Key Highlights

  • A scheme implementation deed was signed on 21 August 2026 under which a consortium would acquire Steadfast for A$6.00 per share.
  • The consortium includes Amwins Australasia Group, with Starboard BidCo backed by Dragoneer Investment Group and KKR.
  • The board has unanimously recommended the scheme, absent a superior proposal.
  • Completion is targeted for December 2026, subject to shareholder, court and regulatory approvals.

Steadfast Group's FY26 result, released on 25 August 2026, sits alongside a scheme implementation deed signed on 21 August 2026 under which a consortium would acquire the company for A$6.00 per share. The company (ASX:SDF) operates in this market.

The central development

The board has unanimously recommended the scheme, absent a superior proposal. Completion is targeted for December 2026, subject to shareholder, court and regulatory approvals.

The company's disclosures cover the ASX announcements page for the latest position.

The FY26 result

For the year to 30 June 2026, Steadfast reported underlying net profit after tax of A$319.5 million, up 8.2%, on underlying Revenue of A$2,104.7 million. Statutory net profit after tax was A$269.1 million, down 20% from A$334.9 million, mainly because FY25 included a one-off A$157.4 million gain on taking control of Rothbury. Total Impairment expense fell to A$24.1 million from A$139.1 million. The final Dividend was 12.75 cents per share, fully franked, up 9.0%, and total FY26 dividends were 20.95 cents per share.

Divisional underlying EBITA rose 13.2%, of which 10.5 percentage points came from acquisitions, implying organic growth of 2.7%. Acquisitions can be a less repeatable source of growth.

How Steadfast makes money

Its Underwriting agencies design and distribute insurance products and earn fees and profit shares. It also earns premium funding interest income, which was A$126.9 million in FY26, up from A$123.5 million.

FY27 guidance

Steadfast guided to FY27 underlying net profit after tax before Amortisation (NPATA) of A$382 million to A$392 million, underlying EBITA of A$700 million to A$715 million and underlying Diluted Earnings per Share growth of 4% to 8%. It assumed Australian insurance premium pricing growth of 2% to 3%. This is management guidance prepared on assumptions that may change, and it was issued while the company is subject to a scheme, so its relevance to shareholders depends on whether the transaction completes.

The pricing assumption deserves attention.

Sector and competitive position

Scale gives Steadfast negotiating power with insurers, and its agency Business gives it exposure to underwriting profit. The offer shows international Capital sees value in the model, but whether the price is fair is for the independent expert and each shareholder.

Material risks

Scheme risk.

Insurance cycle. Slower premium growth could weaken organic growth, with FY26 organic growth of 2.7% already modest.

Acquisition dependence. Most FY26 divisional EBITA growth came from acquisitions, and integration carries risk.

Impairments. Impairments of A$24.1 million in FY26 and A$139.1 million in FY25 show that acquired Assets can be written down.

Regulatory and technology risk.

What to watch next

For shareholders and observers, the important developments are the scheme booklet and independent expert's report, the scheme meeting and court dates, regulatory approvals and the targeted December 2026 completion. If the scheme completes, Steadfast would be Delisted and would leave the ASX indices. If it does not, attention returns to organic growth, pricing and the FY27 guidance range.

In short, Steadfast delivered growth in FY26, but the dominant story is a pending Takeover whose outcome depends on approvals. How to approach that is a decision for each shareholder, ideally with licensed advice suited to their own circumstances.