WHSP Holdings (SOL) investor relations material

Executive summary

• Net Asset Value (NAV) (pre-tax) reached $13.8 billion, up 9.7% for the half, with strong diversification across five asset classes and increased international exposure (18%), outperforming the ASX200 by 6.6%.

• Statutory NPAT surged 604.3% to $2.3 billion, driven by significant non-recurring gains from the Brickworks merger and asset sales.

• Regular NPAT rose 6.7% to $304 million, reflecting higher trading gains and property contributions.

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

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

Financial highlights

• NAV (pre-tax) reached $13.8 billion, up from $12.1 billion in 1H25, delivering a 9.7% return for the half.

• NCFI per share grew 12.5% year-over-year.

• Interim dividend increased for the 28th consecutive year, with a 10.4% CAGR over 28 years.

• Total Shareholder Return averaged 12.9% p.a. over 25 years, outperforming the ASX200 by 4.6% p.a.

• 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 international diversification, with opportunistic capital deployment and disciplined, relationship-driven offshore expansion.

• Expectation of improved market conditions for Brickworks and real assets, though recovery is taking longer than anticipated.

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

• Prepared to be countercyclical and contrarian, leveraging permanent capital and flexibility.