360 Capital Group (TGP) H2 2025 earnings summary

Executive summary

• Statutory profit rose to $4.8m, a $4.5m increase year-over-year, driven by higher fee and finance revenue and lower non-operating losses.

• Operating profit after tax increased 15.2% to $7.7m, with operating earnings per security up 19.4% to 3.7cps.

• A special distribution of $78.8m ($0.40 per security) was declared, significantly reducing cash holdings and shifting to a capital-light strategy.

• Board and management remain highly aligned, holding 51.6% of securities.

Financial highlights

• Total revenue increased 15.6% to $12.6m, with funds management revenue up and finance revenue boosted by higher cash balances.

• NAV per security rose to $0.80 from $0.79; cash balance at $95.0m with no borrowings.

• External FUM reached $254.2m, providing a strong growth base.

• Dividends and distributions totaled 3.5cps, unchanged from prior year.

Outlook and guidance

• FY26 dividend/distribution forecast is 1.0cps, reflecting lower cash income post-special distribution.

• Focus on building third-party capital, growing loan portfolios, and opportunistic scaling in both debt and equity as market volatility persists.

• Australian commercial real estate market expected to stabilize, with value opportunities anticipated in H2 2025 as interest rates fall.