Shares in digital property settlement platform Pexa Group Ltd (ASX: PXA) plunged 11.3% to A$15.01 at the open after the company posted a net loss of A$76.1 million for the 2025 financial year, down 322.4% year-on-year.
The result missed market expectations, with earnings before interest, taxes, depreciation and amortisation (EBITDA) of A$133 million falling short of Barrenjoey’s forecast of A$140 million.
Looking ahead, Pexa guided for revenue in FY26 of between A$405 million and A$430 million—also slightly below consensus expectations of A$432 million.
Barrenjoey analyst Josh Kannourakis described the FY25 result as “operationally… a bit below expectations,” noting several underperforming metrics.
“There are a lot of moving parts in PXA’s FY25 result,” Kannourakis wrote. “The second half of FY25 was softer due to lower than expected transaction volumes—6% below our estimates—which flowed through to lower EBITDA margins. UK losses were a bit higher.”
While the FY26 outlook statement was “upbeat” and broadly aligned with some forecasts, he noted that “broader market expectations were much higher at A$158 million EBITDA, so we expect the stock to trade softer today.”