Ryder Capital (RYD) H2 2025 earnings summary

Executive summary

• Achieved pre-tax NTA gain of 27.50% for FY25, significantly outperforming ASX equity indices and internal hurdle rates.

• Gross portfolio return was 29.45% for the year, with strong risk-adjusted performance and high conviction in small/micro cap equities.

• Total shareholder return for FY25 was 24.0%, including fully franked dividends, with share price rising from $1.125 to $1.30.

• Marked 10th anniversary since listing, with NTA per share growing from $1.00 at IPO to $1.6272 (excluding franking credits).

• Board declared a fully franked final dividend of $0.055 per share, bringing annual dividends to $0.10 per share, up ~11% year-over-year.

Financial highlights

• Net assets increased to $126.7m as of 30 June 2025, up from $114.3m the previous year.

• Total comprehensive income after tax was $21.81m, up from $18.12m in FY24.

• Pre-tax NTA per share rose to $1.6272 from $1.3875, after paying $0.095 per share in fully franked dividends.

• Dividends paid during the year totaled $0.095 per share, with $0.48 per share in distributable profits available.

• Management fees for the year were $1.61m; no performance fees were paid due to a carry-forward negative accrual.

Outlook and guidance

• Portfolio remains positioned for further capital growth, with several core holdings trading below intrinsic value.

• Board expects continued strong investment performance and steady to increasing fully franked dividends.

• Global equity market outlook is uncertain due to potential US economic slowdown and inflation risks, but monetary easing may cushion impacts.