In FY26, agents at The Agency Group Australia sold A$9.02 billion of property, 21 per cent more than a year earlier, yet the company still reported a loss. Acumentis Group, which values property rather than selling it, earned less Revenue but more profit.

The Agency Group (ASX:AU1) and Acumentis (ASX:ACU) both depend on property changing hands or being refinanced, but they are paid in different ways. An agent's commission rises with sale prices, while a valuer is generally paid per job. That difference explains much of why their FY26 results, both for the year to 30 June 2026, diverged.

Two ways to earn from a property deal

The Agency is an integrated real estate services Business covering residential sales, property management, Mortgage broking and settlements. Its FY26 results release, lodged on 31 August 2026, reported a network of 511 agents, up from 442.

Acumentis, formerly Landmark White, provides property valuation and advisory services across residential, regional, commercial and business valuations, plus ESG and quantity surveying work. Its 2026 annual report, released on 17 September 2026, says non-finance-related services now make up 47 per cent of revenue, meaning just over half still comes from finance-related work such as valuations for lenders.

Neither company appears in a major S&P/ASX index, according to Market index summaries for AU1 and ACU.

The Agency's record commissions and continuing loss

Gross commission income (GCI, the total commission generated across its agent network) rose 21 per cent to a record A$151.6 million. Reported revenue rose 10 per cent to A$108.7 million, and statutory EBITDA (earnings before interest, tax, Depreciation and amortisation) improved to A$4.86 million from A$3.76 million.

The company still recorded a net loss after tax of A$2.37 million, narrower than the prior year's A$5.44 million loss, after depreciation and Amortisation of A$4.73 million. Properties sold rose 3 per cent to 6,849, while the average sale price rose about 18 per cent to roughly A$1.32 million.

Property management revenue grew 7 per cent to A$14.48 million from 12,261 managed properties, with an independently assessed rent roll value of A$38.10 million. Settlements work eased slightly to 1,732 transactions from 1,757.

Acumentis' leaner revenue and firmer profit

Acumentis reported revenue of A$56.8 million, down from A$58.3 million, but EBITDA rose to A$4.3 million from A$3.9 million. Net profit after tax increased 48.6 per cent to A$1.753 million, or 0.79 cents per share.

Operating cash flow nearly doubled to A$5.1 million, and cash rose to A$7.1 million. The board declared a fully franked final Dividend of 0.45 cents per share, compared with 0.22 cents a year earlier, which Market Index shows was paid on 11 September 2026.

Chair Keith Perrett said non-finance revenues grew by about 8 per cent during the year. Recent investments include a stake in agricultural property technology business Agtuary and valuation practices in Port Lincoln and the Northern Territory. Chief executive Timothy Rabbitt also pointed to Investment in technology, including a next-generation Job management system.

Commission versus fee-for-service, by the numbers

Our calculation highlights the gap between the two models. The Agency's sales commission revenue of A$92.1 million, set against A$9.02 billion of property sold, equals about 1.0 per cent of sale value, or roughly A$13,450 per property sold.

Because that income is tied to price, the 18 per cent rise in average sale prices did much of the work. Acumentis has no equivalent lever: a valuation generally attracts a fee whether the property is worth A$600,000 or A$1.3 million, so its revenue follows job volumes and service mix rather than price growth.

The Margin difference is also notable. By our arithmetic, The Agency's statutory EBITDA equalled about 4.5 per cent of revenue and its net result was a loss equal to about 2.2 per cent of revenue. Acumentis' EBITDA equalled about 7.6 per cent of revenue and net profit about 3.1 per cent. Both companies report EBITDA on their own bases, so these figures are indicative rather than precisely comparable.

Balance sheets and corporate events

The balance sheets differ sharply. The Agency's Annual Report shows net Assets of just A$0.08 million, a net Tangible Asset Deficit of A$16.12 million, borrowings of A$8.4 million and convertible notes of A$5.53 million issued to Peters Investments. Acumentis reported net assets of A$27.2 million and net tangible assets of 2.5 cents per share.

The Agency is also in talks with Aura Group. A market update on 7 August 2026 disclosed a confidential, non-binding, conditional scrip-for-scrip Merger proposal at an indicative A$0.04 per share, subject to Aura Group listing on the ASX, Due Diligence and approvals. The company said there was no certainty of a transaction. With 439.6 million shares on issue, the indicative price equates to about A$17.6 million by our calculation, although the valuation basis remains in discussion.

Acumentis has been dealing with governance pressure. Its annual report refers to a requisition notice under section 249D, lodged on 13 July, seeking to replace the chair and managing director. Shareholders rejected all four resolutions at the extraordinary general meeting on 1 September 2026, in line with the board's recommendation.

Housing signals that matter for both

The Agency's results release cited softer conditions: national home sales fell 0.8 per cent over the year to July 2026, auction clearance rates declined from 66 per cent in February to 42.3 per cent in late June, and national dwelling values fell 1.9 per cent over the three months to July. Fewer sales would weigh on commissions, and slower lending would reduce Demand for mortgage valuations.

The Agency did not provide FY27 Earnings or GCI guidance, though it pointed to a listing pipeline carrying about A$75.0 million of potential GCI, or about A$69.4 million after a prudence adjustment. It has also stated longer-term ambitions of A$175 million and then A$200 million in GCI, without a timeframe. Progress on the Aura Group proposal is the other key watch point.

Acumentis' notice of Annual General Meeting sets the AGM for 21 October 2026 in Sydney. The agenda includes the remuneration report, a conditional spill resolution, two director re-elections and a proposed increase in the non-executive director fee pool to A$650,000. A conditional spill resolution is voted on only if at least 25 per cent of votes cast oppose the remuneration report.