Perpetual Equity Investment Company (PIC) H1 2026 earnings summary

Executive summary

• Achieved profit before income tax of $27.3 million for the half-year ended 31 December 2025, up from $6.1 million in the prior corresponding period.

• Net profit after tax attributable to shareholders was $20.4 million, an increase of $14.4 million compared to 1H25.

• Declared a fully franked interim dividend of 4.0 cents per share, consistent with previous periods.

• Maintained a disciplined approach to profit reserve management to support reliable income for shareholders.

• Net Tangible Assets (NTA) after tax increased to $1.260 per share, a 0.96% rise during the half-year.

Financial highlights

• Total investment income rose to $31.0 million from $9.9 million year-over-year.

• Basic and diluted earnings per share were 5.31 cents, up from 1.55 cents year-over-year.

• Net assets increased to $483.9 million as of 31 December 2025, up from $477.5 million at 30 June 2025.

• Annual dividend yield of 6.4% and grossed-up dividend yield of 9.1% for the period, based on a 12-month trailing figure.

• Investment portfolio delivered a 5.5% return for the six months to 31 December 2025, outperforming the benchmark by 1.5%.

Outlook and guidance

• Investment strategy remains focused on quality, value, and recurring earnings, with a disciplined approach to portfolio management.

• Profit reserve of $68.4 million provides 2.2 years of dividend coverage after the interim dividend payment.

• Franking account balance of $13.3 million provides 1 year of dividend coverage.

• Focus remains on delivering a sustainable, long-term stream of fully franked dividends.

• No significant changes in the state of affairs or outlook were reported.