Thorney Opportunities (TOP) H2 2025 earnings summary

Executive summary

• Net tangible assets (NTA) after tax reached a record 90.3 cents per share, up 3.7% year-over-year.

• FY2025 net profit after tax (NPAT) was $8.5 million, a significant decrease from $35.0 million in FY2024.

• Total investment income for FY2025 was $19.7 million, down from $57.5 million in FY2024.

• Final fully franked dividend of 1.55 cents per share declared, with total FY2025 dividends at 2.65 cents per share, up 3.9% from FY2024.

• Over $32.8 million in deployable capital available at year-end.

Financial highlights

• NTA per share before tax: 100.2 cents, up 7.2% year-over-year.

• Cash and short-term deposits increased to $35.4 million from $23.8 million in FY2024.

• Share buyback of 7,842,876 shares at a cost of $5.0 million.

• Earnings per share (EPS) for FY2025: 4.7 cents, down from 18.7 cents in FY2024.

• Total assets at year-end: $179.9 million; net assets: $158.1 million.

Outlook and guidance

• Cautious outlook maintained due to expensive Australian market and global volatility.

• Board optimistic about emerging investment opportunities despite economic headwinds.

• Focus remains on disciplined investing and value-based approach.