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Djerriwarrh Investments
Djerriwarrh Investments (DJW) investor relations material
Djerriwarrh Investments H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary19 Jan, 2026
Executive summary
Focus remains on delivering an enhanced, fully franked dividend yield above the market, with a 6.6% yield on net asset backing and 7.1% on share price as of December 31, 2025.
Net operating result for the half-year was AUD 19.7 million, down 6% year-over-year, reflecting lower dividend and distribution income and option activity.
Portfolio underperformed the ASX 200/S&P ASX200 Index by 6% in 2025, mainly due to specific large and small-cap holdings and lack of exposure to surging gold stocks.
Portfolio remains defensively positioned, with increased investments in high-quality income and growth companies and reduced reliance on major banks.
Transitioning to quarterly dividend payments from May 2026 to enhance shareholder value, subject to board approval.
Financial highlights
Net operating profit for the half-year was AUD 19.7 million, down 6% year-over-year, mainly due to an 8% decline in dividend and distribution income.
Option income remained flat at AUD 7.5 million, contributing a 1.7% yield on portfolio value.
Management expense ratio improved to 0.38%, aligning with historical averages.
Dividend maintained at AUD 0.0725 per share, fully covered by net operating profit.
Net tangible assets per share before tax as at 31 December 2025 were AUD 3.35; share price was AUD 3.12, a 7% discount.
Outlook and guidance
Market viewed as moderately expensive; portfolio remains defensively positioned but selectively invests in high-quality opportunities.
Dividend and option income expected to remain robust, with flexibility to write more option premium in the second half of FY2026.
Dividend income now more reliant on miners and industrials, less on major banks.
Ongoing focus on closing the share price discount to net tangible asset backing through marketing, buybacks, and dividend policy changes.
Ongoing focus on high-quality, diversified holdings to balance income and growth amid economic and geopolitical uncertainties.
Strategy for underperforming large holdings like CSL?
Assess sustainability of enhanced dividend yield
Evaluate effectiveness of NTA discount actions
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Next Djerriwarrh Investments earnings date
H2 202628 Jul, 2026
Djerriwarrh Investments
Next Djerriwarrh Investments earnings date
H2 202628 Jul, 2026
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Frequently asked questions
Djerriwarrh Investments Limited is an Australian investment company specializing in managing a diversified portfolio of Australian equities. The company focuses on generating income and long-term capital growth for its shareholders by investing primarily in large-cap, high-quality Australian companies across various sectors. Djerriwarrh utilizes options strategies to enhance income and manage risk, providing investors with steady dividends and a balanced approach to equity market exposure. The company is headquartered in Melbourne, Australia, and its shares are listed on the ASX.
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