Key Highlights

  • PFP (ASX:PFP): FY26 Revenue rose 0.3% to A$226.6 million. On 29 October 2026, PFP shares were priced at A$2.625, and rose 0.96%.
  • Operating EBITDA declined 1.6% to A$55.3 million.
  • Five acquisitions completed during and since FY26 involved approximately A$12 million.

Propel Funeral Partners operates funeral homes, cremation facilities and cemeteries across Australia and New Zealand. Its FY26 revenue was A$226.6 million, compared with A$225.8 million in FY25, while operating EBITDA decreased 1.6% to A$55.3 million. Operating net profit after tax was A$20.7 million, down 4.0%, and the company performed approximately 22,850 funerals during the year. On 29 October 2026, Propel shares traded at A$2.625, up 0.96%. The reported year includes funeral services, acquisitions and the effects of currency movements between the Australian and New Zealand dollars. The share price for PFP (ASX:PFP) was AUD 2.625 on 29 October 2026, representing a 0.96% daily increase. The following sections cover FY26 funeral services, revenue, operating EBITDA, acquisitions and dividends.

Revenue, Earnings and Dividends

Propel Funeral Partners reported FY26 revenue of A$226.6 million, up 0.3% from A$225.8 million in FY25. Operating EBITDA was A$55.3 million, compared with A$56.2 million, while operating NPAT declined 4.0% to A$20.7 million. The operating EBITDA Margin was 24.4%, compared with 24.9%. Operating Earnings Per Share decreased from 15.7 cents to 15.0 cents, and Cash Flow conversion was 100.7%, versus 102.2% a year earlier. The board declared a 6.9-cent fully franked final dividend, bringing total FY26 dividends to 14.4 cents per share, unchanged from FY25.

Funeral Services and Acquisition Activity

Propel conducted approximately 22,850 funerals in FY26, up 1.1% year on year, while comparable funeral volumes contracted by approximately 2%. Average revenue per funeral was A$6,673, with comparable growth of approximately 2% on a constant-currency basis. The group reported five acquisitions during and since FY26, involving about A$12 million: Jones & Co and Broadway, Jacobsen, Collingwood Funeral Home, Leishman Funeral Services and Evans Funeral Services. The acquisitions involve funeral services, memorials, headstones and cremation facilities in New Zealand.

Balance Sheet and Subsequent Trading

At 30 June 2026, Propel reported approximately A$650 million in total assets, including around A$252 million in freehold properties, a gearing ratio of approximately 31% and net Leverage of around 2.2 times. It extended A$275 million of Debt facilities to October 2029 and established a A$50 million accordion facility. Total funding capacity was reported at approximately A$169 million, including that accordion facility. July 2026 revenue was approximately A$21.5 million; the company also reported comparable average revenue per funeral growth exceeding 3% for that month. The group operates from 213 locations, including 42 cremation facilities and nine cemeteries.

Transaction Details and Locations

Propel disclosed five acquisitions completed during and since FY26 for approximately A$12 million in combined upfront consideration. Jones & Co and Broadway provide funeral services around Tauranga and Matamata in New Zealand. Jacobsen is an Auckland memorial and headstone manufacturer, while Collingwood Funeral Home operates in Rotorua. Leishman Funeral Services operates in Balclutha, and Evans Funeral Services includes Gisborne Tairawhiti Cremation Services in the Gisborne area. The company reported approximately A$314 million of acquisition expenditure since its November 2017 initial public offering. It also stated that future transaction timing remained uncertain and that it continued to review opportunities in the death-care sector.

Volumes, Pricing and Currency

The group performed approximately 22,850 funerals in FY26, an increase of 1.1% from FY25. Comparable funeral volumes, which exclude relevant changes in the Business portfolio, decreased by approximately 2%. Average revenue per funeral was A$6,673, with comparable growth of approximately 2% calculated at constant currency. The release also refers to pricing, foreign exchange, service mix and recently acquired operations as factors affecting that average. Propel reported an adverse currency impact of approximately A$3 million on revenue and A$1 million on operating EBITDA following appreciation of the Australian dollar against the New Zealand dollar. July revenue was approximately A$21.5 million, including a further adverse foreign-exchange impact.

Property Assets and Financing Terms

At 30 June 2026, Propel’s Balance Sheet included approximately A$650 million of total assets, including about A$252 million of freehold properties. The company reported gearing of around 31% and net leverage of approximately 2.2 times, against a debt covenant limit of 5.0 times. During FY26 it agreed with Westpac to extend the Maturity of A$275 million of facilities from October 2027 to October 2029 and establish a A$50 million accordion facility. It reported approximately A$169 million of funding capacity, including the accordion amount, subject to the relevant Facility conditions. The release stated that the company operated from 213 locations, including 42 cremation facilities and nine cemeteries.

Five acquisitions completed during and since FY26 involved approximately A$12 million in upfront consideration, extending the company’s operations in New Zealand. Average revenue per funeral was A$6,673, with comparable growth of about 2% on a constant-currency basis. The board declared a fully franked final Dividend of 6.9 cents per share, taking FY26 distributions to 14.4 cents. At 30 June 2026, total assets were approximately A$650 million, net leverage was about 2.2 times and available funding capacity was approximately A$169 million, including its accordion facility.

Key Insights

For PFP (ASX:PFP), FY26 revenue was broadly steady while operating EBITDA declined. Funeral service activity, acquisitions and Shareholder distributions describe the main business developments covered.