Ryder Capital (RYD) H1 2026 earnings summary

Executive summary

• Total comprehensive income after tax was $42.53m for the six months to 31 December 2025, up 227% year-over-year, despite a statutory loss after tax of $1.96m.

• Pre-tax NTA per share rose to $2.2476 from $1.6272 at 30 June 2025, net of dividends.

• Gross portfolio performance for the half-year was 54.65%, significantly outperforming the ASX Small Ordinaries Accumulation Index (17.39%).

• Enhanced dividend policy introduced, with quarterly fully franked dividends of 3.0 cents per share, equating to an annual commitment of 12.0 cents per share.

Financial highlights

• Total investment income for the half-year was $6.34m, up from $2.29m in the prior period.

• Management and performance fees totaled $9.21m, with a performance fee accrual of $8.1m recognized.

• Total shareholder return for the period was 54.23%.

• Cash and cash equivalents at period end were $22.72m.

• Portfolio performance contributed $0.8662 per share to NTA growth.

Outlook and guidance

• Ongoing equity market volatility expected due to elevated valuations and global policy uncertainty.

• Portfolio positioned defensively with high cash levels and focus on profitable, value-oriented companies.

• Dividend policy aims for steady to increasing fully franked dividends, supported by a strong distributable profits reserve.

• Domestic inflation remains persistent, possibly requiring further monetary tightening by the RBA.