L1 Group FY26 slides: profit surges 97%, synergies exceed target

L1 Group Limited (ASX:L1G) reported a remarkable surge in underlying net profit by 97% to $188.8 million in its FY26 results, driven by exceptional investment performance, rapid realization of synergies, and strong momentum across its flagship strategies. The merger with Platinum Asset Management, completed in October 2025, has accelerated integration progress, with cost synergies of $31.7 million realized since the announcement, and an additional $11 million expected in FY27.

Total revenue grew by 49% to $385.9 million, fueled by strong underlying performance and a one-off performance fee of $79.3 million from the closure of the unlisted L1 Wholesale Gold Fund. With $19.1 billion in funds under management and an impressive EBITDA margin of 74.5%, the company's financial trajectory demonstrates strong operating leverage, with both EBITDA and underlying net profit growing faster than the top line.

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