IPH Limited

IPH reported revenue of AUD 712.8 million, up slightly year over year, underlying EBITDA of AUD 205.9 million, and underlying NPATA of AUD 122.7 million, up 1.7%. Underlying basic EPSA rose 4.2%, statutory net profit after tax increased 16.9%, and statutory basic EPS increased 19.7%. The final dividend was AUD 0.195 per share, bringing FY26 total dividends to AUD 0.385 per share, up 5.5% versus FY25. On a like-for-like basis, underlying EBITDA increased 2.9% and group revenue increased 1.6%. Management did not provide next-quarter guidance, but for FY27 said it will focus on sustainable organic growth, improved operating efficiency, stronger working capital, and cost discipline; the board also set a 70%-90% payout range for statutory EPSA from FY27 onward.

Tony O'Malley said his early read on the business was very positive, describing IPH as a business with respected brands, deep technical expertise, recurring workflows, and strong cash generation. His strategy emphasis was on sharpening execution, simplifying and scaling the platform, improving client connectivity across the network, and using AI thoughtfully to improve productivity, consistency, and client outcomes. His tone was constructive and forward-looking, but grounded in operational discipline rather than hype.

Brendan York focused on the financial detail: revenue was AUD 712.8 million, underlying EBITDA was AUD 205.9 million, and underlying NPATA was AUD 122.7 million. He attributed the slightly weaker reported EBITDA mainly to a stronger Australian dollar, noted cash conversion of 110%, free cash flow up 18.3%, and capex of just AUD 2.9 million. On capital management, net debt fell 9.4% to a 1.8x leverage ratio, the company had AUD 104.7 million of undrawn facilities, and the group refinanced AUD 210 million of debt in December 2025 on improved pricing terms.

There was no analyst Q&A on the call; the operator noted no further phone questions. The main points management pre-empted were the FX drag, continuing weakness in ANZ from lower U.S. PCT filings, and the lack of a meaningful recovery yet in the Canadian patent backlog despite strong Canadian momentum. They also flagged a slight improvement in U.S. PCT application trends more recently, which they said could support future national phase entry volumes.