Bailador Technology Investments (BTI) H1 2026 earnings summary

Executive summary

• Interim dividend of 3.9c per share declared, up from 3.7c in HY25, with an 8.9% grossed-up dividend yield and 24.8c per share in cash dividends over the last 3 years.

• Net profit after tax for the half year to 31 December 2025 was $23.2m, up from $17.5m in the prior period, driven by strong portfolio returns and significant valuation increases in key investments.

• Major realisation included a $25m cash gain from SiteMinder, representing 25% of the position, at a price 62.8% above the June 2025 price, with an IRR of 36.9% and a 29.4x investment multiple.

• Portfolio gain of 9.5% for HY26, driven by strong performance across investments.

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 (vs $25.0m prior year); net profit after tax was $23.2m (vs $17.5m prior year).

• Cash and cash equivalents increased to $27.7m from $14.9m at 30 June 2025.

• 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.

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

• Portfolio positioned for continued growth, with strong recurring revenue and robust market tailwinds across sectors.