Daily Roundup

REA Group Rides Wave of Strong Engagement

REA Group delivered a solid quarter with revenue climbing 11% to $450 million and EBITDA jumping 12% to $294 million. The real estate platform is firing on all cylinders, with active members up 9% and property tracking by owners surging 13%. Double-digit controllable yield growth in its core residential business is doing the heavy lifting. Looking ahead, the company expects low single-digit declines in national buy listings for the full year, but remains confident in operational margin expansion and low double-digit yield growth.

St Barbara Strikes Gold with Touquoy Restart

Gold miner St Barbara has successfully flipped the switch on ore processing at its Touquoy Restart Project in Nova Scotia, with the operation ramping up to full capacity by the end of December. First gold production is expected in January 2027. For FY27, the company is guiding for 17,000 to 21,000 ounces of gold at all-in sustaining costs between A$2,070 and A$2,560 per ounce. Growth capital expenditure will sit between A$40 and A$50 million, with reclamation costs of A$24 to A$30 million.

National Australia Bank Faces Earnings Headwinds

NAB's full-year results painted a mixed picture. Cash earnings tumbled 13.4% to $6,143 million, though underlying profit growth of 6.9% excluding large notable items showed the bank's core operations are holding up. Business lending balances grew a healthy 9.8%, while deposits climbed 5.2%. The bank maintained its dividend at 170 cents per share, fully franked, and expects its CET1 capital ratio to reach 12.07%. Management is bracing for gradual unemployment rises to around 5.5% by early 2028, though longer-term economic themes like low unemployment and stable house prices remain supportive.

Light & Wonder Shines Despite Social Casino Softness

Entertainment and gaming company Light & Wonder posted mixed results for the quarter. Adjusted free cash flow surged 21% year-over-year to $181 million, while consolidated AEBITDA edged up 2% to $383 million. Gaming operations revenue grew 3%, with gaming machine sales jumping 5%. However, SciPlay's revenue fell 12% to $173 million as the social casino market remains sluggish—though direct-to-consumer revenue did brighten with a 33% jump to $53 million. Net income climbed 17% to $133 million, and the company's North American gaming premium installed base grew for a 25th consecutive quarter. Fitch upgraded the company's outlook to positive, a welcome vote of confidence. For the full year, Light & Wonder expects consolidated AEBITDA growth toward the lower end of mid-to-high single digits.

Block Delivers Robust Q3 Performance

Financial services company Block reported strong third-quarter results with net income reaching $564.1 million and total revenue hitting $6.7 billion. Gross profit landed at $3.2 billion, with financial solutions revenue at $1.4 billion and bitcoin ecosystem revenue at $1.8 billion.