Thorney Opportunities (TOP) H2 2026 earnings summary

Executive summary

• FY2026 saw a net profit after tax (NPAT) of $0.9m, down from $8.5m in FY2025, reflecting a challenging year for investment returns and a significant decrease in fair value of key unlisted holdings.

• Net tangible assets (NTA) per share after tax decreased to 89.3 cents from 90.3 cents year-over-year.

• The company maintained an active capital management approach, including a share buyback and increased dividends.

Financial highlights

• Total investment loss for FY2026 was $0.8m, compared to a gain of $19.7m in FY2025.

• Final fully franked dividend increased to 1.65 cents per share (up 6.5% from prior year); total dividends for FY2026 were 2.75 cents per share, up 3.8%.

• Cash and cash equivalents at year-end were $2.9m, down from $32.8m, mainly due to operating outflows, investments, buybacks, and dividends.

• NTA per share before tax was 96.4 cents, down 3.8% from FY2025.

Outlook and guidance

• The board remains optimistic about future opportunities despite ongoing market volatility, inflation trends, and geopolitical risks.

• Continued focus on disciplined investment, capital preservation, and long-term value creation.