Marlin Global (MLN) H2 2026 earnings summary

Executive summary

• Reported a net loss after tax of $17.3m for the year ended 30 June 2026, underperforming its equity benchmark by a significant margin.

• Total shareholder return was -7.6%, and adjusted NAV return was -8.5% for the period.

• Dividend return was positive at 8.1%, with distributions maintained at 2% of NAV per quarter.

• Performance lagged due to a market rally in AI-related stocks, while the portfolio's focus on quality blue-chip stocks faced headwinds.

Financial highlights

• Net loss on investment totaled $13.9m, with dividend, interest, and other income at $1.2m.

• Expenses, fees, and tax amounted to $4.6m for the year.

• Gross performance return was -6.3%, compared to the benchmark index's +30.5%.

Outlook and guidance

• The board is working closely with the manager to address underperformance and improve future results.