L1 Long Short Fund (LSF) H2 2025 earnings summary

Executive summary

• Investment strategy focused on long and short positions in predominantly Australian securities, with up to 30% exposure to global securities, aiming for positive absolute returns and capital preservation over the long term.

• No significant changes in principal activities or state of affairs during the year.

• Fully franked dividends declared: 6.00c (Oct 2024), 6.25c (Apr 2025), and 6.50c (Oct 2025), with a Dividend Reinvestment Plan in place.

• On-market share buy-back program of up to 10% renewed, but no shares were bought back during the year.

Financial highlights

• Net profit after tax for the year ended 30 June 2025 was $99.52 million, down from $170.29 million in 2024.

• Operating profit before tax was $130.17 million, compared to $226.98 million in the prior year.

• Total income was $317.48 million, with net gains on financial instruments at fair value of $280.51 million.

• Basic and diluted earnings per share were 15.91 cents, down from 27.49 cents year-over-year.

• Net asset value at 30 June 2025 was $1,963.61 million, up from $1,921.90 million in 2024.

Outlook and guidance

• The company will continue to pursue its investment objectives for long-term shareholder benefit.

• Future results will be influenced by investment market performance, which is not guaranteed and may differ from past returns.