Albin Kurti, Managing Director and Co-Founder to retire

Key points

• Albin Kurti, Managing Director and Co-Founder, to retire on 31 August 2025
• Kurti co-founded Propel in 2011 and has led the company for almost 14 years
• Under Kurti's leadership, Propel has grown into an ASX 300 listed entity with a $923 million enterprise value

Full summary

Propel Funeral Partners Limited (ASX: PFP) announces that Albin Kurti has informed the Board that he will retire as Managing Director on 31 August 2025. Mr Kurti co-founded Propel, together with Fraser Henderson, Lilli Rayner and Peter Dowding, and has led the Company for almost 14 years. Under Albin's vision and leadership, Propel has grown from an idea on a whiteboard to an ASX 300 listed entity, starting with one funeral home and currently operating from 202 locations across Australia and New Zealand. Since establishing Propel, Albin and his co-founders have undertaken 59 acquisitions and strategically pursued organic expansion, creating a diversified network of essential funeral and related social infrastructure assets across Australia and New Zealand, which facilitated over 22,500 funeral services in 2024. Propel is in great shape, having achieved record operating and financial results for the first half of FY25, with senior leadership depth, a strong balance sheet, and $144 million in 'dry powder' to fund growth initiatives, including acquisitions. Propel has a strong growth platform and is well positioned to continue consolidating the highly fragmented funeral industry that stands to benefit from favourable demographic tailwinds.

Guidance

Propel achieved record operating and financial results for the first half of FY25, with a strong balance sheet, no near-term debt maturities, and $144 million in 'dry powder' to fund growth initiatives, including acquisitions.

Outlook

Propel has a strong growth platform from which to build on and is well positioned to continue consolidating the highly fragmented funeral industry that stands to benefit from favourable demographic tailwinds for decades to come.