6 of the best annual results on the ASX in FY25 and 6 of the worst!

Each reporting season, we like to recap some of the best annual results on the ASX and some of the worst as well. Amidst all the companies, it is easy for investors to get lost amidst the mire of information. And so we like to single out particular companies that impressed and others that did not.

 

 

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6 of the best annual results on the ASX in FY25!

Breville (ASX:BRG)

Things were far from perfect for the home appliances maker with the threat of tariffs hanging over its head. We still don’t know how Breville will fare, and it has admitted as such. We have some idea of the things it might do (and is doing over time) including raising prices, bringing forward inventory, diversifying its manufacturing. But investors liked its FY25 results in which it grew its revenue 10%, EBITDA by 11.5% and its profit by 16.1%. They were also appetised by its plans to enter China and the Middle East.

 

Rea Group (ASX:REA)

REA Group has long been a market leader ahead of Domain Group. Even with the threat of Domain being taken over and potentially getting a leg up, FY25 was still a good year. Revenue soared 15% to $1.7bn, EBITDA rose 18% to $969m and its profit rose 23% to $564m. Oh, and it also increased its dividend by 31%.

The flagship realestate.com.au platform sustained its dominance, achieving record levels of user engagement—including an average of 12.1 million unique monthly visitors, and a growing lead over competitors. Investor confidence was also bolstered by REA’s pricing strength: “yield growth”—revenue per residential listing—remained a key performance driver. Despite softer listing volumes, yield grew 13–15%, reinforcing the robustness of REA’s premium product suite

 

Life360 (ASX:360)

Life360 is evolving from a ‘nice to have’ to a ‘need to have’, helping users see where their children are…and other things too. As Life360 is a company using the calendar year, it was releasing quarterly results and investors liked them. Monthly active users reached 88m (up 25%), of which 2.5m were paying subscribers (also up 25%), and total revenues were up 36% to US$115.4m. It was a particularly important time as long-term CEO Chris Hulls handed things over to successor Lauren Antonoff. With investors viewing Life360 as a foundational “family super app,” enthusiasm is growing for new initiatives like pet trackers, location-based advertising, and strategic ad partnerships (e.g., with Uber).

 

Westpac (ASX:WBC)

Again, this was not an annual result – this will come in November. But we think Australia’s oldest bank deserves a mention because of how investors received it. The company grew its net profit by 5%, to $1.9bn, and its NIM rose from 1.92% to 1.99%. Customer deposits increased by A$10 billion while gross loans expanded by A$16 billion over the quarter — a sign of renewed momentum in both retail and business lending. Following the earnings beat, Westpac shares jumped over 5% to around A$35.66, reaching their highest level in a decade. This reflects strong investor confidence in both performance and outlook

 

Origin Energy (ASX:ORG)

Origin Energy was another favourite with investors. The company’s stautory profit for FY25 rose to A$1.48 billion, up from A$1.397 billion in FY24, while underlying profit jumped to A$1.49 billion—a notable increase of A$307 million year-over-year. Investors know this company best for its retail energy business and results were solid with over 100,000 customer additions, a low churn for the industry (13.4% vs 19.7%) and >$1.4bn EBITDA from this segment. But Integrated Gas (LNG trading) delivered robust earnings as Underlying EBITDA reached A$2.202 billion, up A$251 million from the prior year.

Investors also liked its positive guidance for FY26 and how the company was well ahead in its energy transition strategy by progressing the Eraring and Mortlake battery projects, gaining transmission access for the Yanco Delta wind farm, and expanding its Virtual Power Plant (Loop) footprint with 393,000+ customer assets and 1.5 GW capacity. The company is also expanding its customer solutions portfolio through the acquisition of SolarQuotes, and supporting electrification efforts, particularly for households facing cost pressure.

 

Pro Medicus (ASX:PME)

This company has not put a foot wrong since it bought Visage right in the depths of the GFC. Pro Medicus’ products use networks of customers’ facilities or cloud services to quickly transfer imaging data to a specific office or computer, to subsequently view and analyse the images.

In FY25, its revenue surged 31.9% to A$213 million, while net profit (NPAT) jumped 39.2% to A$115.2 million. It secured over A$520 million in new contracts, including a 10-year, A$330 million deal with Trinity Health and it added A$130 million in renewals. It had a whopping 74% EBIT margin. But ironically, it has still penetrated just 10% of the market, and investors believe it can go much further.

 

6 of the worst results on the ASX in FY25!

James Hardie (ASX:JHX)

Even prior to its FY25 results, This company had all but destroyed its reputation amongst Australian investors. Not because of its asbestos past decades ago, but its purchase of Azek and its treatment of Australian investors in the process in not permitting them a vote and using it to move its primary listing to the USA.

Although chief executive Aaron Erter described the FY25 results as,’ largely as we had anticipated,’ either investors did not expect it or were resigned to the inevitable but left their reaction until it was official. It missed consensus by a long shot, reaching earnings of US$169m whilst consensus suggested US$212m. Its net profit had dived 60% and the catalyst was a slowdown in US home construction. To add insult to injury, it provided guidance for FY26 below consensus estimates.

 

CSL (ASX:CSL)

Despite sticking by its promise of ‘double digits earnings growth’, CSL’s shares saw the biggest one-day fall since its 1994 IPO. It still has not seen the returns on on its 2021 acquisition of Vifor for $17bn, it has made a number of other develop mistakes including the failure of its much-anticipated heart attack drug in February 2024, growth at the core blood plasma business was disappointing and it continues to face the threat of Trump’s tariffs.

CSL announced plans to slash 3,000 jobs and spin off its vaccines unit into a separate company. It claims the changes would create $500-550m in savings over the next 3 years, but there’d be $770m of one-off costs in the current financial year.

 

AGL Energy (ASX:AGL)

Whilst Origin Energy investors were impressed with its FY25 results, AGL investors were not. AGL posted an underlying profit of A$640m for FY25, significantly lower than the A$812 million recorded in FY24. This also missed market expectations—analysts had forecast around A$653.2 million. Turning to the bottom line and, on a statutory basis (which includes one-off items), AGL swung to a net loss of A$98 million, dragged down by substantial charges totalling A$596 million—primarily attributed to onerous contract provisions, retail transformation costs, and adverse fair value movements.

Also concerning investors was weak guidance for FY26 – for a $500-700m profit. Its 13.3% share price fall was the steepest single-day fall since 2007. Yes, even the Mike Cannon-Brookes sagaa never resulted in such a sharp one-day fall. And on top of all this, investors are concerned about its lack of ambition on renewable energy. AGL raised its 2030 renewable and storage target to 6 GW (including 3 GW of batteries), up from 5 GW—but critics labeled this step as modest rather than bold.

 

CBA (ASX:CBA)

In FY25, CBA made a $10.3bn profit and paid out A$4.85 per share in dividends. What more do investors want? Well, perhaps it was just an excuse for investors to sell out and the long-term debate on its valuation took a different turn. You could argue sky-high expectations were already baked in, and it traded at a big premium. Moreover, uncertainties around future profit margins—particularly with possible Reserve Bank rate cuts and macroeconomic headwinds—spooked investors..

Also hitting the bank in the aftermath of its FY25 results, is the backlash into its partnership with OpenAI raised eyebrows amid job automation fears and offshoring worries. Arguably backflipping on job cuts made things worse as investors do not know where it is going.

 

Bravura (ASX:BVS)

Bravura is a provider of back-office software to financial institutions, helping them minimise risk, operate more efficiently and provide enhanced customers service. Its net profit for FY25 was actually 700% higher than the year before, but this was inflated by its perpetual license sale to Fidelity – its underlying profit was $24.4m and its revenue only rose 3.1%.

Perhaps the future was also a concern. Management forecasted FY26 underlying revenue to be roughly in line with FY25, suggesting little to no growth ahead. Cash EBITDA was projected to exceed A$50 million, up from A$43.8 million—a modest gain. Macquarie highlighted customer exits from prior years and attrition during FY25, equating to a ~4.5% revenue headwind in FY26

 

ASX (ASX:ASX)

Let’s finish with the bourse itself – yes it is its own listed entity. Headline figures were OK as it delivered operating revenue of A$1.11 billion (a 7.0% increase year-over-year) and an underlying profit of A$510 million, up 7.5%. But the company has been in a continuing saga over the replacement of its CHESS system – to say it is a farce is an understatement.

The market was uneasy over recent operational missteps and scrutiny by regulators. ASX responded by slashing executive short-term bonuses by 50%, signalling serious internal concerns—and possibly external pressure—around governance and risk management. ASX warned of total expense growth of 14–19% in FY26, driven in part by A$25–35 million in costs linked to the ongoing ASIC Inquiry.