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

Executive summary

• Statutory NPAT rose 125% to $30 million, reversing a prior year loss, with underlying NPAT up 222% to $197 million, driven by property revaluations and improved operational performance.

• The merger with Soul Patts was completed in September 2025, consolidating a 56-year cross-shareholding and delisting Brickworks from the ASX.

• Building Products Australia delivered resilient results despite subdued markets, while North America faced significant headwinds and asset impairments.

• The property division saw strong development activity and a 252% increase in EBITDA, with the value of trust assets at $2.1 billion.

Financial highlights

• Revenue from continuing operations was $1,068 million, down 2% year-over-year.

• Underlying EBIT from continuing operations before significant items increased 357% to $301 million; underlying EBITDA up 141% to $378 million.

• Building Products Australia EBITDA up 4% to $106 million; North America EBITDA down 92% to $3 million.

• Property EBITDA up 252% to $167 million; investments EBITDA down 14% to $118 million.

• Operating cash flow up 3% to $107 million; gearing (net debt to equity) increased to 22%.

• Final dividend of 48.4 cents per share, fully franked, up 13%.

Outlook and guidance

• Property development pipeline remains robust, with ongoing projects expected to contribute to FY26 and FY27 results.

• Building Products divisions face near-term demand softness but are positioned for medium-term recovery as construction markets rebound.

• The merged entity is expected to benefit from enhanced scale, diversification, and a strengthened balance sheet.