Bailador Technology Investments (BTI) H2 2025 earnings summary

Executive summary

• Net profit after tax reached $19.3m for FY25, with a 7.8% portfolio return after all fees and tax.

• Final fully-franked dividend of 3.6 cents per share declared, representing an annualised grossed-up yield of 8.1%.

• $40.8m in cash deployed and committed, including investments in PropHero and Hapana.

• $20m cash realised through partial sale of SiteMinder.

• Private portfolio delivered a gross return of 33% in FY25, with DASH and Updoc as standout performers.

Financial highlights

• Net Tangible Asset (NTA) per share (post-tax) increased by $0.05 to $1.64 year-over-year; up $0.12 including dividends paid.

• Annual shareholder return (grossed up) was 8.4% for 1 year, 8.9% for 2 years, and 19.0% for 5 years.

• Portfolio company revenue totaled $592m, with 47% revenue growth and ~65% gross margin.

• Recurring revenue comprised ~87% of portfolio company revenue.

Outlook and guidance

• Portfolio valuation remains conservative versus market multiples, with a focus on realising investments above carrying value.

• Management expresses optimism for FY26, aiming to continue strong performance and realisations.