Argo Global Listed Infrastructure (ALI) H2 2025 earnings summary

Executive summary

• Achieved a record full-year profit of $52.2 million for FY2025, up from $12.8 million last year, driven by strong realised gains and robust global infrastructure asset performance.

• Portfolio delivered a total return of +19.9% for FY2025, outperforming the benchmark (+19.3%) and Australian equities (+13.8%).

• Paid record fully franked dividends of 9.5 cents per share, marking 15 consecutive fully franked dividends since inception.

• Celebrated 10th anniversary of ASX listing, with $10,000 invested at inception growing to $15,185 ($16,750 including franking credits).

Financial highlights

• Net assets increased to $453.3 million at 30 June 2025, up 8.7% from prior year.

• NTA per share rose to $2.61 from $2.37 year-over-year.

• Total investment income was $83.2 million (FY2024: $22.6 million), with realised gains of $50.6 million and unrealised gains of $16.1 million.

• Management fees totaled $5.6 million, representing 75% of total expenses.

• Basic and diluted EPS was 29.4 cents, up from 7.2 cents last year.

• Operating cash flow was $16.3 million, up from $13.3 million in FY2024.

Outlook and guidance

• Positive outlook for global listed infrastructure, supported by structural growth drivers and limited local investment opportunities.

• Future results will depend on portfolio company performance, macroeconomic factors, and global market conditions.

• No significant changes to business model anticipated; focus remains on diversification and long-term growth.