Last of the companies I own reported today and the numbers for PXA were messy and underwhelming. Somehow I always think the stragglers are going to produce a poor result.

Revenue of $393.6m was below market expectations of $400m

EBITDA of $134.4m below market of $140m though I read some analysts has EBITDA as high as $158m

NPATA of $41.1m with statutory NPAT of ($76.1m) affected by impairments.

Numbers themselves aren't too important to me in the short term as my thesis for holding was based on the probability of success in the UK as they already practically have a monopoly in Aust esp after Sympli, the last of PXA's e-conveyancing competitors put up the white flag earlier this year. 

More importantly for me the UK expansion is starting to gain traction with the following points

• NatWest engagement progressed in 2H25, written commitment received in July 2025

 • Engagement with other Tier 1 lenders is now considered commercial in confidence 

• Launch of PEXA UK platform imminent 

• Key platform APIs have been built, opening connections across market ecosystems 

• Undergoing beta-testing with select conveyancers in advance of the broader launch.

Stock currently down appropriately 10.11% at $15.21 though was as low as $14.33.