PEXA Group Ltd (ASX:PXA) operates the PEXA Exchange, Australia's main digital platform for property settlements and electronic lodgement, used by lawyers, conveyancers and financial institutions. It is also expanding into the UK, where it is working with NatWest on digital remortgage and sale and purchase capabilities. Russell Cohen is Chief Executive Officer and Group Managing Director.

On 2 October 2026, PEXA shares were trading at $6.43, down 1.08%. The property sector was lower, with the S&P/ASX 200 Real Estate index (ASX:XRE) falling 1.65% to 3,178.8 as of 11:47 am, while the S&P/ASX 200 (ASX:XJO) rose 0.79% to 8,682.10. Expectations of further Interest Rate increases in Australia, the US and other markets have weighed on property-related stocks. Higher rates can affect property transaction volumes, financing costs and valuations, and make cash and fixed income more competitive, while elevated bond yields can draw Capital away from the sector.

PEXA reports results for continuing operations following the sale of its Digital Solutions businesses.

Recent Developments

On 28 August 2026, PEXA reported its results for the 12 months ended 30 June 2026. Core results from continuing operations include:

  • Group Revenue increased 7% to $406.9 million.
  • Group EBITDA rose 12% to $151.7 million, with the EBITDA Margin up 1.7 percentage points to 37.3%.
  • Group NPATA increased 35% to $65.3 million.
  • Statutory NPAT from continuing operations was $19.2 million, compared with a loss of $65.6 million.
  • Earnings per share from continuing operations were 10.91 cents, compared with a loss of 37.07 cents.
  • Free Cash Flow was $93.5 million, up 39%.
  • Leverage was reduced to 1.0 times net Debt to EBITDA from 1.8 times.

Mr Cohen said FY26, his first full year as CEO, was a year of intentional change, sharpening the company's focus and strengthening its financial position to support Investment in products and services. He said revenue and EBITDA grew across each continuing business. In the UK, PEXA delivered NatWest's digital remortgage capability using its platform ahead of schedule, and it completed the strategic review and sale of its Digital Solutions businesses.

In Australia, PEXA continued to engage with IPART through its review of electronic lodgement network operator (ELNO) service fees. Mr Cohen said PEXA remains concerned that aspects of the methodology and assumptions in IPART's draft report do not appropriately reflect the Economics and risk profile of critical digital infrastructure such as the PEXA Exchange, but that it remains committed to working constructively through the review. For FY27, PEXA's strategy centres on strengthening the Australian Exchange, pursuing growth through PEXA Clear and a capital-light pilot in New Zealand, and accelerating adoption in the UK as it works toward launching sale and purchase capability with NatWest.

PEXA's core financial operating results represent statutory results adjusted for significant non-recurring items. Earnings Per Share from continuing operations is calculated as NPAT from continuing operations divided by the weighted average number of shares. Mr Cohen said PEXA's focus in the IPART review is on an outcome that delivers value for consumers while supporting continued investment in critical digital infrastructure. The sale of the Digital Solutions businesses was part of the company's strategy to sharpen its focus on core capabilities.

Sector Context

PEXA's revenue is closely linked to property transaction volumes in Australia, including sales and refinancing. When interest rates rise, housing turnover can slow, though refinancing activity may increase as borrowers seek better rates. Property market conditions therefore influence the company's transaction fees.

Digital settlement platforms are subject to regulation, as they form critical market infrastructure. Pricing reviews, competition and interoperability requirements can affect revenue. International expansion offers growth potential but requires investment and partner adoption.

Electronic conveyancing has largely replaced paper-based property settlements in Australia, making ELNO platforms a key part of the property transaction process. Regulators oversee pricing and competition in this market. In the UK, digital remortgaging and conveyancing are less developed, which presents an opportunity for platforms that can partner with major lenders.

Risks and Uncertainties

The IPART review of ELNO service fees could result in pricing changes that affect PEXA's Australian revenue. Transaction volumes depend on housing market activity, which could soften if interest rates rise further. UK expansion involves ongoing investment, and adoption is not guaranteed. Competition and interoperability arrangements may change the market structure. Statutory results include significant items.

PEXA's UK Business requires continued investment before achieving scale, and its success depends on partnerships with banks such as NatWest.

Catalysts Investors Can Watch

Investors may watch for IPART's final report on ELNO pricing, the launch of sale and purchase capability with NatWest in the UK, and progress on PEXA Clear and the New Zealand pilot. Property transaction volumes and interest rate trends will also be relevant.

Free cash flow and Leverage trends may also be followed as indicators of the company's capacity to invest and return capital.

The company's progress in New Zealand through its capital-light pilot may also be followed as an early indicator of expansion beyond Australia and the UK.

In Summary

PEXA's FY26 result showed revenue, EBITDA and cash flow growth, a return to statutory profit from continuing operations and lower leverage. The IPART review and UK progress are likely to be the key areas to follow.

Its Balance Sheet position may support continued investment in growth initiatives.