Washington H. Soul Pattinson and Company (SOL) H2 2025 earnings summary

Executive summary

• Revenue from continuing operations rose 15% year-over-year to $954.6 million, driven by higher volumes in agriculture, increased activity in Ampcontrol, and growth in credit and liquid income portfolios.

• Statutory Net Profit After Tax attributable to members was $364.2 million, down 27% from the prior year, mainly due to non-regular expenses related to the Brickworks merger scheme.

• Regular Net Profit After Tax was $491.0 million, up slightly from $487.6 million in FY24, reflecting higher interest and strategic portfolio income, offset by lower private equity and emerging companies contributions.

• The Scheme of Arrangement with Brickworks was implemented after year-end, creating a merged group, but FY25 results reflect only the standalone entity.

Financial highlights

• Revenue increased by $122.7 million year-over-year, with key drivers in private equity, credit, and liquid income funds.

• Statutory Net Profit After Tax fell by $134.6 million, primarily due to $89.6 million in non-regular costs from the merger scheme and convertible note revaluations.

• Basic earnings per share were 111.55 cents, down from 155.82 cents in FY24.

• Total dividends paid during the year were 99 cents per share, with a final dividend of 59 cents declared post year-end.

• Net assets increased to $9,410.1 million from $8,998.8 million, supported by profits and a $225 million equity placement.

Outlook and guidance

• Significant liquidity is available for new investments, with future results dependent on investee company performance and market conditions.

• The merged group with Brickworks is expected to provide further growth opportunities, but FY26 will reflect the new structure.

• The group continues to focus on diversified, uncorrelated investments and supports organic and strategic growth in portfolio companies.