Scottish Mortgage Investment Trust (SMT) H1 2026 earnings summary

Executive summary

• Net asset value (NAV) per share rose 22.9% over six months to 30 September 2025, outperforming the FTSE All-World Index's 15.4% gain; share price increased 20.9% on a total return basis.

• Performance was driven by broad-based gains across technology, digital platforms, electrification, and global commerce, with top contributors including TSMC, NVIDIA, MercadoLibre, and Cloudflare.

• The company continued its long-term investment approach, focusing on companies at the forefront of structural change and innovation.

Financial highlights

• Shareholders' funds increased to £13,944.2m from £12,082.5m at 31 March 2025.

• NAV per share (after borrowings at fair value) reached 1,271.3p, up 22.6% from 1,037.0p; share price rose to 1,137.5p, up 20.6%.

• Revenue earnings per share were 1.55p, up 38.4% year-over-year; interim dividend maintained at 1.60p per share.

• Total return for NAV (fair value) was 22.9% for the period, with a five-year cumulative NAV return of 30.3% and ten-year return of 472.4%.

• Gearing reduced to 11% from 13% at the previous year-end.

Outlook and guidance

• The company is well positioned to deliver meaningful returns, supported by a strong balance sheet, high conviction in the portfolio, and patient capital.

• Focus remains on supporting transformational growth businesses in areas such as AI, electrification, and digital content.