Feature Stories | 4:28 PM
Final stats and insights from a reporting season in August that has surprised on so many fronts.
By Rudi Filapek-Vandyck, Editor
The August 2025 results season will be remembered for its subdued earnings performances (and equally moderate guidances) by investors who keep track of underlying fundamentals, but also because of the relentless positive momentum that had gripped the share market post the April sell off.
The discrepancy between these two opposing forces might have created a general impression that all is well and corporate Australia is in good nick because, well, that's the general impression that sticks when share market indices rally to new all-time record highs.
Others worry markets are ignoring fundamentals. In the absence of decent and sustainable earnings growth, markets cannot simply continue reaching for new highs, can they?
By the end of August, the ASX200 was trading on 19x times next year's consensus earnings forecast. This is usually a multiple reserved for US equities. No wonder one of the most popular topics on social media throughout and post August results is: when the correction?
In a heavily polarised market, also because the precise impact from AI is still largely guesswork and unquantifiable (except for businesses such as Goodman Group ((GMG)) and NextDC ((NXT)), the debate rages uninterruptedly, but answers might no longer be as straightforward as once upon a time.
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