Hearts and Minds Investments (HM1) H2 2025 earnings summary
Event summary combining transcript, slides, and related documents.
H2 2025 earnings summary
9 Jun, 2026Executive summary
Investment portfolio delivered a 25.5% pre-tax return for FY25, outperforming the MSCI World Accumulation Index (AUD) at 18.6%.
Net tangible assets per share increased from $3.05 to $3.44 post-tax, and share price rose from $2.58 to $3.04.
Total shareholder return for FY25 was 24%, including dividends.
Over $83.7 million has been donated to medical research since 2016.
Financial highlights
Fully franked final FY25 dividend of 9.0cps declared, payable in October 2025, representing a 5.9% yield and 8.5% grossed-up yield.
Cumulative fully franked dividends since inception total 90cps.
Discount to post-tax NTA narrowed from 15.3% to 11.8% during FY25.
Outlook and guidance
Board intends to increase fully franked dividends by 0.5cps every 6 months, targeting 19.5cps total for FY26, subject to market performance.
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