Australian United Investment Company (AUI) H1 2026 earnings summary

Executive summary

• Revenue from ordinary activities was $28.2 million, down 2.7% year-over-year for the half year ended 31 December 2025.

• Profit after tax rose 7.0% to $27.3 million, including $3.2 million in special income (special dividends and fair value movements on options).

• Earnings per share increased 6.8% to 22.0 cents; excluding special income, EPS fell 4.0% to 19.4 cents.

• Interim dividend of 17.0 cents per share fully franked, unchanged from the prior period, payable 20 March 2026.

• A merger with Diversified United Investment Limited (DUI) was announced, expected to complete in late April 2026.

Financial highlights

• Revenue fell 2.7% year-over-year to $28.2 million; profit after tax up 7.0% to $27.3 million.

• Excluding special income, revenue declined 3.4% and profit after tax fell 4.2%.

• Special income totaled $3.2 million after tax, up from $400,000 in the prior period.

• Pre-tax NTA per share was $13.11 at 31 December 2025, up from $12.98 at 30 June 2025.

• Total comprehensive profit for the period was $46.6 million, down from $72.0 million in the prior period.

Outlook and guidance

• Management remains cautious as the market is near all-time highs, driven by P/E expansion rather than earnings growth.

• Concerns include poor domestic productivity and global challenges to free trade.

• Expectation to maintain annual fully franked dividend at 37 cents per share, with a special final dividend of 8 cents per share.