Kina Securities Ltd Lifts FY26 NPAT Guidance With Up to 20% Growth
Kina Securities issues FY26 earnings guidance update, forecasting NPAT growth of up to 20%
Kina Securities Limited (PNGX:KSL; ASX:KSL) has issued an update on its full-year earnings guidance for the financial year ending 31 December 2026, forecasting net profit after tax (NPAT) of PGK132 million to PGK138 million. The range represents an increase of 15% to 20% on the prior year’s audited NPAT of PGK114.6 million.
The guidance, dated 7 July 2026, follows a review of the Company’s management accounts and full-year financial forecasts. The update was provided under PNGX Listing Rule 4.1 and ASX Listing Rule 3.1 continuous disclosure obligations.
Importantly, the figures are based on unaudited internal management forecasts and remain provisional in nature.
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The numbers behind the FY26 upgrade
The guidance points to a double-digit lift in profitability against the prior corresponding period. The table below sets out the headline comparison.
| Metric | Prior Year (Audited) | FY26 Forecast (Low) | FY26 Forecast (High) | Growth |
|---|---|---|---|---|
| NPAT | PGK114.6m | PGK132m | PGK138m | +15% to +20% |
For investors, double-digit forecasted earnings growth issued mid-year signals strengthening profitability even as the Company navigates known market headwinds. The projected growth is framed as momentum-driven rather than a one-off event.
What’s driving earnings growth
Kina attributes the improved outlook to a combination of top-line growth and a favourable change to its tax position. The key positive drivers include:
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Continued revenue growth driven by “sustained momentum across our target segments”
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The positive impact of the reduction in the corporate tax rate for smaller banks, which decreased to 35% from 40% in the corresponding period in 2025 under the new tax regime, as previously disclosed
Headwinds and the payments delay explained
The guidance also accounts for several offsetting factors, which the Company notes have impacted earnings largely as expected and were highlighted in the 2025 full-year results. These headwinds include:
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Lower yields on government securities
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Increased competition in the foreign exchange market, placing some pressure on margins
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Further depreciation of the PGK against the AUD and USD, creating cost inflation
A specific timing factor relates to delayed revenue growth in KSL’s extensive payment acquiring business, which spans EFTPOS, e-Commerce and ATM services. The delay was caused by interoperability issues affecting a major PNG bank’s newly issued debit cards.
The Company stated clearly that “This issue was not caused by Kina Bank” and is expected to be resolved prior to the end of H2 2026 through the implementation of identified upgrades to the national payments infrastructure and participating bank systems.
Presented this way, the payments delay reads as a timing issue with a defined resolution path rather than a structural problem within the business.
Understanding earnings guidance and why upgrades matter
NPAT, or net profit after tax, is the profit a company retains after all expenses and tax obligations have been paid. It is one of the clearest measures of a company’s bottom-line performance, and analysts often use it as a benchmark for year-on-year growth.
Continuous disclosure rules require listed companies to update the market whenever forecasts shift materially, ensuring investors receive timely information. In this case, the update tells the market that Kina expects to close FY26 stronger than the prior year despite currency and market headwinds.
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Momentum heading into the second half
The Company pointed to strengthening performance as it moved through the first half of the year, framing the second half as the window for continued growth and payments normalisation.
The Company stated that Kina’s underlying business performance remains robust, with earnings momentum strengthening across key business lines as we exited Q2. We expect this momentum to continue into the second half.
The announcement was authorised for release by Kina Securities’ Board of Directors, with further information available via Chief Financial Officer Taiwo Fowowe.
The earnings momentum also carries personnel context: Taiwo Fowowe, whose background in multi-country banking is closely aligned with Kina’s 2030 growth strategy, took on the CFO role in May 2026, with outgoing CFO Johnson Kalo moving to head the Wealth Management division.
For investors, the second half shapes as the key catalyst window. Resolution of the payments interoperability issue before year-end, combined with sustained growth across the Company’s target segments, underpins the upgraded guidance range. The figures remain provisional and based on unaudited internal management forecasts until the full-year results are finalised.
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