NAOS Small Cap Opportunities Company Limited (ASX:NSC) disclosed that its NSC Investment Portfolio returned -9.86% for the financial year ended 30 June 2026, compared with the S&P/ASX Small Ordinaries Accumulation Index return of +8.11%, as Independent Chair David Rickards OAM delivered his address to the 2026 Annual General Meeting held in Sydney on 12 November 2026.

Key Points

  • NSC Investment Portfolio returned -9.86% for FY26, against a benchmark return of +8.11%
  • After-tax loss of $6.60 million for FY26, compared with an after-tax loss of $9.07 million in FY25
  • Total shareholder return for the 12-month period was 33.14%, or 35.41% including franking credits
  • Full-year dividend of 5.00 cents per share declared for FY26, with a profit reserve of 7.9 cents per share at year-end
  • 906,890 shares acquired and cancelled under the on-market buy-back at a total cost of $290,893

FY26 Financial Results and Portfolio Performance

The company recorded an after-tax loss of $6.60 million for the financial year ended 30 June 2026, compared with an after-tax loss of $9.07 million in FY25. Pre-tax net tangible asset backing per share decreased from 38.17 cents to 28.09 cents over the course of the year. According to the Chair's address, the portfolio result was driven by share price reductions in a small number of large holdings. The Reserve Bank of Australia increased the cash rate by 0.75% over the financial year to 4.35%, with inflation described as more persistent than forecast and conflict in the Middle East pushing oil and refined fuel prices higher.

Share Price Movement and Dividend Details

The company's share price increased from $0.280 to $0.325 over the twelve months, closing the financial year at a premium of 15.70% to pre-tax net tangible asset backing, having commenced the year at a discount of 26.64%. The Board declared a final quarterly dividend of 1.25 cents per share, franked to 50%, bringing the total FY26 dividend to 5.00 cents per share. Based on the closing share price of $0.325 at 30 June 2026, the filing states this represents a yield of 15.38%, or 17.95% including the value of attached franking credits. Since inception, the company has declared 43.50 cents per share in dividends and 15.90 cents per share in franking credits, totalling 59.40 cents per share.

Capital Management Activities During FY26

Capital management activities during the year included maintaining the quarterly dividend rate of 1.25 cents per share throughout FY26. The company acquired and cancelled 906,890 shares under its on-market share buy-back at a total cost of $290,893, at a time when shares were trading at a discount to pre-tax net tangible asset backing. All dividend reinvestment plan entitlements were satisfied through on-market purchases. Board shareholdings increased by 353,136 shares, an increase of 11.0%, to a cumulative total of 3,554,820 shares over the course of the financial year.