Pacific Current Group (PAC) H1 2026 earnings summary

Executive summary

• Underlying NPAT for the six months ended December 31, 2025, was AUD 6.7 million, down 56% year-over-year, mainly due to lower distributions, management and interest income, partially offset by reduced interest expense and corporate costs.

• Statutory profit declined by AUD 11.7 million, with a reported net loss before tax of $20.2M, mainly due to non-cash and infrequent items and fair value adjustments.

• Interim dividend of AUD 0.20 per share, fully franked, was declared, up from AUD 0.15 per share (unfranked) in the prior year, with a record date of March 5, 2026.

• Portfolio repositioning included partial sale of Victory Park Capital, full exit from Janus Henderson Group, and new growth capital deployment.

• Senior secured debt facility of $64.3M was fully repaid, eliminating financial debt and strengthening the balance sheet.

Financial highlights

• Underlying NPAT was AUD 6.7 million, impacted by lower distributions, management and interest income, and higher cash weighting.

• Fair value NAV per share rose to AUD 16.34, up 14% year-over-year, exceeding statutory NAV by AUD 2.42 per share.

• Corporate costs reduced by 31% compared to the prior period due to cost management initiatives.

• Interim dividend declared at AUD 0.20 per share, fully franked.

• Cash and short-term deposits increased to AUD 152.3 million, reflecting asset sales and debt repayment.

Outlook and guidance

• Management expects to maintain strong momentum, focusing on disciplined execution, growth initiatives, cost discipline, and targeted capital actions.

• Five key initiatives: accelerate growth, unlock shareholder value, control costs, strengthen balance sheet, and enhance organizational efficiency.

• Growth expectations assume flat equity markets and stable currency; new allocations to boutiques are uncertain in timing and amount.