Carlton Investments (CIN) H2 2025 earnings summary

Executive summary

• Net profit for the year ended 30 June 2025 was $38.81 million, up 0.1% from the prior year, with operating revenue of $41.60 million and basic EPS of $1.468 per share.

• Total dividends and distributions received were $40.39 million, with special dividends of $346,000; interest income rose to $1.22 million due to higher rates and term deposits.

• The market value of the equity investment portfolio increased to $1.26 billion, up 21.1% year-over-year, with a 43.3% increase in the largest holding, EVT.

• Total comprehensive income for the year was $193.52 million, driven by a $218.58 million increase in fair value of investments.

Financial highlights

• Operating revenue was $41.60 million, nearly flat year-over-year.

• Net profit increased marginally to $38.81 million; administration expenses were $919,000, and the management expense ratio (MER) was 0.08%.

• Total dividends paid or payable for the year were $1.13 per share, up 8.7% from the prior year.

• Net tangible asset backing per share before tax was $48.39 (2024: $39.71); after tax, $39.52 (2024: $33.26).

• Cash and term deposits at year-end totaled $20.78 million.

Outlook and guidance

• Australian equity markets expected to remain volatile; interest rates anticipated to fall over the next 6–18 months, but benefits may be offset by economic and political factors.

• The group will continue a cautious, long-term investment approach, focusing on high-quality, income-generating equities.