6
Net Assets $1.6 $2.5 -$0.9
Significant shareholder Off Balance Sheet Value1 $34.4 $33.4 +$2.7
value growing off Fair Value of Net Assets $36.0 $35.9 +$1.8
Balance Sheet Independent Valuation $37.4 $37.4
The value attached to internally generated On Balance Sheet Value $3.0 $4.0 -$1
Property Management and remaining Mortgage
book is not recorded in the balance sheet.
Despite the value of the property management
portfolio increasing in the period, under the Estimated Property Management Portfolio Value ▪ The management rights of AU1 owned rental properties
accounting standard rules, the Profit & Loss ($M) under management were independently valued at
statement for the twelve-month period includes an $37.41M as at 30 June 2025.
37.4 37.4
amortisation charge of the externally purchased 36.3
▪ Only ~$3m of the property management value is held on
property management assets held as an intangible the Balance Sheet as an intangible asset as at 31 Dec
asset. 2025 (~$4m as at 31 Dec 2025), leaving $34.4m of
shareholder value off balance sheet at 31 Dec 2025
This amortisation charge has resulted in a 28.9 ($33.4m at 31 Dec 2024).
33.4 34.4
reduction of Statutory Net assets and results in an ▪ Adjusting for these off balance sheet assets, Estimated
increase in assets not recognisedin the balance Shareholder Net Assets is $36.0m ($35.9m at 31 Dec
sheet. 2025).
▪ The amortisation of the legacy rent roll assets ended in
7.4 September 2025, resulting in an annual benefit to net
4 3 profit after tax of $3.13 million. Since acquisition of these
30 June 2024
30-Jun-24 30 June 2025 31 December 2025 rent roll assets in January 2019, The Agency has
On Balance Sheet Off Balance Sheet amortised in total $20.85 million to the profit or loss.
1. Management valuation based on independent valuation methodology as at 30th June 2025.
4
5
The Agency Group: Exposure through a national corporate model to the Australian
residential market with access to the economic benefits of
Our Value Proposition scale via:
▪ Residential Sales
▪ Property Management
▪ Conveyancing/Settlements
▪ A truly National real estate business. Not a franchise model, so can
flexibly institute change when required, create positive culture and adapt
Sales Agents Nationally to market change.
Agent numbers at 31 December 2025
▪ Large addressable national markets:
+A$7 billion Gross Commission Income (GCI) market:
54 The Agency’s GCI run-rate for FY26 $150 million GCI.
174 +A$8 billion Residential Property Management portfolio
market: The Agency PM rights portfolio valued at ~$37.4 million^
196
▪ Operational Cashflow now funding growth initiatives.
1
▪ Platform now in place so increased revenue drops to the bottom line.
32 ▪ Strong Rent Roll asset position, operational cash flow positive.
▪ Experienced management team in place to execute the grow plan.
17
Management rights of AU1 owned rental properties under management were independently valued at $37.41M as at 30 June 2025.
5
The Agency’s Competitive Advantage
▪ Flexible Model: Unlike traditional franchises constrained by rigid
agreements and the franchise code, The Agency operates a direct
Why be a Shareholder engagement model that is more adaptable to industry changes.
of The Agency? ▪ Difficult to Replicate: Franchise brands face legal and operational
hurdles to shift models. The Agency already holds the necessary
state-based licenses and regulatory knowledge.
▪ National Scale: Strong leadership and operational infrastructure
An opportunity to leverage growth in Australia’s large residential across Australia, managing 474 agents and ~12,000 properties.
property industry with addressable markets of:
▪ Financial Strength: Profits from sales and property management
funding growth into other territories.
+$7bn Gross Commission Income. ▪ Property Management Delivers Recurring Revenue: Year-on-Year
increase of ~15% in annual recurring revenue from a diversified
+$8bn Properties Under Management. portfolio valued at $37.4M.
▪ Rent Roll Acquisition: Strategic partnership with Trilogy Funds ($2B
FUM) has funded $40M+ in rent roll acquisitions.
▪ New Growth Channel: Introducing a flexible model for independently
branded offices.
▪ Evolution into a Tier-1 Platform: Only non-franchise business model
in Top 10 nationally.
6
In Focus
Sales Business Evolution into a Tier-1 Platform
▪ Current GCI run-rate for FY26 is now c. $150 The competitive landscape is characterised by the
million and with an additional pipeline of up to $10 need for continuous innovation in technology and
million GCI. agent support to maintain market leadership
▪ From this additional pipeline of recent
recruitments, AU1 expect a contribution of 12.5% ▪ Now firmly positioned within Australia’s Top 10
EBITDA. real estate groups, The Agency is increasingly
▪ On track to reach $175 million GCI run-rate and recognised as a national platform of choice for
currently has a strong pipeline of up to $10 million agents, operating at scale alongside established
in annualised GCI. tier-one competitors.
▪ As agent expectations evolve, investments in
Property Management offices, technology, training, and national
engagement initiatives have become essential to
▪ Due to economies of scale, increase properties supporting productivity and team growth.
managed by a Property Manager from current ▪ The Agency has commenced targeted investment
average of 165 properties per PM to 180 across these areas, strengthening recruitment and
properties per PM. retention and contributing to the uplift in AU1’s GCI
▪ Management rights of AU1 owned rental run-rate to approximately $150 million.
properties under management were independently
valued at $37.4M as at 30 June 2025.
▪ The growth in the GCI run-rate and agent numbers
will result in an increased value in these
management rights from improved referral
volumes.
7
GROSS PROFIT ACROSS DIVISIONS
The Agency - Division Sales Property Management Settlement Mortgage+
Overview
+30%
$19.1M
$0.7M
$15.8M
$3.9M
▪ Gross Profit has increased due to increased $14.6M
$0.7M
$0.3M
sales GCI and rental commissions on higher $0.7M
$3.5M
rents $2.8M
▪ Sales in WA during the period represented 40%
of the total Group GCI, down from 48% one $14.6M
year ago as East Coast business expanded. $10.8M
$11.6M
▪ The tight sales listings environment in the WA
market has resulted in weaker referral volumes
to its ancillary businesses in the last 6 months 1H FY24 1H FY25 1H FY26
as a result.
OPERATING EXPENSES TO REVENUE RATIO1
▪ Cost of doing business reduced to ~30% of
33%
revenue during the period, reflecting disciplined
32%
overhead management and operational
efficiency gains. 30%
1H FY24 1H FY25 1H FY26
1. Operating Expenses as a % of Revenue.
8
+ Mortgage business was sold in FY24.
Sales #Agents Properties Sold
State 31 December Maturity of State
Business 2025 1H FY26 1H FY25
WA 174 1,830 1,908 Established
NSW1 197 1,094 888 Established
QLD 54 325 218 Emerging
Varying levels of state maturity provides an
VIC 32 283 181 Infancy
opportunity for continued growth.
TAS 17 171 115 Growing
Having been founded in WA, Western Australia is the most mature state of The National 474 3,703 3,310
Agency, with market share of 9.0% (by dollar of property sold) in Perth and
surrounding markets and 6.3% of overall WA state.
During the period and into January, WA’s residential property market continued
to be defined by a pronounced shortage of available stock with listing volumes Market Share by State
Total Value ($)
remaining materially below both historical averages and year-ago levels, State (Volume)
reflecting a combination of limited new listings, strong underlying demand, and 31/12/25 31/12/24 31/12/25 31/12/24
low seller urgency. This constrained supply environment has sustained
elevated buyer competition and underpinned ongoing price strength, with WA 6.28% 5.79% $1,809m $1,626m
demand continuing to outstrip the flow of new properties coming to market. (Rank #2) (Rank #2) (Rank #2) (Rank #2)
$2,363m
In contrast, parts of the East Coast have experienced a relative easing in NSW 1.14% 0.87% $1,558m
(Rank #8)
supply conditions over the same period. Victoria has seen a noticeable
increase in new listings compared with late 2024, contributing to higher QLD 0.74% 0.20% $292m $154m
advertised stock levels and a deeper, more balanced market despite softer
VIC 0.37% 0.30% $285m $176m
price momentum. Queensland has also recorded an uplift in listings reflecting
both seasonal factors and affordability-driven seller activity. $126m $71m
TAS 3.35% 2.10%
(Rank #8 (Rank #8)
The Agency WA ranked the number one sales National 1.46% 1.32% $4,875m $3,585m
office in Australia in the REB Top 50 Sales
Offices 2026
9
* Source: CoreLogic Market Scorecard.
1. NSW related figures Include ACT’s one AU1 agent.
Track Record in
Delivering Growth
GCI growth transferring
to bottom line
▪ 1H FY26: $5.8M of GCI generated from
new agents recruited in the last 12
months (Jan 2025 - Dec 2025).
▪ Represents over 1/3rd of $20.7M YoY
growth in GCI.
▪ Highlights The Agency’s focus of
appointing only the highest performing
agents.
▪ GCI growth generated by existing
agents improved $14.9m YoY.
* New Agents – those who joined AU1 in the last 12 months (1 Jan 2025 – 31 Dec 2025).
From new agents, The Agency anticipate to receive a 12.5% contribution to EBITDA.
10
Track Record in $250m
GCI FY26 RUN-RATE & MILESTONES
Delivering Growth
Current run-rate: $150m $200.0m
$200m
Strong GCI pipeline $10m+
$175.0m
GCI growth transferring
$150.0m
to bottom line $150m Agents:
442
Agents: Agents:
$125.3m
▪ Targeted GCI run-rate:~$150M, up from 399 433
Agents: $112.5m
$137M (Aug 2025 guidance). Agents:
$102.5m 393
$100m 308 $95.4m
▪ Next milestone: On track to reach $175M $80.7m
GCI and currently has a strong pipeline of Agents:
up to $10 million in annualised GCI Agents: 283
272 $47.9m
providing solid forward visibility despite $50m
$38.0m
more challenging listing conditions in
certain markets.
▪ Momentum: While WA has remained $-
supply-constrained, this has been offset
by improving market conditions across
NSW, VIC and QLD markets proving the
diversification benefits of being a national + Note. Milestone 1 if contributed by all new Agent GCI, would contribute est. c. $3 million additional EBITDA margin per new agent.
network.
11
^ Gross Commission Income (“GCI”) is the fees the vendor pays for the sale of a property.*GCI fell in FY23 primarily as a result of 10 consecutive interest rate rises during the financial year.
Improved productivity
underpin The Agency’s
growth +36%
+34%
$4.9b $81.6m
The Agency has historically +12%
bucked the downward national 3,703
trend in terms of properties sold, a $60.9m
-2.6%
clear validation of its resilient, 3,311 $3.6b
agent-focused model. ~378,000
~368,000
3,703 properties were sold in HY FY26 by The
Agency Group. This represents ~1% national
market share of the estimated 368,000
properties sold across Australia for the six-
month period.
Higher average property values and strong Total Properties sold in No of Properties Sold by The Gross Sales Volume Gross Commission Income
agent productivity across the network was Australia* Agency Group ($M)^
reflected in a 34% YoY rise in GCI.
1H FY25 1H FY26 (unaudited)
* Estimate based on historical PEXA settlement volume data.
12
Outlook
Looking ahead
▪ Strong start to 2H FY26, with earnings momentum improving
following removal of legacy amortisation and increasing operating
leverage.
▪ Positive operating cash flow and disciplined cost control underpin
strengthening statutory profitability.
▪ Stable recurring property management income continues to provide
a resilient earnings base.
▪ Seasonal 2H dynamics expected, including higher commission
payouts as agents achieve annual sales targets, consistent with the
Company’s remuneration model.
▪ Management focused on productivity, market share growth and
margin expansion as the national strategy advances.
▪ Apply RightMove pilot findings via launch of “Service Plus” model
into East Coast markets, offering technology and end-to-end support
for agents and offices seeking rebranding opportunities.
▪ On track for ~$150m GCI run-rate, with confidence in progressing
toward the next ~$175m GCI milestone supported by strong
recruitment and active sales pipelines.
14
Disclaimer Not an offer Forward looking statements
This presentation is for information purposes
only. This presentation does not comprise a Certain statements contained in this presentation, including information as
prospectus, product disclosure statement or to the future financial or operating performance of the Company and its
other offering document under Australian law projects, are forward looking statements. Such forward looking statements:
(and will not be lodged with the Australian are necessarily based upon a number of estimates and assumptions that,
Securities and Investments Commission) or any while considered reasonable by the Company, are inherently subject to
other law. significant technical, business, economic, competitive, political and social
uncertainties and contingencies; involve known and unknown risks and
uncertainties that could cause actual events or results to differ materially
Summary information from estimated or anticipated events or results reflected in such forward
This presentation does not purport to be all looking statements; and may include, among other things, statements
inclusive or to contain all information about the regarding estimates and assumptions in respect of prices, costs, results
Company or any of the assets, current or future, and capital expenditure, and are or may be based on assumptions and
of the Company. This presentation contains estimates related to future technical, economic, market, political, social and
summary information about the Company and its other conditions.
activities which is current as at the date of this The Company disclaims any intent or obligation to publicly update any
presentation. The information in this presentation forward looking statements, whether as a result of new information, future
is of a general nature and does not purport to events or results or otherwise.
contain all the information which a prospective
The words “believe”, “expect”, “anticipate”, “indicate”, “contemplate”,
investor may require in evaluating a possible
“target”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”,
investment in the Company.
“schedule” and similar expressions identify forward looking statements.
The Company does not undertake to provide
All forward looking statements contained in this Presentation are qualified
any additional or updated information whether
by the foregoing cautionary statements. Recipients are cautioned that
as a result of new information, future events
forward looking statements are not guarantees of future performance and
or results or otherwise.
accordingly recipients are cautioned not to put undue reliance on forward
looking statements due to the inherent uncertainty therein.
15