• Revenue growth of $8.2 million, up 15% on previous period
• Normalised EBITDA of $3.9 million
• Strong balance sheet with net cash position
• Platform originations up 38% to $113.9 million

Butn Limited (ASX: BTN) has announced its results for the six months ended 31 December 2025 (1H26), delivering its 5th consecutive half of continued revenue growth. Key highlights include: revenue growth of $8.2 million, up 15% on the previous corresponding period (1H25: $7.1 million) with stable revenue margins of 3.0%; normalised net operating positive cashflow of $0.1m; normalised EBITDA of $3.9 million; normalised profit after tax of -$1.5 million; a strong balance sheet with a net cash position; platform origination growth of $113.9 million, up 38% on the previous corresponding period; and bad debts written off for 1H26 under 0.1% of total originations. The company has also strengthened its funding position with a new $100 million senior debt facility from Northleaf Capital Partners, with $77 million drawn as at the reporting date. Butn continues to assess organic and inorganic growth opportunities, with several initiatives expected to become fully operational in the second half of FY26, including the establishment of a retail private credit fund and entry into the APAC crypto-backed lending market.

The Group enters the second half of FY26 with a stable business, growing revenue, improved balance sheet flexibility and an increasingly scalable operating model. The new senior debt facility, ongoing platform momentum and expansion into new verticals position Butn to pursue higher origination volumes and customer acquisition. Management remains focused on disciplined capital management, operational efficiency and growth.