Pexa Group's (ASX:PXA) fiscal 2026 results were better than expected, but its soft outlook for fiscal 2027 implies significant downgrades to consensus forecasts, Jefferies said in a Friday note.

The property technology company guided for fiscal 2027 revenue of AU$385 million to AU$415 million, net profit after tax (NPAT) of AU$5 million to AU$20 million, and capital expenditure of AU$45 million to AU$55 million.

The guidance is "very weak due to continued investments in the UK and operating de-leverage in Australia," and also reflects a softer Australian property market and transaction volumes, Jefferies said.

The mid-point of the revenue outlook range is 3.7% below consensus, while the top end of the core NPAT guidance range is 20% below consensus, the equity research firm said.

Pexa's Australia segment revenue grew 8% year over year to AU$345.6 million, driven by 6.4% growth in market transaction volumes, while its international revenue ticked just 1% higher to AU$61.3 million.

Jefferies reaffirmed a hold rating on Pexa Group with a price target of AU$9.30.

Pexa Group's shares declined 18% in recent Friday trade and earlier hit an all-time low.