AMCIL (AMH) H1 2026 earnings summary

Executive summary

• Half-year profit after tax was $4.1 million, up 14.8% year-over-year, driven by improved options trading and reduced unrealized losses.

• Portfolio is focused on quality Australian and New Zealand companies with strong balance sheets, leadership, and long-term value creation.

• Interim dividend of 1.0 cent per share, fully franked, was maintained.

• Portfolio size stood at $358 million at period end.

• Low management costs, no performance fees, and strong alignment of interests through equity ownership by directors and staff.

Financial highlights

• Management expense ratio (annualized) was 0.43%, down from 0.53% last year.

• Net tangible asset backing per share was $1.12 at period end, with shares trading at a 10% discount.

• Portfolio yield, including franking, was 9.2% on a share price of $1.01.

• Dividends and distributions from investments totaled $4.6 million for the half-year.

• Cash at period end was $25.6 million, up from $18.0 million at 30 June 2025.

Outlook and guidance

• Market valuations are considered full or expensive, with high PEs and low yields in Australia and the US.

• Management remains cautious, maintaining strong cash reserves to capitalize on future opportunities in quality companies.

• Emphasis on resilience through strong balance sheets and aligned management.