Carlton Investments (CIN) H2 2025 earnings summary

Executive summary

• Profit for the year ended 30 June 2025 was $38,807,000, up 0.1% year-over-year from $38,771,000.

• Dividends and distributions received totaled $40,385,000, nearly flat compared to the prior year.

• Strong portfolio performance, with a 21.1% increase in fair value, driven by a 43.3% rise in the largest holding, EVT.

Financial highlights

• Basic and diluted EPS were $1.468, up from $1.465 year-over-year.

• Total ordinary share dividends for the year were $1.13 per share, an 8.7% increase.

• Net tangible asset backing per share at 30 June 2025 was $48.39 before tax, $39.52 after tax on unrealized gains.

• Portfolio market value at year-end was $1,255,395,000, up from $1,021,639,000.

• Total portfolio return (NTA per share, dividends reinvested) was 22.7%, outperforming the S&P/ASX 200 Accumulation Index's 13.8%.

Outlook and guidance

• Australian equity markets expected to remain volatile in the near term.

• Interest rates anticipated to fall over the next 6–18 months, with benefits potentially offset by economic and political factors.

• Continued cautious, long-term investment approach focused on ASX-listed entities.