• Continued organic growth in Australia/NZ; recovery in Asia filings with IPH first half patent filings up 10%
• Disruption from CIPO system issues delays revenue in Canada into 2H FY25
• Transformation function established to drive operational efficiencies across the group

IPH Limited, a leading international intellectual property services group, announced a 20% increase in Group Underlying Net Profit After Tax (NPAT) to $61.0 million for the half year ended 31 December 2024. Statutory NPAT increased by 78% to $37.3 million, equating to Diluted Earnings Per Share (EPS) of 13.9 cents compared to 8.8 cents in HY24. The HY25 result reflects a reduction in non-underlying costs compared to the prior corresponding period. Group Underlying EBITDA increased by 11% to $100.5 million, reflecting continued organic growth in Australia/New Zealand and increased earnings in Canada from acquisitions, partially offset by an increase in corporate costs. IPH's Asian segment continued to recover, with patent filings increasing by 10% across the region for the first half. However, the Canadian business was disrupted by a delay in revenue associated with systems issues experienced by the Canadian Intellectual Property Office (CIPO) in launching its new patent filing system. IPH continues to generate strong cashflow with a cash conversion ratio of 100% and has commenced an on-market share buyback. The Group has also made a significant investment in its Transformation function to drive operational efficiencies across the expanded group.

IPH expects a similar recovery in patents in Canada as the CIPO systems issues are resolved. The integration of Bereskin & Parr (acquired on 28 September 2024) is proceeding as planned with synergies above target.

IPH remains focused on organic growth across its regions and improving returns to shareholders. The Group is targeting further organic growth in its domestic market and a continued recovery in its Asian business. In Canada, the focus is on the successful integration of acquired businesses to deliver synergies while continuing to build the platform to drive further opportunities for clients and staff as part of the wider IPH network.