Bravura Solutions Limited · ASX:BVS
Bravura Solutions — H1 2025 Earnings Presentation
28 slides from Bravura Solutions's earnings presentation, Feb 12, 2025
Slide 1: 1H25 Results Presentation
For personal use only 1H25 Results Presentation 12 February 2025
Slide 2: Presenters and Agenda
Presenters Agenda For personal use only 01 1H25 Summary Andrew Russell, Group CEO and MD 02 1H25 Results Details 03 Key Takeaways 04 Q&A Neil Montford, CFO 05 Appendix Bravura Solutions 1H25 Results Presentation 2
Slide 3: Headlines
Headlines For personal use only 01 We are successfully delivering to the 'Energise, Build and Grow' strategy 02 CEBITDA margin expansion continues through both revenue growth and cost reduction 03 Strong business performance has enabled Bravura to deliver capital and dividend return to shareholders
Slide 4: 1H25 Financial Results
1H25 Financial Results Improving and ahead of previous guidance for FY25 For personal use only Profitability1 Revenue Cash Position EBITDA CEBITDA 1H25 Gross Revenue1 Net Closing Cash $23.8m $20.0m $127.5m $151.8m Up $15.9m vs Up $20.3m vs Up 0.4% vs 1H24 BVS will return excess working 1H24
Slide 5: Agenda: 1H25 Summary
Agenda For personal use only 01 1H25 Summary 02 1H25 Results Details 03 Key Takeaways 04 Q&A 05 Appendix Results 1H25 (ASX: BVS) Bravura Solutions 1H25 Results Presentation 5
Slide 6: The Energise, Build and Grow strategy is driving performance momentum
The "Energise, Build and Grow" strategy is driving performance momentum ENERGISE BUILD AND GROW For personal use only FY25/FY26 EMEA and APAC Powering great Growing with Building a quality Strategic market focus client solutions clients technology business Pillars ■ Our operating model is focused on
Slide 7: Bravura is growing profitability and margins
Bravura is growing profitability and margins For personal use only Cash EBITDA (A$m) Revenue and Operating Costs (A$m) 1 FTE 1557 1440 1271 1168 1085 1. 1H25 revenue excludes the one-off impact from the perpetual licence sale to Fidelity Bravura Solutions 1H25 Results Presentation 7
Slide 8: Improved revenue outlook across segments, supported by FX tailwinds
Improved revenue outlook across segments, supported by FX tailwinds For personal use only FY25 Guidance (Mid point) Revenue walk (A$m) Improved Revenue Drivers 5% uplift in FY25 guided revenue 3% business performance, 2% FX tailwinds 1. APAC digital advice proposition gaining market traction driving
Slide 9: Retaining sufficient working capital and returning excess capital to shareholders
Retaining sufficient working capital and returning excess capital to shareholders For personal use only Cash Position (A$m) Capital Return and Dividends Cash Balance at 31 December 2024 $152m 1. Capital Return - $73.2m, Capital Return ($73m) 16.3 cps (paid January 2025) Special Dividend ($40m) 2. Sp
Slide 10: As the business outperforms, we are upgrading our FY25 guidance
As the business outperforms, we are upgrading our FY25 guidance For personal use only Aug 24 FY25 original guidance Dec FY25 updated guidance Feb FY25 updated guidance Gross Revenue Gross Revenue Gross Revenue $235m - $240m $241m - $245m $248m - $252m EBITDA EBITDA EBITDA $36m – $40m $41m – $44m
Slide 11: Agenda: 1H25 Results Details
Agenda For personal use only 01 1H25 Summary 02 1H25 Results Details 03 Key Takeaways 04 Q&A 05 Appendix Results 1H25 (ASX: BVS) Bravura Solutions 1H25 Results Presentation 11
Slide 12: 1H25 Results – Key Takeaways
1H25 Results – Key Takeaways For personal use only 01 We are successfully executing to the four pillars of our Energise, Build and Grow strategy 02 As the business energises, rebuilds trust and credibility with clients, uplifts operational delivery execution, we are realising improved financial perf
Slide 13: Agenda: Key Takeaways
Agenda For personal use only 01 1H25 Summary 02 1H25 Results Details 03 Key Takeaways 04 Q&A 05 Appendix Results 1H25 (ASX: BVS) Bravura Solutions 1H25 Results Presentation 13
Slide 14: Questions
For personal use only Questions Bravura Solutions 1H25 Results Presentation
Slide 15: Agenda: Appendix
Agenda For personal use only 01 1H25 Summary 02 1H25 Results Details 03 Key Takeaways 04 Q&A 05 Appendix Results 1H25 (ASX: BVS) Bravura Solutions 1H25 Results Presentation 15
Slide 16: 1H25 Operating Results
1H25 Operating Results1 A$m 1H25 1H24 $ chg % chg Key Callouts For personal use only EMEA 90.4 89.4 1.0 1.1% 1. Total revenue increased 0.4% in 1H25 vs the pcp, as a result of APAC 37.1 37.6 (0.5) (1.3)% continuing improvements in recurring revenue as price increases flow through and fx benefits, of
Slide 17: Impact of Fidelity International Licence Sale on 1H25 Operating Metrics
Impact of Fidelity International Licence Sale on 1H25 Operating Metrics For personal use only Key Operating Metric Gross Result Fidelity Impact Underlying Result EBITDA 80.1 56.3 23.8 CEBITDA 76.3 56.3 20.0 Profit Before Tax (PBT) 74.3 56.3 18.0 Income Tax Expense 13.1 6.4 6.7 NPAT 61.2 49.9 11.3 Al
Slide 18: Reconciliation of EBITDA and Cash EBITDA
Reconciliation of EBITDA and Cash EBITDA A$m 1H25 1H24 $ chg % chg Descriptions For personal use only EBITDA to Cash EBITDA 1. EBITDA Operating Revenue minus Operating Costs (including Revenue 127.5 127.0 0.5 0.4% hosting asset depreciation) adding back capitalised development Less: Operating Expens
Slide 19: Balance Sheet
Balance Sheet A$m 31 Dec 2024 30 Jun 2024 $ chg % chg Key Callouts For personal use only Cash 151.8 90.0 61.8 68.7% 1 1. Cash has increased due to strong collection activities and cash cost Trade receivables 47.2 39.6 7.6 19.2% 2 savings from reduced employment expenses, as well as the increase 24.7
Slide 20: Cash Flow
Cash Flow A$m 1H25 1H24 1H25 Cashflow A$m For personal use only Receipts from customers 147.2 166.2 Cash at 30 Jun 2024 90.0 Receipts from customers – sale of licence 46.3 - Operating cash flow 67.1 Payments to suppliers and employees (122.2) (147.5) Investing cash flow (0.8) Interest received 2.4 1
Slide 21: Strategy on a page
Strategy on a page We power technology that shapes tomorrow For personal use only ENERGISE BUILD AND GROW EMEA & APAC market focus Powering great client Growing with clients Building a quality technology solutions business DRIVE A HIGH PERFORMANCE CULTURE Our people: Invest in people Our clients: De
Slide 22: Servicing blue chip customers in EMEA and APAC regions
Servicing blue chip customers in EMEA and APAC regions For personal use only Europe (including UK) Funds Admin ▪ £ 3.3TN FUA Babel Australia ▪ £ 11TN deal/transactions Digital Advice processed per annum ▪ 3.4m+ Australians have access to our digital advice solution Sonata Alta ▪ Over 3.4m transactio
Slide 23: The Bravura value proposition: simplify complexity, automate, reduce risk
The Bravura value proposition is to simplify complexity, automate for efficiency and reduce operational risk For personal use only Two Key Lines Underpinning Financial Solving Customer of Business Services Products Pain Points Wealth ▪ Wrap platforms ▪ Simplify complexity of and Advice ▪ Superannuat
Slide 24: Our technology provides leading Registry, Digital, Data and Automation products
Our technology provides leading Registry, Digital, Data and Automation products For personal use only WEALTH AND ADVICE FUNDS ADMIN ▪ Core Registry Leadership CUSTOMER REGISTRY ▪ Market focused product capability DIGITAL ▪ Best of breed Digital Advice ▪ Market level Data ▪ Deep Automation integratio
Slide 25: Glossary
Glossary APAC Organisational Realignment Asia and Pacific Region Reduction in management layers and duplication For personal use only Cash EBITDA (CEBITDA) Optimising operating model Operating revenue minus operating costs (including hosting asset depreciation) less Integrating our acquisitions and
Slide 26: Important Notice and Disclaimer
Important Notice and Disclaimer The information contained in this document (including this notice) and discussed at this presentation (collectively, the Presentation) has been prepared by Bravura Solutions Limited (Bravura). The Presentation is subject to the conditions outlined below. Your receipt,
Slide 27: Important Notice and Disclaimer
Important Notice and Disclaimer PAST PERFORMANCE For personal use only Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon (and is not) an indication of future performance. DISCLAIMER The information is supplied in summary for
Slide 28: For more information
For personal use only For more information, visit: www.bravurasolutions.com/investors investors@bravurasolutions.com Bravura Solutions 1H25 Results Presentation