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iFAST Corporation Ltd. FY2025 Financial Results: Record Growth and Robust Outlook

iFAST Corporation Ltd., a leading digital banking and wealth management platform headquartered in Singapore, has delivered a stellar set of unaudited financial results for the full year ended 31 December 2025. The group achieved record highs in revenue, profit, and assets under administration (AUA), driven by strong market performance, robust net inflows, and continued expansion across its core business segments.

Key Financial Metrics and Performance Review

Historical Performance Trends

• Revenue: Surged to \$514.7 million in FY2025, up 34.4% YoY, marking the first time group revenue crossed the \$500 million threshold.
• Net Profit: Jumped 50.1% YoY to \$100.0 million, supported by record net inflows and strong market performance.
• AUA Growth: Reached \$31.98 billion (+27.9% YoY), with net inflows at a record \$4.72 billion (+43.1% YoY).
• Dividend: Annual dividends rose to 8.40 cents per share, a 42.4% increase over FY2024, with the Board targeting at least 10.50 cents for FY2026.

Business Segment and Geographic Performance Highlights

• Core Wealth Management: Continued to be the main revenue and profit driver, especially in Singapore, Hong Kong, Malaysia, and China. All segments delivered double-digit revenue and AUA growth.
• ePension Division: Contributed significantly to revenue growth, especially in Hong Kong.
• Banking Operations: iFAST Global Bank achieved its first full year of profitability (\$3.11 million), a turnaround from a \$4.36 million loss in FY2024. Deposit growth was robust, up 55.2% YoY to \$1.57 billion.

Exceptional Items and Operating Expenses

• Operating Expenses: Up 33.2% YoY to \$220.7 million, reflecting strategic investments in platform capabilities, the ePension business, and scaling up operations.
• Staff Costs: Rose notably due to hiring to support the ePension division’s expansion.
• Interest Expenses: Increased due to higher debt issuance and deposit-taking activities.
• No material impairments or asset revaluations were disclosed.

Dividends

The Board has proposed a final dividend of 2.50 cents per share, up 56.3% YoY, payable on 22 May 2026 (subject to shareholder approval). Full-year dividends total 8.40 cents per share, a 42.4% increase from FY2024. The Board expects to propose at least 10.50 cents per share for FY2026, representing a further 25% increase.

Strategic Outlook and Chairman’s Statement

In 2025, the Group saw some major milestones as the Group’s total revenue crossed \$500 million (+34.4% YoY to \$514.7 million) and the Group’s net profit hit \$100.0 million (+50.1% YoY). The increase in 2025 profitability was driven by growth in the Hong Kong ePension business, continuing growth in the Group’s core wealth management platform business as well as the achievement of a first full year of profitability by the iFAST Global Bank… Looking forward and barring unforeseen circumstances, the Group expects 2026 to see healthy growth rates in revenues and profitability… The Group is targeting to achieve an AUA of \$100 billion by 2030. This implies a CAGR of 25.6% or higher over the next 5 years.

The tone is highly positive, with management emphasizing confidence in continued robust growth, driven by strategic investments, regional expansion, and strong execution in its digital banking and pension businesses.

Notable Events and Corporate Actions

• Debt Issuance: \$100 million note issued in June 2024 to diversify funding, with a fixed rate of 4.328% p.a., due 2029.
• Share Capital: No significant dilution or buybacks, with 303.68 million shares outstanding and negligible treasury shares (<0.1%).
• No reported legal disputes, policy changes, or exceptional items impacting results.

Forecast and Guidance

• The Group expects healthy growth rates in both revenue and profitability for 2026.
• Targeting \$100 billion in AUA by 2030 (25.6% CAGR required).
• Dividend for FY2026 is expected to be at least 10.50 cents per share (+25% YoY).
• Hong Kong ePension and wealth management targeting double-digit revenue and profit growth in 2026, with new pension administration businesses (ORSO, Macau) contributing from 2H2026.

Conclusion and Investment Recommendation

Overall Assessment: iFAST Corporation delivered an exceptionally strong year, with record revenue, profit, AUA, and net inflows. All major business lines contributed, with standout profit growth in Hong Kong and the UK bank turning profitable. The Group maintains a robust balance sheet, is scaling dividends rapidly, and is investing for future growth.

Recommendation for Current Holders: The outlook remains highly positive, with management confident of continued growth and dividend increases. Investors currently holding the stock may consider maintaining or even adding to their positions, as the business momentum, strong financials, and dividend outlook are compelling.

Recommendation for New Investors: For those not yet invested, iFAST presents an attractive entry point given its strong execution, proven growth in multiple regions, and increasing returns to shareholders. However, as with any rapidly growing financial platform, risks include market volatility, regulatory changes, and execution challenges.

Disclaimer: This analysis is based strictly on the company’s FY2025 financial report. It does not constitute investment advice. Please consult your financial advisor and consider your investment objectives and risk tolerance before making any investment decisions.

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