Carlton Investments (CIN) H2 2025 earnings summary

Executive summary

• Net profit for the year ended 30 June 2025 was $38.8 million, up 0.1% from $38.77 million in 2024.

• Total dividends and distributions received were $40.39 million, nearly unchanged from the prior year.

• The market value of the equity investment portfolio rose to $1.26 billion, up from $1.02 billion a year earlier.

• Net tangible asset backing per share before tax was $48.39, up from $39.71; after tax, $39.52, up from $33.26.

• Total portfolio return (NTA per share with dividends reinvested) was 22.7%, outperforming the S&P/ASX 200 Accumulation Index's 13.8%.

Financial highlights

• Operating revenue was $41.60 million, nearly flat year-over-year.

• Administration expenses decreased slightly to $919,000; management expense ratio (MER) improved to 0.08%.

• Basic and diluted EPS was $1.468, up from $1.465.

• Final fully franked dividend of 68 cents per share declared, up from 63 cents; interim dividend was 45 cents, up from 41 cents.

• Total ordinary share dividends for the year were $1.13 per share, an 8.7% increase.

• Cash and term deposits at year-end totaled $20.78 million, down from $26.86 million.

Outlook and guidance

• Australian equity markets expected to remain volatile; interest rates anticipated to fall over the next 6–18 months.

• Benefits from lower rates may be offset by domestic and international economic and political factors.

• The group will continue a cautious, long-term investment approach focused on quality, income, and capital growth.