Pacific Current Group (PAC) H2 2025 earnings summary

Executive summary

• Achieved significant progress in unlocking shareholder value, with major asset disposals and a substantial A$265m off-market share buy-back at A$12 per share, reducing issued capital by over 42% and enhancing capital flexibility.

• Statutory NPAT for FY25 was A$58.2m, down from A$110m in FY24, mainly due to lower fair value uplifts and asset sales; underlying NPAT was A$26.0m, a 20% decrease year-over-year.

• Dividend per share increased 13% to A$0.43 (unfranked), with a final dividend of A$0.28.

• Corporate costs reduced by 60% following a restructure and outsourcing of investment management.

• Major asset realisations included exits from Banner Oak, Carlisle, Victory Park Capital, and Nereus, generating substantial liquidity.

Financial highlights

• Statutory net profit for FY25 was A$58.2m, down from A$110m in FY24; underlying NPAT was A$26.0m, down from A$32.2m.

• Underlying EPS fell to A$0.56 from A$0.62.

• Total dividend per share increased 13% to A$0.43, with a final unfranked dividend of A$0.28.

• Statutory NAV per share was A$14.75; fair value NAV per share rose 15% to A$15.51, exceeding statutory NAV by A$0.76.

• Cash and short-term deposits at period end were A$137.9m after the share buy-back.

Outlook and guidance

• Focus for FY26 on accelerating growth with existing and new boutique partners, optimizing capital structure, controlling costs, strengthening the balance sheet, and enhancing organizational efficiency.

• Board to review outstanding US debt facility, with a high probability of repayment considered.

• Dividend payout ratio targeted at 60%-80% of underlying profit after tax.

• Assumes flat equity markets and stable currency; growth expectations based on likely boutique allocations through FY26.