Bailador Technology Investments (BTI) H1 2026 earnings summary

Executive summary

• Net profit after tax for HY26 was $23.2m, up from $17.5m in HY25, driven by strong portfolio returns and significant valuation increases in key investments.

• Interim fully-franked dividend of 3.9 cents per share declared, annualised grossed-up yield of 8.9%, in line with the policy of paying 4% of pre-tax NTA annually.

• $28m cash realised in HY26, including a $25m partial realisation of SiteMinder at a 63% premium to June 2025 price.

• Portfolio companies demonstrated strong growth, with notable valuation uplifts in SiteMinder, Updoc, PropHero, and Hapana.

Financial highlights

• Portfolio revenue reached $673m, growing 42% over the last 12 months, with 85% recurring revenue and gross margin around 65%.

• Gains on financial assets for the half year were $41.7m, up from $32.8m year-over-year.

• Profit before income tax was $32.2m; net profit after tax was $23.2m; basic and diluted EPS were 15.56 cents, up from 12.03 cents year-over-year.

• Net assets per share (post-tax) rose to $1.76, up from $1.64 in FY25; total assets increased to $309m.

• 14 full and partial cash realisations, all above carrying value, delivering a 3.5x multiple on invested capital and a 23.2% IRR.

Outlook and guidance

• Ongoing commitment to pay fully franked dividends targeting 4% of pre-tax NTA per annum, with a dividend reinvestment plan in operation.

• Portfolio remains conservatively valued with potential for upside on further cash realisation; management confident in portfolio prospects, especially regarding AI impacts on SaaS businesses.

• Additional $1.0–$1.5m investment committed to Rosterfy in H2FY26.