Steadfast Group has posted underlying net profit after tax of A$319.5 million for the year ended 30 June 2026, up 8.2%, in what is likely to be its final full-year result as a listed company before a US-led consortium takes it private.
The results were released to the Australian Securities Exchange (ASX) on 25 August 2026, four days after the group signed a binding scheme implementation deed with Amwins Australasia Group and Starboard BidCo, involving Dragoneer Investment Group and Kohlberg Kravis Roberts & Co, at A$6.00 per share. That is a 51.9% premium to the undisturbed closing price of A$3.95 on 9 June 2026. The board has unanimously recommended the scheme, absent a superior proposal, with completion targeted for December 2026 subject to shareholder, court and regulatory approvals.
"I am pleased to present our FY26 results, continuing Steadfast's track record of accretive growth since listing in August 2013," CEO Robert Kelly (pictured) said in the market release. "Despite a challenging operating environment, disciplined execution and strong cost management, we delivered solid performance and positioned the business for continued long-term growth."
Underlying revenue reached A$2,104.7 million, up 15.3%, with underlying earnings before interest, tax and amortisation (EBIddTA) of A$669.8 million, up 13.8%. Underlying diluted earnings per share rose 7.7% to 28.8 cents and the board declared a fully franked final dividend of 12.75 cents per share, up 9.0%.
The network wrote A$13.2 billion in gross written premium across 419 brokerages, up 6.2%. Of those brokerages, 292 are in Australia, 71 in New Zealand, 39 in Singapore and 17 across the wider Asia-Pacific. Steadfast holds equity in 62 members, representing more than 56% of network gross written premium.
Divisional underlying EBITA in Australasian broking rose 13.2%, but 10.5% of that came from step-up and bolt-on acquisitions in existing equity brokers. Organic growth was 2.7%, attributed to cost management and a broker hubbing strategy that consolidates back-office functions across acquired firms.
Underwriting agencies wrote A$2.5 billion in gross written premium, up 2.3%, across 20 specialist agencies offering more than 100 niche products, and ran a consolidation programme during the year. The group's regional agency entities include Underwriting Agencies of Singapore, Underwriting Agencies of Asia and Underwriting Agencies of Hong Kong, held at 88.91%.
Steadfast does not break out Asian revenue or earnings. Its segment reporting groups intermediary operations across Asia-Pacific, including New Zealand, Singapore and Hong Kong, within the broking and underwriting agencies segments, with a separate international segment covering the US, UK and Europe only.
Statutory net profit after tax was A$269.1 million against A$334.9 million, a fall of 20% on Steadfast's own Appendix 4E disclosure.
Most of that gap is a base effect. The prior year included a one-time gain of A$157.4 million recognised when Steadfast took control of New Zealand broker Rothbury Group - an accounting gain on gaining control rather than trading income. Weighing on the current year were non-trading items totalling A$50.4 million after tax and non-controlling interests, including A$27.6 million in portfolio write-downs and a A$15.8 million impairment against Rothbury's carrying value, attributed to softer than anticipated New Zealand market conditions.
Group-wide impairment expense fell to A$24.1 million from A$139.1 million.
The clearest forward signal is in what Steadfast has assumed rather than what it reported. Guidance for the coming year is built on Australian insurance premium pricing rising just 2% to 3%, with underlying EBITA forecast at A$700 million to A$715 million and underlying diluted earnings per share growth of 4% to 8%.
With premium growth moderating, acquisition multiples struck during the hard market are being tested - a dynamic relevant to any regional network that has grown by consolidation.
On technology, A$1.6 billion of gross written premium was written through the Steadfast Client Trading Platform, up 9.7%, with more than 12,500 active users transacting across Australia and New Zealand. Steadfast Apps, a unified broking platform merging SCTP and INSIGHT with claims, compliance and AI-enabled workflow automation, is due in the coming financial year.
An unresolved leadership question sits over the transaction. Kelly, who co-founded Steadfast in 1996 and led its 2013 ASX listing, confirmed earlier this year that he intended to retire. The annual report states the board had intended to name a successor before the FY26 result but paused the search in June after the consortium's approach, with Kelly remaining to oversee the transaction. Both internal contenders have since left, and no successor has been named.
