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Soul Patts (SOL) investor relations material

Soul Patts H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary29 Sep, 2025

Executive summary

  • Statutory NPAT rose 125% to $30 million, reversing a prior year loss, with underlying NPAT up 222% to $197 million, driven by property revaluations and improved operational performance.

  • The merger with Soul Patts was completed in September 2025, consolidating a 56-year cross-shareholding and delisting Brickworks from the ASX.

  • Building Products Australia delivered resilient results despite subdued markets, while North America faced significant headwinds and asset impairments.

  • The property division saw strong development activity and a 252% increase in EBITDA, with the value of trust assets at $2.1 billion.

Financial highlights

  • Revenue from continuing operations was $1,068 million, down 2% year-over-year.

  • Underlying EBIT from continuing operations before significant items increased 357% to $301 million; underlying EBITDA up 141% to $378 million.

  • Building Products Australia EBITDA up 4% to $106 million; North America EBITDA down 92% to $3 million.

  • Property EBITDA up 252% to $167 million; investments EBITDA down 14% to $118 million.

  • Operating cash flow up 3% to $107 million; gearing (net debt to equity) increased to 22%.

  • Final dividend of 48.4 cents per share, fully franked, up 13%.

Outlook and guidance

  • Property development pipeline remains robust, with ongoing projects expected to contribute to FY26 and FY27 results.

  • Building Products divisions face near-term demand softness but are positioned for medium-term recovery as construction markets rebound.

  • The merged entity is expected to benefit from enhanced scale, diversification, and a strengthened balance sheet.

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Frequently asked questions

Washington H. Soul Pattinson and Company Limited (WHSP) is a diversified Australian investment house with a history that dates back to its origins in pharmacies in the late 19th century. The company has evolved into a major investment entity, managing a broad portfolio across various industries and asset classes, including but not limited to listed equities, private equity, credit, and property. The company is headquartered in Sydney, New South Wales, and its shares are listed on the Australian Securities Exchange.

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