Washington H. Soul Pattinson and Company (SOL) investor relations material

Executive summary

• Statutory NPAT surged 604.3% year-over-year to $2.3 billion, driven by significant non-recurring gains, the Brickworks merger, and asset sales.

• Regular NPAT rose 6.7% to $327 million, reflecting higher trading gains and property contributions post-merger.

• Net Asset Value (NAV) (pre-tax) reached $13.8 billion, up 9.7% from the prior period, with a 14.3% 12-month NAV return (including dividends).

• Net Cash Flow From Investments (NCFI) increased 15.4% to $334 million, supporting a fully franked interim dividend of 48 cps, up 9.1%, marking 28 consecutive years of dividend growth.

• Portfolio transformation continued, with increased allocations to private companies, credit, and real assets, and a strategic focus on risk management and capital deployment.

Financial highlights

• Statutory NPAT of $2.3 billion includes $1.2 billion from the Brickworks merger and $705 million in one-off gains.

• Underlying/regular NPAT was just over $300 million, up nearly 7% year-over-year.

• NCFI per share grew 12.5% year-over-year; 3-year CAGR of 9.1%.

• NAV per share increased by $3.57 year-over-year, compounding at 11.1% p.a. over 3 years.

• 12-month trailing total return (including dividends) was 14.3%.

Outlook and guidance

• Priorities include actively managing liquidity, increasing defensive and liquid strategies, and opportunistic allocation as market dislocation arises.

• No set target for offshore allocation; expected to increase by about $500 million per year, focusing on disciplined, relationship-driven deployment.

• Prepared to be countercyclical and contrarian, leveraging permanent capital and flexibility.

• Management remains focused on liquidity, strategic optionality, and disciplined capital allocation to deliver long-term growth.