The most appealing ASX growth shares can deliver investors a combination of profit growth and dividends.
I like dividends from ASX growth shares because it's a way for us to benefit from the actual profits of the business without having to sell shares.
The two businesses below are exciting options, in my opinion.
Australian Ethical Investment Ltd (ASX: AEF)
This business describes itself as one of Australia's leading ethical investment managers. Since 1986, the company has offered investors investment management products that align with their values and deliver long-term, risk-adjusted returns.
The company states that its investments are guided by the Australian Ethical Charter, which informs its ethical approach and underpins both its culture and vision.
One of the main appealing features of the ASX growth share is that it provides superannuation products to Australians. This is attractive because superannuation money is normally locked in for many years, giving the company a long earnings runway.
Additionally, due to the mandatory and tax-advantaged nature of superannuation contributions, Australian Ethical's funds under management (FUM) is regularly growing (aside from the volatility from the share market).
In the three months to September 2025, it finished with FUM of $14.28 billion, which benefited from $120 million of FUM inflows related to superannuation, as well as rises in share markets.
The company looks much better value after the Australian Ethical share price's decline of almost 40% since August, as the chart below shows.
The dividend yield looks much more appealing. In FY25, the business paid a full-year dividend of 14 cents per share (up 56% year over year). That translates into a grossed-up dividend yield of close to 4%, including franking credits.
Lovisa Holdings Ltd (ASX: LOV)
Lovisa is a global retailer of affordable jewellery in numerous countries, including the US, Australia, the UK, South Africa, France, Germany, Spain, New Zealand, Canada, and plenty more.
The ASX growth share is rapidly growing thanks to both its store network expansion and positive like for like sales growth. In the first 20 weeks of FY26, it grew its total sales by 26.2% year over year, with global comparable store sales growth of 3.5%. In the financial year to date, the business added another 44 net new stores as it steadily climbs towards 1,100 global stores.
With the business now in more than 50 markets, it has numerous opportunities to expand its store network, and it can choose the destinations that will add the most profit growth.
Forecasts on CMC Markets suggest that by FY27, the business could grow its earnings per share (EPS) to $1.155, and the dividend could be hiked to $1.05 per share.
At the time of writing, that suggests the Lovisa share price is valued at 26x FY27's estimated earnings with a potential dividend yield of 3.8%, excluding any potential franking credits.
