Marlin Global (MLN) H1 2025 earnings summary

Executive summary

• Net profit after tax for the six months ended 31 December 2024 was $8.1 million, down from $10.2 million in the prior year period.

• Portfolio management focused on quality businesses amid global inflation, high rates, and geopolitical conflicts.

Financial highlights

• Profits on investments totaled $10.4 million; dividend, interest, and other income was $0.9 million; operating expenses and tax were $3.2 million.

• Total income for the period was $11.9 million, compared to $12.4 million in the prior year.

• Total shareholder return was 3.1% for the period.

• Adjusted NAV return (after expenses, fees, and tax) was 3.7%.

• Portfolio gross performance return was 5.3% versus benchmark index return of 10.5%.

• Dividends paid totaled 4.05c per share, up from 3.65c per share year-over-year.

Outlook and guidance

• A dividend of 2.05c per share was declared on 21 February 2025, with payment on 28 March 2025.

• Management expects investment theses to evolve, with opportunities arising from temporary market weaknesses.