Home / Earnings Results / Perpetual posts higher earnings and tight cost control for 1H26

Perpetual posts higher earnings and tight cost control for 1H26

Perpetual reports 12% underlying profit growth and a 2% rise in revenue for 1H26.

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Laura Stewart
Author bio Laura Stewart is a Finance Editor at The Motley Fool, where she covers Australian and international equity markets. She joined the company in 2022, following a career transition from legal advisory work in Southeast Asia into the investment industry. Prior to her current editorial role, Laura spent three years as an Equity Analyst and Writer, producing investment research across the ASX, NYSE, and NASDAQ. Her coverage included small-cap growth companies, thematic investment ideas, and high-quality U.S.-listed businesses. Laura holds a Master of Applied Finance and brings additional expertise in accounting, taxation, and estate and wealth planning from her postgraduate studies. She also has a background in law and communications, which supports her analytical and reporting work in financial markets. Outside of work, she enjoys spending time in the Adelaide Hills with her flock of sheep. Education Laura holds a Bachelor of Laws, a Bachelor of Communication (Journalism), and a Bachelor of Commerce with majors in Accounting and Corporate Finance. In 2025, she completed a Master of Applied Finance at the University of Adelaide, receiving postgraduate awards in Accounting Concepts & Methods, Ethical Principles in Accounting & Finance, Real Estate Valuation & Investment, and Tax, Estate & Wealth Planning. Social media LinkedIn FYI – I am taking a break from social media at the moment, so this account isn’t active at the moment, but I will let you know when I rejoin. Favorite investment quote "Compound interest is the eighth wonder of the world. He who understands it, earns it... he who doesn't... pays it." — Albert Einstein
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The Perpetual Ltd (ASX: PPT) share price is in focus today after the company reported a 12% lift in underlying profit after tax (UPAT) to $112.7 million and a 2% rise in revenue for the half year ended 31 December 2025.

Young woman reviewing financial reports at desk with multiple computer screens.

Image source: Getty Images

What did Perpetual report?

  • Operating revenue of $697.9 million, up 2% on 1H25
  • Underlying profit after tax (UPAT) of $112.7 million, up 12%
  • Net profit after tax (NPAT) of $53.9 million, up 349% year-on-year
  • Interim dividend of $0.59 per share, unfranked
  • Asset Management UPBT of $106.9 million (up 4%), Corporate Trust UPBT of $49.0 million (up 11%)
  • Simplification Program delivered $60 million in annualised cost savings so far

What else do investors need to know?

Perpetual kept expense growth tightly controlled at 1%, and its Board reaffirmed full-year expense guidance at 1–2%. Cost savings from the company's Simplification Program are on track for $70-80 million annually by FY27, with $60 million already achieved.

Talks with Bain Capital Private Equity for the potential sale of the Wealth Management business are advancing, though there's no binding agreement yet. Meanwhile, Wealth Management's funds under advice grew 6% despite profit pressure.

What did Perpetual management say?

Perpetual CEO and Managing Director Bernard Reilly said:

Perpetual delivered a solid first half, with revenue and double-digit underlying profit growth driven by the strength of our diversified business model including Asset Management and Corporate Trust, while Wealth Management continued to show resilience as the sale process continued.

What's next for Perpetual?

Looking ahead, Perpetual plans to keep simplifying its operations to increase focus and reduce costs, supporting sustainable long-term growth. The company remains disciplined in expense management, while investing in new products and innovation within Asset Management.

Discussions with Bain Capital about selling the Wealth Management division are ongoing, with the company committed to keeping shareholders informed as things progress.

Perpetual share price snapshot

Over the past 12 months, Perpetual shares have declined 24%, trailing the S&P/ASX 200 Index (ASX: XJO) which has risen 11% over the same period.

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Motley Fool contributor Laura Stewart has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips. This article was prepared with the assistance of Large Language Model (LLM) tools for the initial summary of the company announcement. Any content assisted by AI is subject to our robust human-in-the-loop quality control framework, involving thorough review, substantial editing, and fact-checking by our experienced writers and editors holding appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content published by The Motley Fool Australia.

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