Reporting season is over and ASX 200 insiders have been busy buying

With reporting season over and blackout periods lifted, insider activity has picked up sharply. While the ASX 200 finished February at a record high, in what USB describes as the best February reporting season since 2019, there was still a fair share of earnings blow ups. That volatility has translated into a long list of executives buying into share price weakness.

Transactions are sorted by value below, with a closer look at trades of interest.

Top ASX 200 insider buys

Top ASX 200 insider sells

Pro Medicus founders buy the dip

Co-founders Anthony Hall and Sam Hupert purchased a combined $3.4 million across four transactions at a weighted average price of $113.52.

Pro Medicus reported 1H26 earnings that missed expectations, though analysts were quick to flag contract timing as a key contributor. A still-elevated multiple, combined with a sector de-rating driven by AI disruption concerns, fuelled a 23.8% selloff on 12 February, followed by an 8.3% drop the next day, bringing the stock down 65% from its July peak.

Post-earnings, analysts broadly viewed the result as fundamentally sound, pointing to a recurring revenue base, capital-light model and strong medium-to-long term growth prospects. Though they also agreed that the stock remained priced for perfection.

While the purchases are large in dollar terms, both founders hold tens of millions of shares.

• Anthony Hall owns approximately 25.1 million shares. Last week's purchase increased his beneficial ownership by 0.10%.
• Sam Hupert owns approximately 24.1 million shares. His top-up increased beneficial ownership by 0.01%.

Austal non-execs also buy the dip

Austal fell 10.9% on results day (23 February) and another 12.5% the following session. Net profit came in slightly below some forecasts, and cash flow disappointed due to capex and working capital movements. Brokers acknowledged the expanded order book improves medium-term visibility, particularly in Australasia, but sentiment stayed mixed given execution risk in US shipbuilding and valuation concerns, despite supportive defence spending tailwinds.

"Austal's diversified order book positions it strongly for medium-term earnings growth. ASB is one of few ASX firms that provides exposure to rising global defence spending, including material exposure to the US (~75% of FY25 revenue)," Macquarie analysts said in a note last month.

A2 Milk CEO sells into strength

A2 Milk delivered a clean 1H26 result on 16 February, with nearly every key metric and guidance item topping market expectations.

• Revenue up 18.8% to NZ$993.5m vs. NZ$969.2m ests (3% beat)
• Underlying NPAT up 19.6% to NZ$122.6m vs. NZ$87.7m ests (40% beat)
• Interim dividend NZ$0.115 vs. NZ$0.10 ests (15% beat)
• FY26 revenue guidance upgraded from low double-digit to mid double-digit growth and EBITDA margin expected at 15.5-16.0% (vs. Citi ests of 15.2% and 15.7% consensus)

The stock rallied 6.8% on results day and has since added another 7%, trading at its highest level since March 2021.

A2 released a statement explaining that CEO David Bortolussi's selldown was to fund tax obligations related to the vesting of rights over recent years. The company noted he continues to hold shares worth more than four times his Executive Minimum Shareholding Requirement.

Other noteworthy trades

The remainder of the list is almost entirely non-executive directors.