Ryder Capital (RYD) H2 2025 earnings summary

Executive summary

• Achieved a pre-tax NTA gain of 27.50% for FY25, significantly outperforming ASX equity indices and the company’s own hurdle rate.

• Gross portfolio performance was 29.45%, with strong risk-adjusted returns and high conviction in small/micro-cap equities.

• Total comprehensive income after tax was $21.81m, up from $18.12m in FY24.

• Shareholder return for FY25 was 24.0%, including fully franked dividends, with improved daily liquidity and ongoing share buyback activity.

Financial highlights

• Net assets increased to $126.7m as of 30 June 2025, up from $114.3m in FY24.

• Pre-tax NTA per share rose to $1.6272 from $1.3875, after paying $0.095 per share in fully franked dividends.

• Total investment income was $3.95m, with $2.68m from dividends and $0.60m from interest.

• Basic and diluted EPS were 2.72 cents, up from 2.44 cents in FY24.

• Dividends paid totaled $0.095 per share, fully franked, with distributable profits per share rising to $0.48.

Outlook and guidance

• Portfolio remains positioned for further capital growth, with several core holdings trading below intrinsic value.

• Board expects to continue paying steady to increasing fully franked dividends, supported by profit reserves and franking credits.

• Outlook for global equity markets is uncertain, but monetary easing and undervalued portfolio holdings support a positive return expectation.