Washington H. Soul Pattinson and Company (SOL) investor relations material

Executive summary

• Statutory NPAT surged 604.3% year-over-year to $2.3 billion, driven by significant non-recurring gains from the Brickworks merger and asset sales, simplifying the capital structure and enhancing flexibility.

• Regular NPAT rose 6.7% to $327 million, reflecting higher trading gains and property contributions post-merger.

• Net Asset Value (pre-tax) reached $13.8 billion, up 9.7% from the prior period, with strong diversification across five asset classes and increased international exposure.

• Net Cash Flow From Investments increased 15.4% to $334 million, supporting a fully franked interim dividend of 48 cents per share, up 9.1%, marking 28 consecutive years of dividend growth.

• Portfolio transformation continued, with increased allocations to private companies, credit, and real assets.

Financial highlights

• Statutory NPAT of $2.3 billion includes $1.2 billion from the Brickworks merger and $705 million in one-off gains.

• Regular NPAT at $327 million, up 6.7% year-over-year.

• Pre-tax NAV return of 9.7% for the period, outperforming the ASX200 Total Return index by 6.6%.

• 12-month trailing total return (including dividends) was 14.3%.

• Portfolio turnover reached $4.3 billion, the highest ever in a six-month period.

Outlook and guidance

• Focus on increasing liquidity, defensive asset allocation, and opportunistic capital deployment as market dislocation arises.

• No set target for offshore allocation; expected to increase by about $500 million per year, focusing on disciplined, relationship-driven deployment.

• Management remains focused on risk management, cash generation, and diversification to drive long-term value.