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Australian Foundation Investment Company
Australian Foundation Investment Company (AFI) investor relations material
Australian Foundation Investment Company H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary21 Jan, 2026
Executive summary
Half-year profit was $147.0 million, down 4.6% year-over-year, with EPS at 11.7 cents and an interim dividend of 12.0¢ plus a 2.5¢ special dividend, both fully franked.
Largest listed investment company on the ASX with 150,000 shareholders, maintaining a diversified portfolio and a low-cost structure.
Portfolio underperformed the S&P/ASX 200 Accumulation Index over the last six and twelve months, with NTA returns of -2% for six months and 1.2% for one year.
Management remains committed to a long-term investment approach focused on high-quality companies, despite recent disappointing short-term results.
Special dividends declared due to strong franking and profit reserves, with another special dividend expected at year-end.
Financial highlights
Income declined by $4 million, mainly due to reduced dividends from large holdings like BHP, Woodside, and Woolworths.
Management expense ratio (MER) was 0.11% (annualised), reflecting low operational costs.
Portfolio value at $9.9 billion as of 31 December 2025, down from $10.4 billion at the end of 2024.
NTA per share at $7.90; share price at $7.19 as of 31 December 2025.
Net profit per share was 11.7 cents, down from 12.29 cents in the previous period.
Outlook and guidance
Market seen as moderately expensive amid geopolitical and economic uncertainty, but selective opportunities identified in high-quality companies.
Board intends to pay an additional 2.5¢ per share special dividend, fully franked, with the final dividend, subject to year-end results.
Continued focus on stable to growing dividends and attractive total returns over the medium to long term.
No plans to list a separate international fund; international exposure will remain a small, concentrated part of the portfolio.
Directors will consider further capital management initiatives based on franking credit balances and realised capital gains.
Re-evaluate small/mid-cap resource exposure?
Future capital management initiatives beyond dividends?
What drives the new international portfolio approach?
Detail refined small-cap investment approach
Impact of international strategy on AFIC income?
What market conditions drive NTA discount?
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Next Australian Foundation Investment Company earnings date
H2 202627 Jul, 2026
Australian Foundation Investment Company
Next Australian Foundation Investment Company earnings date
H2 202627 Jul, 2026
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Frequently asked questions
Australian Foundation Investment Company Limited (AFIC) is an Australian investment company focused on managing a diversified portfolio of Australian equities. AFIC invests across a range of sectors, including financials, resources, healthcare, and consumer goods, aiming to provide long-term capital growth and consistent dividend income for its shareholders. The company follows a conservative investment approach, selecting high-quality companies with sustainable business models and strong management teams. AFIC is structured as a listed investment company (LIC), allowing individual investors to gain exposure to a diversified portfolio of Australian stocks. The company is headquartered in Melbourne, Victoria, and its shares are listed on the Australian Securities Exchange.
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