Bailador Technology Investments (BTI) H2 2025 earnings summary

Executive summary

• Achieved net profit before tax of $27.1m for FY25, with profit after tax of $19.25m, slightly down from $20.67m in FY24.

• Portfolio value increased, with total assets rising to $280.4m from $267.5m year-over-year.

• Private portfolio delivered a 33% IRR, reversing the prior year's underperformance.

• Paid fully franked dividends totaling 7.1 cents per share, up from 6.7 cents in FY24.

Financial highlights

• Earnings per share were 13.04 cents, down from 14.18 cents in FY24.

• Net asset value (NAV) per share (pre-tax) increased to $1.791, post-tax NAV per share at $1.644.

• Portfolio NTA return post-tax was 7.8%, with a pre-tax return of 8.4%.

• Final dividend declared at 3.6 cents per share, with a grossed-up dividend yield of 8.1%.

• Cash and cash equivalents at year-end were $14.9m, down from $62.0m due to significant capital deployment.

Outlook and guidance

• Management expects continued strong performance from private portfolio companies, with robust growth anticipated in FY26.

• Focus remains on deploying capital into high-growth tech-enabled businesses and leveraging AI across the portfolio.