Daily Roundup

CGS.ASX GQG.ASX FLT.ASX FDV.ASX FND.ASX

Cogstate Provides Business Update, Revises 1H26 Guidance

Cogstate Ltd (ASX:CGS) has some good news and some not-so-good news for investors. On the positive side, the company is expecting a strong performance in sales contracts, with an anticipated 82%-97% growth in the first half of fiscal year 2026 (1H26) compared to the previous corresponding period. This would be Cogstate's second-best half-year result for contracts executed.

However, the company is also facing some timing-related challenges that will impact revenue recognition in 1H26. Contracts signed late in the December quarter will provide limited time for revenue to be recognized within the period. Additionally, the mix of revenue is a factor, with upfront license fees making up a smaller share. As a result, total revenue for 1H26 is now forecast to be in the range of $25-$26 million, an increase of only 5%-9% compared to the previous corresponding period.

Consistent with Cogstate's investment in future growth drivers, the company expects higher direct and operating costs, resulting in lower margins for 1H26. But management remains confident that margins will improve in the second half of the year as revenue from the increased level of sales contracts is recognized and the benefits of recent investments begin to scale.

GQG Partners Funds Under Management Update

In other news, GQG Partners Inc. (ARBN 651 066 330) has announced that its Funds Under Management (FUM) reached US$166.1 billion as of 30 November 2025. This represents an increase from the previous month's figure of US$163.7 billion. However, the company also experienced net outflows of US$2.4 billion for the month and US$1.8 billion year-to-date.

FLT to Acquire Iglu Cruise & Amended Guidance

Flight Centre Travel Group (FLT) has made a strategic move to accelerate growth in the cruise sector by agreeing to acquire Iglu, the UK's leading online cruise agency. This acquisition will significantly expand FLT's cruise footprint, delivering scale, advanced technology, and broader access to the UK market. Importantly, Iglu has an attractive margin profile, with a 3.1% FY25 EBITDA margin compared to 2.2% across FLT's leisure division.

In addition to the Iglu acquisition, FLT has also upgraded its FY26 UPBT guidance to $315m-$350m, up from the previous range of $305m-$340m. The mid-point of this new range represents a 15% growth on FY25's $289.1m result.

Frontier Digital Ventures Announces FY25 Guidance, Business Review, and LATAM ESOP Disclosure

Frontier Digital Ventures Ltd (FDV) has provided an update on an ongoing review of its existing businesses, FY25 earnings guidance, and the disclosure of an employee share ownership plan (ESOP) in its Latin America subsidiary.

The review is aimed at increasing profitability and improving free cash flows, with a renewed focus on the core online classifieds business. As a result, FDV has discontinued or shut down various revenue lines that were loss-making or not in support of this focus, including 'Centrify' in Latin America and the 'Iris' business. Over 30% of headcount in the Latin America business has been removed, with plans to further streamline costs across all regions.

FDV's FY25 financial results are expected to be materially below analyst estimates, with revenue of A$60-63 million, EBITDA of A$3.3-4.3 million, EBIT loss of A$9.5-10.5 million, and NPAT loss of A$9.5-10.5 million. This is primarily due to the steps taken from the business review, as well as historical receivables unlikely to be collected and a review of intangible assets leading to write-offs.

Additionally, the FDV Board has become aware that in 2023, the board of FDV Latam implemented an ESOP under which up to 5% of the equity in FDV Latam could be issued to certain employees, without performance hurdles or FDV Board oversight. FDV is investigating the extent to which FDV Latam is bound by the ESOP terms and will seek to implement appropriate performance conditions for any future awards.

Findi Ltd's Suspension from Quotation Continues

Lastly, Findi Ltd's (ASX: FND) securities remain suspended from quotation on the ASX. The company had requested a trading halt on 1 December 2025, but was unable to release an announcement to lift the halt, leading to a subsequent suspension on 3 December 2025. The suspension will continue until FND complies with Listing Rules and reinstatement is deemed appropriate by the ASX.