Carlton Investments (CIN) H1 2026 earnings summary

Executive summary

• Net profit for the half year ended 31 December 2025 was $20,957,000, up 3.2% year-over-year, driven by higher dividends from key holdings and new investments, partially offset by lower interest income and some dividend reductions from major companies.

• Total comprehensive income for the half year was a loss of $50,525,000, reflecting a significant decrease in the fair value of investments, despite the increase in net profit.

• Interim fully franked dividend of 47.0 cents per ordinary share declared, payable on 23 March 2026, representing a 4.4% increase.

• Portfolio market value decreased by 8.6% over six months, mainly due to a 24.6% drop in EVT holding.

Financial highlights

• Dividends and distributions received increased by 4.33% to $22,137,000 year-over-year.

• Interest income fell to $351,000 from $669,000 due to lower rates and reduced term deposits.

• Basic and diluted EPS rose to $0.794 from $0.768 year-over-year.

• Net tangible asset backing per share at 31 December 2025 was $44.40 before tax and $36.92 after tax on unrealised capital gains, both down from 30 June 2025.

• Profit before tax was $21,944,000, with income tax expense of $987,000.

Outlook and guidance

• The ASX outlook is positive, but potential headwinds could cause significant market volatility.

• Board intends to use profits for share buybacks and new investments as appropriate.