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Hearts and Minds Investments
Hearts and Minds Investments (HM1) investor relations material
Hearts and Minds Investments H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary17 Feb, 2026
Executive summary
Reported total comprehensive income after tax of $3.0 million for the half-year ended 31 December 2025, down from $115.3 million in the prior corresponding period.
Investment portfolio performance was flat, with a 0.4% return after expenses and before taxes, compared to 23.6% in the previous half-year.
Portfolio impacted by both positive and negative returns, including a full write-down of Corporate Travel Management following its trading suspension.
Post-tax NTA per share increased by 0.4% before dividend payment, but decreased by 2.3% after paying a 9.0 cent fully franked dividend.
Financial highlights
Net income for the period was $4.5 million, with total comprehensive income of $3.0 million.
Basic and diluted EPS was 1.96 cents, down from 40.15 cents in the prior period.
Total investment income was $13.6 million, significantly lower than $137.5 million in the prior half-year.
Share price increased 4.9% over the half-year, with a total shareholder return of 7.9% including dividends.
Since inception, annualised investment return is 10.8% per annum.
Outlook and guidance
Interim fully franked dividend of 9.5 cents per share declared, payable on 16 April 2026.
No other significant events or changes in outlook reported post period-end.
Strategy adjustments for benchmark underperformance?
What is the recovery plan for Corporate Travel Management?
Explain high investment turnover with flat returns.
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Next Hearts and Minds Investments earnings date
H2 202627 Aug, 2026
Hearts and Minds Investments
Next Hearts and Minds Investments earnings date
H2 202627 Aug, 2026
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Frequently asked questions
Hearts and Minds Investments Limited is an Australian-listed investment company that aims to generate long-term capital growth by investing in high-conviction stock ideas presented by leading fund managers and industry experts. The company’s unique model combines a charitable mission with investment, as it donates a portion of its management fee savings to medical research and mental health initiatives. Hearts and Minds builds a concentrated portfolio across various sectors, relying on the expertise of invited managers to select stocks with strong growth potential.The company is headquartered in Sydney, Australia, and its shares are listed on the ASX.
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