Washington H. Soul Pattinson (SOL) investor relations material

Executive summary

• Completed a AUD 15 billion merger with Brickworks, the largest in company history, simplifying structure, strengthening the balance sheet, and transforming the tax position.

• Achieved a 16.8% total shareholder return for FY26, outperforming the market by 10.8%.

• 28 consecutive years of dividend growth, with a final fully franked dividend of 63 cps.

• Portfolio now more diversified and liquid, with increased global investments and capacity for action.

• Available liquidity of AUD 3.8 billion provides a structural advantage for future opportunities.

Financial highlights

• Statutory NPAT was AUD 2.191 billion, up 502% year-over-year, driven by one-off gains from the Brickworks merger.

• Net Cash Flow From Investments grew 11.5% to AUD 572 million, supporting a 7.8% increase in total dividends to AUD 1.11 per share.

• Post-tax NAV rose 31.4% to AUD 14.5 billion; pre-tax NAV was AUD 13.7 billion, up 10.2%, outperforming the market by 4.2%.

• Dividend payout ratio at 73% of NCFI; total dividends for FY26 at 111 cps.

• Net deferred tax asset of AUD 792 million and franking credit balance over AUD 1 billion.

Outlook and guidance

• Portfolio positioned defensively with 20% in fixed income and over AUD 3.8 billion in liquidity.

• Expecting continued outperformance, with NAV up 4.3% since year-end against a market decline.

• New market-neutral strategy introduced for listed equities and further AUD 605 million in offshore credit fund allocations approved for FY27.

• Focus on disciplined, patient capital deployment, organic growth in private companies, and data centre expansion.

• FY27 market conditions expected to remain uncertain, especially regarding interest rates and bond yields.