MFF Capital Investments (MFF) H2 2026 earnings summary

Executive summary

• Net assets after tax on unrealised gains grew to $2,523 million as of 30 June 2026, with market capitalization exceeding AUD 3 billion.

• Achieved net profit after tax of $159.6 million for FY26, with fully franked dividends totaling 21 cents per share, up from 17 cents in FY25.

• Maintained a long-term record of growing, fully franked dividends, supported by $272 million in franking credits and $1.7 billion in profit reserves.

• Internalization of research and back-office functions completed, aiming for greater resilience, efficiency, and sustainable long-term growth.

• Focus remains on disciplined investment in advantaged businesses and prudent capital allocation for long-term compounding of shareholder wealth.

Financial highlights

• FY26 net profit before tax was $225 million; net profit after tax was $159.6 million.

• Investment assets reached $2,968.5 million; net assets after deferred tax were $2,523 million as of 30 June 2026.

• Dividend and distribution income received was $38 million; cash tax paid was $119.5 million.

• Dividends per share for FY26 totaled 21 cents (100% franked), with a final dividend of 11 cents per share.

• Net cash position was $119.2 million, representing 4%-5% of investment assets.

Outlook and guidance

• Well positioned to withstand market volatility and pursue opportunistic investments, with over $120 million in liquidity and prudent debt capacity.

• Board intends to increase the six-monthly dividend to 12 cents per share for the period ending 31 December 2026, subject to regulatory considerations.

• Portfolio remains concentrated in resilient, advantaged businesses, supported by a flexible, unconstrained mandate.

• Long-term incentive plan introduced to align team and shareholder outcomes; expanded research via Montaka.

• Management remains cautious on market risks, emphasizing patience and risk management amid global uncertainties.