360 Capital Group (TGP) H1 2025 earnings summary

Executive summary

• Statutory profit of $3.7m for HY25, reversing a $5.4m loss in HY24, driven by improved investment performance and absence of prior year fair value losses and write-offs.

• Operating profit after tax was $4.1m (2.0cps), down 13.2% year-over-year due to lower distribution income post-asset sale, partially offset by higher finance revenue.

• Fully franked interim dividend of 2.0cps, in line with HY24, representing 100% of operating earnings.

• NAV per security stable at $0.79; cash balance of $100.7m with no borrowings, supporting a strong capital position.

• Group focused on real estate equity and credit, with significant capital raised and new investment management agreements secured.

Financial highlights

• Statutory profit up 167.7% year-over-year; prior period included $7.8m fair value loss and $2.0m intangible write-off.

• Revenue for the half-year was $11.8m, up from $5.3m year-over-year.

• Operating profit per security at 2.0cps, down 4.8% from HY24.

• External FUM at $255m, providing a base for future growth.

• Co-investments in managed funds increased to $67.8m, up from $55.4m at June 2024.

Outlook and guidance

• FY25 dividend/distribution guidance raised to 3.0–3.5cps, above previous guidance; 2.0cps paid for HY25.

• Market expected to bottom in 2025, with value opportunities anticipated in 2H25.

• Focus on completing leasing at 510 Church Street, growing loan portfolios, and opportunistic investments.

• Well-capitalised position and new investment management agreements position the Group for platform scaling.

• Earnings forecasting remains difficult due to market uncertainty and transactional fee variability.