Mirrabooka Investments (MIR) H1 2026 earnings summary

Executive summary

• Half-year profit rose to $8.9 million from $4.6 million year-over-year, driven by options, trading portfolios, and higher interest income post-rights issue.

• Interim dividend maintained at 4.5 cents per share, fully franked and sourced from capital gains.

• Portfolio value increased to $739 million from $668 million year-over-year, reflecting capital raising.

• Portfolio performance lagged the benchmark, returning 1.2% for the year versus 22.5% for the benchmark.

• Long-term investment philosophy remains unchanged, focusing on quality, resilient businesses with strong management.

Financial highlights

• Management expense ratio (MER) decreased to 0.49% due to increased portfolio size.

• Revenue from operating activities increased 42.9% to $8.9 million year-over-year.

• Net asset backing per share before deferred tax was $3.27 at 31 December 2025.

• Dividends and distributions received rose 26.6% year-over-year.

• Portfolio delivered a 1.3% return for the half-year and 1.2% for the year to 31 December 2025.

Outlook and guidance

• Management remains optimistic about long-term value opportunities, supported by a strong cash position and attractive valuations in the mid and small cap universe.

• Expectation that resource cycles will remain volatile; focus remains on long-term value creation.

• Key holdings, despite recent share price weakness, are expected to contribute positively over the medium to long term.

• The investment opportunity set is improving, but caution is warranted due to buoyant market sentiment.

• Current market conditions seen as an opportunity to re-enter growth companies at attractive valuations.