Plato Income Maximiser (PL8) H1 2026 earnings summary

Executive summary

• Net profit after tax for the half-year ended 31 December 2025 was $28.44 million, down from $39.71 million in the prior corresponding period, reflecting softer market returns.

• Portfolio delivered a 4.8% total return for the half-year, outperforming the benchmark by 0.6%.

• Distributed yield for the half-year was 3.3%, 1.2% above the benchmark, with monthly fully franked dividends of $0.0055 per share maintained.

• Share price traded at a premium to NTA, reflecting strong demand for regular income.

• The company maintained its principal activity of providing access to a diversified, actively managed portfolio of Australian listed equities.

Financial highlights

• Pre-tax NTA per share was $1.153 at 31 December 2025, with a slight increase during the half-year after paying $0.033 in fully franked dividends.

• 12-month realised yield was 4.9% (including franking credits), with a 7% gross yield over the last 12 months compared to the market's 4.2%.

• Total investment income for the half-year was $34.74 million, with total expenses of $4.15 million.

• Net assets at 31 December 2025 were $860.23 million, up from $856.50 million at 30 June 2025.

• Share price premium to NTA reached up to 25%.

Outlook and guidance

• Board announced three more fully franked monthly dividends of $0.0055 per share for the March 2026 quarter.

• Investments remain positioned to seek superior income to the benchmark, with expectations for improved dividends in 2026 as commodity prices rally.

• Dividend increases depend on sustained market dividend growth and rebuilding franking credit reserves.

• Dividend outlook for the Australian market remains within the normal range, with average probability of dividend cuts stable.

• Cautious optimism is expressed due to global trade tariffs, but recent rises in commodity prices are supporting dividends from miners.