• Funeral volumes up ~8.6%, revenue up ~12.0%, and Operating NPAT up ~21.1%
• Maintained strong cash flow conversion at ~96.1%
• Gearing ratio of 26% and net leverage ratio of 1.9x, with $144m of available funding capacity

Propel Funeral Partners Ltd reported its 1H FY25 results, highlighting continued strong performance across key metrics. Funeral volumes increased by ~8.6%, driven by contributions from 111 acquisitions completed during FY24 and 1H FY25, as well as organic growth of ~1%. Revenue grew by ~12.0% to $115.2 million, with comparable average revenue per funeral up ~2.6%. Operating EBITDA increased by 9.2% to $29.9 million, and Operating NPAT rose by 21.1% to $12.2 million. The company maintained its consistently high cash flow conversion at ~96.1%. Propel's financial position remained robust, with a gearing ratio of 26% and a net leverage ratio of 1.9x as of 31 December 2024. The company has available funding capacity of approximately $144 million. During the period, Propel completed four freehold property acquisitions and announced the acquisition of Southern Funeral Home. The company expects to benefit from favorable demographics in Australia and New Zealand, its strong funding position, and potential future acquisitions in the highly fragmented industry.

Propel expects to benefit from favorable demographics in Australia and New Zealand, with death volumes projected to increase by 2.8% per annum from 2025 to 2035 and 2.4% per annum from 2036 to 2045 in Australia, and 1.8% per annum in both periods in New Zealand.

Propel expects to continue benefiting from its strong funding position, acquisitions completed and announced to date, and potential future acquisitions in the highly fragmented industry. The company's Managing Director and Co-Founder, Albin Kurti, will retire on 31 August 2025 after 14 years with the company.