Sandon Capital Investments (SNC) H1 2026 earnings summary

Executive summary

• Net profit after tax for the half year ended 31 December 2025 was $4,239,115, down from $16,777,695 in the prior corresponding period.

• Total investment income was $7,934,038, a significant decrease from $22,967,531 year-over-year.

• Achieved 17.1% total shareholder return for the six months to 31 December 2025, driven by share price appreciation and fully franked dividends of 2.81 cents per share.

• Dividend income increased 18.7% to $8.8 million, with NPAT of $4.2 million for the period.

• Discount to NTA narrowed significantly from 16.2% to 5.9% over the half-year.

Financial highlights

• Net realised gain on financial assets was $568,518, down from $2,061,266 year-over-year.

• Net unrealised loss on financial assets was $1,518,057, compared to a gain of $13,418,925 in the prior period.

• Fully franked dividend yield stands at 6.4% (8.5% grossed up for franking credits) at a 3.3% discount to pre-tax NTA.

• Profit reserves total 44.8 cents per share and franking balance is 7.5 cents per share as of 31 January 2026.

• Capacity to pay 22.5 cents per share in fully franked dividends, equating to 4 years of dividends at the current rate.

Outlook and guidance

• Directors intend to continue monthly fully franked dividends of 0.47 cents per share for January to March 2026, annualising to 5.64 cents per share, subject to quarterly board approval.

• Confident in future returns, with continued application of the current investment approach.