Mirrabooka Investments (MIR) H2 2026 earnings summary

Executive summary

• Leadership transition with a new CEO reaffirming commitment to a long-term, quality-focused investment strategy.

• Profit for the year rose to $13.0m, up from $7.9m in 2025, reflecting strong performance.

• The investment approach remains unchanged, emphasizing business quality, strong management, and financial resilience, particularly in small and mid-cap companies.

• The year was marked by significant market volatility and underperformance relative to the benchmark, mainly due to sector concentration and stock-specific issues.

• Fully franked dividends totaled 14.0¢ per share, including a 3.0¢ special dividend, compared to 11.0¢ in 2025.

Financial highlights

• Profit per share was AUD 0.058, consistent with prior years and supported by increased dividends from holdings and option writing.

• Total dividends for the year reached AUD 0.14 per share, including a special dividend of AUD 0.03, representing a 7% yield with franking.

• Portfolio value at year-end was $635.4m at 30 June 2026, down from $746.9m in 2025.

• Management expense ratio improved to 0.52% from 0.54% in 2025.

• Fully franked dividend reserve stood at 27.1¢ per share after dividend payments.

Outlook and guidance

• Confidence in the long-term strategy and portfolio quality remains strong despite recent underperformance.

• The team expects attractive long-term returns due to less demanding valuations and competitive advantages in portfolio holdings.

• Near-term caution is advised due to macroeconomic and geopolitical uncertainties, with limited market visibility.

• Recent de-rating of core holdings seen as an opportunity for future earnings growth to drive share price returns.

• Confidence in long-term investment approach and portfolio diversification to deliver growth.