Soul Patts (Washington H. Soul Pattinson and Company Ltd) reported a 502% increase in statutory net profit after tax for the 12-month period ending July 31, 2026. The company's net profit after tax climbed to AUD 2.191 billion, compared to AUD 364 million a year earlier. Operating net profit after tax was AUD 319 million, down AUD 36 million from the prior corresponding period.
The post-tax net asset value (NAV) reached AUD 14.5 billion, up 31.4% year-over-year, with the post-tax NAV per share rising 27.2%. The pre-tax NAV was AUD 13.7 billion, up 10.2% for the year, outperforming the ASX benchmark by 4.2 percentage points.
Net cash flow from investments (NCFI) increased 11.5% to AUD 572 million, with NCFI per share at AUD 1.51, up 8.3%. The company maintained consecutive years of dividend payments for 35 consecutive years, with full-year dividends of AUD 1.11 per share, up 7.8%.
Shares rose 7.14% to AUD 48.76, finishing just below the 52-week high of AUD 48.79. The 52-week low was AUD 34.78, and the dividend yield was approximately 6.8%. The total shareholder return (TSR) was 16.8% in FY 2026, outperforming the market by 10.8 percentage points.
The company's asset allocation shifted significantly, moving from a portfolio that was 90% listed equities to 40% listed equities within a AUD 13.7 billion portfolio. The largest transaction in Soul Patts' 123-year history was the AUD 15 billion Brickworks merger, which expanded the shareholder base by 35% to 84,000 and transformed the tax position, resulting in a net deferred tax asset of AUD 792 million and over AUD 1 billion in franking credits.
Non-recurring gains included a AUD 1.3 billion day-one accounting gain and tax cost base reset from the Brickworks merger, and a AUD 436 million mark-to-market gain on remaining interests in Tuas and Aeris Resources. There were also AUD 200 million in impairment, restructuring, and other non-recurring costs, and total portfolio gains/losses (realized/unrealized) of AUD 343 million.
The sale of industrial property interests in June 2026 delivered AUD 1.9 billion in net cash proceeds, with approximately AUD 400 million of real estate exposure from Brickworks retained. The company made around AUD 1 billion of new commitments across 17 positions in FY 2026, focusing on North America, the U.K., and Europe, and agreed to allocate another AUD 660 million post-year-end, with AUD 2 billion expected to be drawn over the next two to three years. Total active funds invested to date out of these commitments are around AUD 600 million.
Total portfolio turnover was AUD 12.7 billion in total buying and selling during FY 2026. Todd Barlow, Managing Director and CEO, referred to FY 2026 as a significant year due to the Brickworks merger. He emphasized the company's investment philosophy of protecting shareholder capital when markets fall and keeping pace when they rise, and moving capital to where risk-adjusted returns are most attractive. David Grbin, CFO, noted that the Brickworks merger transformed the tax position from a constraint into an asset, featuring a net deferred tax asset of AUD 792 million and more than AUD 1 billion in franking credits.
