Bravura Solutions lifts FY26 revenue and earnings guidance
Bravura Solutions has upgraded both revenue and Cash EBITDA guidance for FY26, signalling strengthening momentum across its customer base. The Bravura Solutions FY26 Guidance Update reveals revenue is now expected between $280m and $285m, up from previous guidance of $265m to $275m. Cash EBITDA guidance has been raised to $69m to $73m, compared to the prior range of $55m to $65m.
The upgrade represents material upward revision to expectations. The midpoint of the Cash EBITDA range has increased by approximately 18%, reflecting improved operational performance. PPE Capex is now forecast at circa $4m, up from $2m to $3m, which management frames as reinvestment in internal technology rather than cost overrun. The guidance assumes an average GBP/AUD exchange rate of 1.95 for 2H26.
| Metric | Previous Guidance | Updated Guidance |
|---|---|---|
| Revenue | $265m – $275m | $280m – $285m |
| Cash EBITDA | $55m – $65m | $69m – $73m |
| PPE Capex | $2m – $3m | ~$4m |
For investors, upgrades of this magnitude carry implications for valuation models and sentiment. The revised Cash EBITDA range suggests the business is generating more cash from operations than previously anticipated, which supports both near-term earnings assessments and longer-term capital allocation expectations.
What’s driving the upgrade
Management has attributed the improved outlook to three key factors:
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Increased project engagement with customers across business units, which is forecast to continue into the second half of the financial year.
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Cost discipline maintained whilst project services revenue has increased, suggesting operating leverage is improving.
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PPE Capex increase due to additional investment in internal technology, reflecting growth-oriented reinvestment rather than cost blowout.
The upgrade is demand-led rather than purely cost-driven. Increased project engagement with customers indicates deepening relationships and stronger activity levels across the client base. This supports the view that Bravura’s software solutions remain integral to wealth management, life insurance, and funds administration operations. For investors, sustained project momentum suggests recurring revenue stickiness and potential for cross-sell opportunities as customer relationships mature.
What is Cash EBITDA and why it matters for Bravura
Cash EBITDA, as Bravura defines it, is revenue minus operating costs (including hosting asset depreciation), less capitalised development costs, PPE capex, lease costs, and one-off revenue adjustments. In simpler terms, it reflects the cash-generative capacity of the core business after accounting for real ongoing costs.
For a software company like Bravura, this metric helps investors see through accounting treatments on capitalised development spend. It provides a clearer picture of the cash being generated from day-to-day operations, which is critical for assessing dividend capacity, debt servicing, and reinvestment potential. The upgrade from a $60m midpoint to a $71m midpoint represents genuine improvement in cash generation, not just accounting adjustments.
What comes next for investors
Bravura will release 1H26 results covering the period ending 31 December 2025 shortly. The market briefing is scheduled for Wednesday, 11 February 2026 at 9:30am AEDT. Investors can access the webcast to hear management commentary on the drivers behind the guidance upgrade and the outlook for 2H26.
1H26 Results Briefing
Date: Wednesday, 11 February 2026
Time: 9:30am AEDT
Webcast Link: https://webcast.openbriefing.com/bvs-hyr-2026/
The results briefing will provide granularity on customer project pipelines, cost management, and capital allocation. These details are key inputs for forecasting FY27 and assessing whether the momentum evident in the guidance upgrade can be sustained. Investors will be looking for commentary on client engagement trends, contract wins, and the deployment of the increased PPE Capex.
About Bravura Solutions
Bravura Solutions is a leading provider of software solutions for the wealth management, life insurance, and funds administration industries. The company employs approximately 1,000 people across Australia, New Zealand, UK, Europe, Africa, and Asia. Clients entrust trillions of dollars in assets to Bravura’s systems, underpinning the mission-critical nature of its software platforms.
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