Pacific Current Group (PAC) H1 2025 earnings summary

Executive summary

• Statutory net profit after tax (NPAT) surged to A$100.3m for 1H25 from A$11.7m in 1H24, driven by significant gains on asset sales and fair value uplifts.

• Underlying NPAT was A$15.3m, down 8% year-over-year, reflecting normalized results after major divestments and lower boutique contributions.

• Major asset sales included full exits from Carlisle, Banner Oak, Nereus, and partial sale of Victory Park, boosting liquidity and capital flexibility.

• An off-market share buy-back of up to A$300m at A$12 per share was approved, representing nearly 48% of issued capital, with settlement expected by March 2025.

• Corporate costs reduced by 37% following restructuring, with 47% of net assets now held in cash.

Financial highlights

• Statutory NPAT rose to A$100.3m (1H24: A$11.7m); underlying NPAT was A$15.3m (1H24: A$16.7m).

• Underlying EPS was A$0.29 (1H24: A$0.32); basic and diluted EPS were 192.26 cents (2023: 22.60 and 21.42 cents, respectively).

• Interim unfranked dividend of A$0.15 per share declared, matching the prior year; buy-back participants are eligible.

• Fair value NAV per share at 31 Dec 2024 was A$14.32 (A$13.96 adjusted for Abacus bond volatility), exceeding statutory NAV of A$13.84.

• Cash and short-term deposits totaled A$382.4m at period end, with A$300m allocated for the buy-back.

Outlook and guidance

• Focus remains on completing the share buy-back, supporting boutique growth, and evaluating new investments.

• Continued cost reduction and organizational optimization, with further debt reduction planned.

• Board targets a dividend payout ratio of 60–80% of underlying NPAT and maintains capital discipline.

• Outlook assumes flat equity markets and stable currency; growth expectations based on likely boutique allocations.