Business

News on companies, industries, and corporate developments.

Business
AGL profits sink amid high contract, operating costs
AGL Energy has missed estimates of underlying profit and lowered its final dividend, as contract provisions weigh on its earnings. Underlying profit after tax was A$640 million in the year to 30 June, falling by 21.2% and below Visible Alpha estimates of $653.2 million. Revenue was up 6.0% to $14.39 billion. “The strong financial performance was achieved during FY25 despite reduced fleet availability in the second half of FY25. The FY25 result demonstrates the flexibility and breadth of AGL’s portfolio, including the strong earnings from our growing battery portfolio,” Chair Miles George and CEO Damien Nicks wrote in a letter to shareholders. EBITDA was $2.01 billion, dropping from $2.22 billion one year ago. The company posted a statutory loss of $98 million, down from a profit of $711 million, which it credited to an increase in contract provisions amid lower forecasted electricity and renewable energy certificate pricing. Total services to customers grew from 4.48 million to 4.56 million year-over-year. Customer churn declined slightly, from 15.8% to 15.7%. AGL’s operating costs and capital expenditure were $2.96 billion, compared with $2.63 billion last fiscal year. IAG has been seeking to decarbonise its assets
Business
IAG profits rise with growth in Australia, NZ
Insurance Australia Group (IAG) saw major growth in net profit and insurance profit last fiscal year with gross written premiums increasing in its Australia and New Zealand divisions. Net profit after tax was A$1.36 billion, up 51.3% from the 2024 fiscal year and above Visible Alpha estimates of $1.15 billion. Insurance profit was $1.74 billion, rising 21.2%. "We had strong momentum through FY25 and supported our customers when they needed us most,” said IAG CEO Nick Hawkins. “By delivering on our strategy and investing for growth, we can execute at scale and are set to protect significantly more Australians and New Zealanders.” “IAG’s financial outcomes this year are a result of the positive financial and operational performance of all our divisions supported by favourable natural perils and investment markets.” The company’s gross written premium was $17.11 billion, growing from $16.40 billion year-over-year. Net earned premium rose by 8% to $9.98 million. Gross written premium growth in its Retail Insurance Australia segment was up 7.3%, while Intermediated Insurance Australia saw growth of 6.3%. New Zealand Retail gross written premiums increased by 5.3%, though New Zealand Intermediated insurance was down 2.6%.
Business
Trading floor: Hazer Group, Life360, Tuas soar
Azzet reports on three stocks with market-moving updates to share today. Hazer Group rallies on patent filing update Shares in Hazer Group (ASX: HZR) were up around 10% at the open after the Perth-based company - focused on developing a methane pyrolysis technology to produce clean hydrogen and graphite – updated on recent developments. The ASX small cap has filed national patents in over 20 jurisdictions for its novel electrochemical purification process, enabling the production of >99.9% purity graphite without damaging its morphology. The process opens access to the high-value lithium-ion battery market while complementing established industrial applications such as steelmaking and cement. The move comes amid a tightening global graphite market dominated by Chinese supply and rising EV-driven demand. Graphite is classified as a tier-1 critical mineral essential to the energy transition and is a key component in lithium-ion batteries, electric vehicles, renewable energy storage systems, and numerous industrial applications. Commenting on today’s update, Hazer Group’s CEO Glenn Corrie told the market that with battery-grade graphite now within its sights, this patent and filings position Hazer to participat
Business
SGH shares sink despite profit lift, growth forecast
Diversified investment company SGH has posted a 9% increase in net profit after tax (NPAT) to $924 million for the 2025 financial year and forecast similar growth in the current year. The company said earnings before interest and tax (EBIT) increased 8% to $1.537 billion on revenue, which edged 1% higher to $10.744 billion in the 12 months ending 30 June 2025, but underlying earnings per share (EPS) eased 2% to $2.27. The company declared a fully franked final dividend of 32 cents per share, compared with 30 cents a year earlier, to be paid on 10 October to shareholders registered on 12 September, bringing total FY25 dividends to 62 cents, compared with 53 cents. SGH, about 61% owned by businessman Kerry Stokes, said it expected to deliver low to mid single-digit percentage growth in EBIT in FY26, supported by the margin improvements achieved and robust customer activity across core market exposures. The market reacted negatively to the result with SGH (ASX: SGH) shares falling $4.66 (8.99%) to $47.20 at the time of writing, capitalising the company at $19.38 billion, after ranging between $45.60 and $49.04. Managing Director and Chief Executive Officer Ryan Stokes said EBIT growth was primarily driven by SGH’s buil
Business
Ford's US$5bn do-or-die plan to take on China's OEMs
In bold new strategy to tackle mounting competition from Chinese EV makers, Ford is planning to invest US$5 billion in a new assembly line and battery production to develop a family of affordable, software defined electric vehicles – expected to hit the market in 2027. Ford’s new EV lineup is expected to kick off with the launch of an unnamed four-door midsize pickup that Ford expects to be the most affordable (under US$30,000) electric pickup truck on the market. Ford expects the truck to deliver Mustang EcoBoost level sprinting and cabin space surpassing the Toyota RAV4, while the cargo space benefits from a front “frunk” and bed. Described by CEO Jim Farley as the carmaker’s “Model T moment”, the new initiative will be underpinned by a US$3 billion investment in its Michigan BlueOval Battery Park. An additional US$2 billion will be spent securing 2,200 hourly jobs at its Louisville assembly plant to build the company’s next generation of electric vehicles. The conversion at the plant from gas-powered SUVs to electric vehicles will require about 600 fewer jobs than it currently needs, partly due to the new assembly line being more efficient and partly due to Ford potentially producing fewer cars. However, 1,

Business
Gold miners struggle for new finds despite record prices
The global gold inventory has hit 3 billion ounces across 353 major deposits - yet miners haven't found a single significant discovery in two years. And exploration budgets are actually shrinking - despite gold's run past US$3,000. No major gold discoveries happened in 2023-24; and since 2020, only six major discoveries have been made, contributing 27 million ounces (Moz), or 3% to production. This discovery drought somehow coincides with gold's extraordinary performance. Spot gold first hit US$3,000/oz in March, and J.P. Morgan is forecasting an average of $3,675/oz by Q4 2025 and climbing toward $4,000 by mid-2026. Industry has been slow to respond. Gold exploration budgets declined 7% to $5.55 billion in 2024. Global spending across all non-ferrous metals dropped 3% to $12.5 billion.Juniors getting squeezed outThe exploration decline stems from financing difficulties among junior mining companies - the very companies that traditionally drive discovery efforts. Funds raised by junior and intermediate mining companies fell 12% in 2024 to $10.3 billion, the lowest in five years, forcing companies to scale back early-stage projects. "Juniors often lead the charge in finding new deposits," as S&P Global's Mark Ferguso
Business
JB Hi-Fi changing boss after lift in profits, dividends
JB HI FI has announced a change in Group Chief Executive Officer (CEO) after unveiling an increase in net profit after tax (NPAT) and dividends for the 2025 financial year. The electronics and home appliance retailer said Group CEO Terry Smart would be succeeded by Group Chief Operating Officer Nick Wells on 3 October. The company earlier announced a 5.4% lift in NPAT to $462.4 million for the 12 months ending 30 June 2025 (FY25). Earnings before interest and tax (EBIT) grew 7.3% to $691.4 million and earnings per share (EPS) rose by 5.3% to $4.23 on sales which increased 10% to $10.554 billion. Excluding the $13.7 million cost of resolving Australian Competition and Consumer Commission (ACCC) proceedings against The Good Guys subsidiary, EBIT rose 9.4% to $707.8 million, NPAT was up 8.5% to $476.1 million and EPS grew 8.5% to $4.355. Directors declared a fully franked final dividend of $1.05 cents per share, compared with $1.03 a year earlier, bringing FY25 ordinary dividends to $2.75 (versus $2.61), and a special dividend of $1.00 per share with both to be paid on 5 September 2025 to shareholders registered on 22 August 2025. This was driven by an elevated net cash position and a significant franking credit bal
Business
Trading floor: DigiCo, Dexus, Charter Hall A-REITS lift
Azzet reports on three A-REITs with market-moving updates to share today. DigiCo jumps after receiving government certification Shares in DigiCo Infrastructure REIT (ASX: DGT) were up around 9% at the open after the A-REIT told the market its Sydney data centre, SYD1, has been awarded “certified strategic” status by the Australian Department of Home Affairs. This is the highest level of certification under the federal government's hosting certification framework (HCF) and allows the site to lease to government agencies and enterprises that supply government services. The certification means DigiCo, which focuses on digital infrastructure assets, can securely host sensitive [federal] government data and whole-of-government systems classified as “protected” at its SYD1. It’s understood that key customers — including government tenants, key hyperscalers, and any enterprise that hosts government workloads — could not contemplate leasing at the SYD1 facility until it received HCF status. If you’re new to the term Hyperscale, it simply refers to AI massive data centres that are designed to handle the immense computational demands of artificial intelligence workloads. Since acquiring SYD1 in December last year, which is
Business
White House eyes IPOs for Fannie Mae and Freddie Mac
The White House has suggested kicking off public offerings for Fannie Mae and Freddie Mac later this year, according to a senior administration official. Now, some of Trump’s biggest supporters want them returned to the public market, in a share sale that could generate tens of billions of dollars for the government, as the combined value of Fannie and Freddie amounts to US$500 billion, according to the anonymous government official. The mortgage finance giants have been under government control since 2008 after being rescued and put under conservatorship due to being crucial to the mortgage market. They were created by Congress to support the housing market and ensure affordable mortgage financing, but crumbled after being crushed by the financial crisis before being bailed out by taxpayer funds. In return, the Department of Treasury received preferred shares, which paid billions of dollars in dividends over the years. Due to the U.S. mortgage market becoming healthier, there have been efforts to return them to private control, including during Trump’s first term, but they’ve failed to gain traction. “While Fannie Mae and Freddie Mac are very different from the types of companies that have recently tapped into t