Bailador Technology Investments (BTI) H1 2025 earnings summary

Executive summary

• Net profit attributable to shareholders was $17.5m for HY25, down from $22.0m in HY24, with strong returns across both public and private portfolios.

• Interim dividend of 3.7 cents per share (fully franked) declared, up 5.7% from HY24, representing 2% of pre-tax NTA and annualised at 4% per policy.

• Portfolio valuation growth driven by SiteMinder (+20.8%), Updoc (+50.0%), Mosh (+33.3%), and Rosterfy (+13.6%).

• $21.8m invested in new and existing portfolio companies, including major follow-ons in DASH, Rosterfy, and Access Telehealth.

• Combined portfolio company revenue reached $498m, up 42% year-over-year.

Financial highlights

• Change in value of portfolio assets was $32.8m in HY25, compared to $39.1m in HY24.

• Profit before tax was $25.0m, with profit after tax at $17.5m, down from $22.0m in HY24.

• Net assets per share (post-tax) rose to $1.67 from $1.59 at June 2024; total equity at $246.7m.

• Cash position at 31 December 2024 was $45.7m, with net cash of $41m.

• $20m cash realisation from partial SiteMinder sale at 37.9% IRR and 30.6% premium to June price.

Outlook and guidance

• Well positioned with $41m net cash to pursue further investment opportunities.

• Ongoing commitment to pay 4% of pre-tax NTA per annum as fully franked dividends, paid semi-annually.

• DRP active at 2.5% discount to DRP price.

• Post-period, a $12.5m investment in AI-enabled property platform PropHero was announced.