Steadfast Group reported underlying net profit after tax (NPAT) of $295.5 million for the year ending June 30, 2025 (FY25), a 17.2% increase from the previous year.
Revenue rose 8.9% to $1.83 billion, while underlying EBITA climbed 11.9% to $591.4 million.
Diluted underlying earnings per share grew 14.2% to 26.7 cents.
The company’s statutory NPAT, which includes non-trading gains and losses, reached $334.9 million, up from $228 million in FY24.
Chief executive Robert Kelly said the performance marked the 12th consecutive year of growth since Steadfast’s 2013 ASX listing.
“This has resulted in a shareholder, who participated in the Steadfast listing and continues to hold their shares, experiencing a total shareholder return of 530.3% on their initial investment,” he said.
The Australasian broker network achieved a 6% increase in gross written premium (GWP) to $12.5 billion on a like-for-like basis.
Underlying earnings from the network grew 10.6%, reflecting both organic growth and equity step-ups in existing brokers.
Steadfast’s underwriting agencies reported GWP of $2.5 billion, a 5.9% increase over FY24, with underlying EBITA rising 10% to $221.7 million.
The agencies continued to invest in technology systems to support underwriting and claims operations.
Steadfast’s international division, ISU Steadfast, exceeded its FY25 profit targets.
In December 2024, the group acquired H.W. Wood Limited – including operations in London, Greece, and France – now operating as HWS Specialty.
The business provides wholesale, retail, and reinsurance solutions across multiple insurance classes.
Following June 30, 2025, Steadfast acquired a majority stake in Novum Underwriting Partners LLC in the US to strengthen its international underwriting and brokerage capabilities.
The company also completed several domestic acquisitions in line with its growth strategy.
Steadfast maintained a conservative approach to leverage, with a gearing ratio of 27% as of June 30, 2025.
The board raised the maximum permitted gearing to 35% to allow flexibility for acquisitions.
The fully franked final dividend of 11.70 cents per share is up 14% from the prior year and is eligible for the company’s dividend reinvestment plan at a 2.5% discount.
Non-executive director and chair Frank O’Halloran AM will retire at the 2025 annual general meeting.
Current director Vicki Allen will succeed him as chair.
Michael Goodwin will join the board as a non-executive director on Sept. 15.
Allen said she looked forward to leading the board through the next stage of Steadfast’s development.
“I’m honoured to have the opportunity to succeed Frank as chair. I look forward to working with my board colleagues and with Robert and his leadership team during this next phase of Steadfast’s growth,” she said.
Meanwhile, Kelly acknowledged O’Halloran’s contributions over the past 12 years.
“Frank’s counsel and support have been fundamental to the listing and the disciplined growth of Steadfast over the past 12 years. I extend my gratitude to him and wish Frank all the very best for his retirement,” he said.
Steadfast projects underlying NPAT for FY26 between $315 million and $325 million, underlying NPATA between $365 million and $375 million, and underlying EBITA between $650 million and $665 million.
The guidance assumes a 3% to 5% rise in insurance premium pricing across Australia.
