Whitefield Industrials (WHF) H2 2025 earnings summary

Executive summary

• Earnings per share increased by 10% year-over-year, with both interim and final dividends raised, reflecting strong portfolio performance and risk control.

• Whitefield Industrials outperformed its benchmark and the broad market over one, three, seven, and forty-year periods, maintaining a record of no extended underperformance.

• Whitefield Income, listed in December 2024, delivered 5.1% gross income (including franking) in its first five months and 13.1% per annum since strategy inception.

Financial highlights

• Net profit after tax rose 10% to AUD 22.4 million; EPS reached AUD 0.187 (18.7 cents).

• Dividends increased to 10.5 cents per half, fully franked, up from 10.25 cents.

• Asset backing increased to AUD 6.04 per share at year-end, continuing a long-term upward trend.

• Portfolio return was 7.5% for the year, 70 bps ahead of benchmark and 4.4% ahead of the broad market.

• FY25 investment return, including franking, was 8.3%.

Outlook and guidance

• Continued dividend growth is expected, contingent on underlying income growth, with capacity to increase as pre-COVID income levels are regained.

• Management remains fully invested, optimistic about the Australian economy, and expects ongoing economic growth despite global uncertainties.

• Elevated uncertainty is expected to persist, creating both risks and opportunities in the near and long term.