Perpetual Credit Income Trust (PCI) H2 2025 earnings summary

Executive summary

• Net assets attributable to unitholders rose 20.7% to $532.8m as of 30 June 2025, driven by capital raising and reinvestment.

• FY25 profit was $37.6m, down 11.3% year-over-year, reflecting lower net portfolio performance (7.3% vs 10.2% in FY24).

• Distributions totaled $40.1m (8.27 cents per unit), with a subsequent post-year-end distribution of 0.68 cents per unit.

• The Trust maintained a diversified portfolio, focusing on quality credit and fixed income assets, with a defensive positioning.

Financial highlights

• Total investment income was $42.3m, down 8.6% from the prior year.

• Net tangible assets per unit decreased slightly to $1.096 from $1.100.

• Operating expenses included $3.8m in investment management fees and $0.16m in Responsible Entity fees.

• Basic and diluted EPS was 7.80 cents, down from 10.49 cents in FY24 (restated for capital raising dilution).

• Cash and cash equivalents at year-end were $19.8m, up from $10.2m.

Outlook and guidance

• The Trust remains defensively positioned with a short weighted average life (3.1 years) and broad diversification across 149 assets and 87 issuers.

• Market outlook is finely balanced amid ongoing US policy uncertainty and domestic monetary policy shifts.

• The Trust aims to continue delivering stable income and exploiting relative value opportunities.