Enero lifts first-half profit as BMF & Orchard shine

Enero has reported higher first-half earnings, with EBITDA up 15% and net profit up 119%, citing improved margins across its agency portfolio.

The ASX-listed marketing and technology agency group said the result covers the six months to 31 December 2025, compared with the same period a year earlier.

Australian agencies BMF and Orchard led the margin improvement. BMF lifted its margin to 23.2% from 19% in the prior corresponding half, while Orchard increased its margin to 20.3% from 13.5%. All businesses recorded double-digit margins.

BMF posted a 19% increase in net revenue for the half, with EBITDA up 45% and margin up 4.2 percentage points.

Orchard recorded an 18% rise in net revenue, with EBITDA up 78% and margin up 6.8 percentage points.

Hotwire, which includes ROI DNA, maintained a double-digit EBITDA margin during what the group described as a challenging period for the global technology sector. Hotwire operates as a PR and integrated communications business focused on technology clients.

Awards and profile

Enero highlighted several industry awards during the half. BMF was named Australia's Most Effective Agency at the Australian Effie Awards for the second consecutive year and won back-to-back B&T Awards for People & Culture.

Orchard received the PRIME Healthcare Award for Marketing Campaign of the Year for the second year in a row. It also won an award for Corporate Social Responsibility and received a highly commended mention for Best Public Health Initiative.

At Hotwire, the group pointed to an ongoing agency transformation and the appointment of Grant Toups as global CEO in January. It also cited the global launch of Hotwire's annual AI report, produced with House of Beautiful Business, at the World Economic Forum in Davos, alongside increased demand for its AI products and advisory services.

Client wins

The group also flagged new business wins and expansions during the half, citing clients including L'Oreal, Moody's, Chime, Global Foundries, Dementia Australia, and HCF.

While agencies often point to awards and client lists as signs of momentum, the financial result suggests Enero has converted work into improved profitability, particularly in Australia. The period has been marked by cost pressures for many services firms and slower decision cycles in parts of the technology sector.

Chief executive Ian Ball linked the result to the performance of the individual agencies and their market focus.

"The Group's first-half performance reflects the strength, focus and execution of our agency portfolio. Each of our businesses play a clear role, operate in areas of sustained client demand, and are investing in capabilities that directly improve the quality, consistency and effectiveness of the work we deliver for clients."

He said the group aimed to balance consistency with flexibility as market conditions shift.

"This approach allows us to execute with consistency today, while retaining the flexibility to respond as market conditions change. That combination has supported a strong first half and positions the Group well to continue building momentum over the remainder of the year and beyond."

Finance leadership

Alongside the half-year result, Enero appointed Tracy Leung as chief financial officer with immediate effect. Leung has been with the group for more than three years.

Ball said the appointment reflected a broader focus on performance and reporting as the group continues its transformation program.

"Tracy's appointment as Chief Financial Officer reinforces our focus on performance, transparency and stability as we advance the Group's transformation and growth agenda. She brings more than two decades of international experience and has played a key role in strengthening financial discipline, deepening investor engagement and improving portfolio visibility since joining Enero over three years ago."

Enero said it will continue investing across its agencies while managing execution against shifting market conditions through the second half of the financial year.