Duke Capital (DUKE) H2 2026 earnings summary

Executive summary

• Delivered resilient FY26 results with growth in recurring revenue, total cash revenue, and free cash flow despite a challenging macroeconomic environment.

• Maintained a stable dividend at 2.8p per share, marking nine consecutive years of quarterly payments.

• Selective and disciplined capital deployment, including five new acquisitions and over £21 million invested in existing partners.

• Portfolio diversified across 14 capital partners and 78 underlying operating companies.

Financial highlights

• Recurring cash revenue rose to £27.1m, up 5% year-over-year; total cash revenue reached £28.6m, up 7%.

• Free cash flow increased 13% to £14.2m; free cash flow per share at 2.82p.

• Dividend per share held flat at 2.8p.

• No investment exits in FY26; non-recurring cash revenue was £1.5m.

• Operating profit for FY26 was £21.1m, with comprehensive income of £11.0m.

Outlook and guidance

• Outlook balanced between realisation opportunities and a challenging macroeconomic environment.

• Actively managing the portfolio with a focus on capital preservation and upside from exits.

• Cautious positioning for prolonged uncertainty and elevated interest rates.

• Exploring additional capital sources and piloting AI tools for operational efficiency.