Highlights:

• NCFI climbed 11.5%, strengthening the foundation for another dividend increase.
• Post-tax NAV surged, while merger benefits reshaped the group’s capital position.
• AU$3.8 billion liquidity leaves substantial firepower for the next investment cycle.

Landmark FY26 Result

Washington H. Soul Pattinson and Company Limited (ASX: SOL), or Soul Patts, announced its FY26 results on 24 September 2026, reporting stronger investment cash flow, higher net asset value and continued dividend growth following a transformative year for the diversified investment house. The financial results relate to the 12-month period through 31 July 2026.

Cash Generation and Portfolio Value Improve

Net Cash Flow from Investments rose 11.5% to AU$572 million from AU$512 million, supported by stronger contributions from Credit, Private Companies and Real Assets. Post-tax net asset value increased to AU$14.5 billion, while pre-tax NAV reached AU$13.7 billion. On a per-share basis, post-tax NAV increased 27.2%.

Statutory net profit after tax jumped to AU$2.191 billion from AU$364 million. However, the sharp increase was heavily influenced by non-recurring items, including a AU$1.3 billion day-one accounting gain and tax cost-base reset linked to the Brickworks merger. Operating NPAT was AU$319 million.

Dividend Record Extends

The board declared a fully franked final dividend of AU$0.63 per share, up 6.8% from the prior year, taking total FY26 ordinary dividends to AU$1.11 per share. The latest increase marks Soul Patts’ 28th consecutive year of dividend growth. The dividend is scheduled for payment on 5 November 2026, with 13 October set as the record date.

Outlook: Liquidity Creates Optionality

Soul Patts closed FY26 with AU$3.8 billion of available liquidity, including AU$2.7 billion in cash and liquid investments, supported by proceeds from the industrial property divestment. Soul Patts anticipates a challenging FY27 market backdrop, with movements in interest rates and bond yields remaining key areas of uncertainty.

The group plans to maintain a disciplined deployment strategy, with defensive and uncorrelated assets remaining a focus. A further AU$662 million of offshore private-market commitments has already been approved since year-end, positioning Soul Patts to deploy capital selectively as attractive opportunities emerge.

Note- All data presented is based on information available at the time of writing.

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