Washington H. Soul Pattinson and Company (SOL) Investor Presentation summary

Strategic vision and investment philosophy

• Focuses on growing shareholder wealth through a diversified portfolio that performs across market cycles, with permanent capital and flexible asset allocation strategies.

• Emphasizes long-term value creation, conviction in investment decisions, and an unconstrained approach to seeking sustainable returns.

• Measures of success include increasing cash generation, growing the portfolio to outperform the market, and managing investment risk to protect shareholder capital.

• Maintains a 27-year record of consecutive dividend growth, with ordinary dividends increasing at a 10.5% CAGR since 1998.

Leadership, governance, and corporate evolution

• Executive leadership team has 72 years of collective tenure, supported by 56 employees, with deep experience in investment management, finance, and transformation.

• Board governance features a complementary mix of skills, tenure, and independence, ensuring effective oversight.

• Recent transformative merger with Brickworks in 2025 created a newly capitalised ASX-listed company with over 80,000 shareholders and a stronger balance sheet.

Portfolio composition and performance

• Portfolio valued at $13.2b as of September 2025, diversified across listed companies, real assets, emerging companies, credit, and private companies.

• Deliberate shift towards unlisted assets, increasing private asset allocation from under 11% in 2021 to 50% in 2025.

• Listed companies portfolio ($4.6b) is actively managed, focusing on long-term compounders and liquidity, with a legacy of strong performance.

• Emerging companies portfolio ($2.4b) targets fast-growing businesses, delivering a 152% total return since inception and 8.8% annualized return post-Milton merger.

• Credit portfolio ($1.8b) emphasizes senior secured loans and risk management, achieving a 14.2% internal rate of return since the Milton merger.

• Private companies portfolio ($1.5b) uses a long-term, flexible approach, delivering a 26% internal rate of return and 1.8x multiple on invested capital since the Milton merger.

• Real assets portfolio ($2.9b) includes industrial property, agriculture, and data centres, benefiting from structural and demographic trends.