Highlights

• Statutory profit jumped to $2,191 million from $364 million, lifted by a $1.3 billion Brickworks Merger accounting gain.

• Net Cash Flow from investments rose 11.5% to $572 million, while pre-tax net asset value reached $13.7 billion.

• The board declared a 63 cents per share fully franked final dividend, marking a 28th consecutive year of growth.

• Liquidity reached $3.8 billion after $1.9 billion in net proceeds from selling the Goodman industrial property joint venture.

A merger that created a $792 million net deferred tax asset sits at the centre of the FY26 result from Washington H. Soul Pattinson and Company Limited (ASX:SOL). The diversified Investment house reported statutory profit of $2,191 million for the year to 31 July 2026, up from $364 million, as the Brickworks combination reshaped both its Earnings and its balance sheet. Shares were trading at A$46.20 on 23 October 2026, up 0.50%.

What Sits Inside the Profit Figure

The headline profit needs unpacking. Operating profit was $319 million, down from $355 million, which the company attributed to lower realised coal prices affecting its share of New Hope's results. Portfolio gains added $343 million, including sales of Tuas, Aeris and Apex.

The largest swing came from the Brickworks merger, which delivered a $1.3 billion day-one accounting gain and tax cost base reset that the company does not expect to repeat in FY27. Marking its remaining Tuas and Aeris interests to market added $436 million, while $221 million of impairment, restructuring and other non-recurring costs weighed on the result.

Cash Flow, Dividends and Returns

The measure management prioritises, net cash flow from investments, rose 11.5% to $572 million, or 151 cents per share, up 8.3%. Credit led the improvement, helped by a larger Loan book and record origination fees, with private companies and industrial property joint ventures also contributing.

The board declared a fully franked final Dividend of 63 cents per share, up 6.8%, taking the full-year payout to 111 cents. That is the 28th consecutive year of dividend growth. Total Shareholder return was 16.8%, against 6.0% for the ASX 200 Total Return Index. Pre-tax net asset value rose to $13.7 billion from $12.4 billion, while post-tax net asset value climbed 31.4% to $14.5 billion.

A Portfolio Rotated Toward Credit, Private Assets and Fixed Income

The Brickworks merger, completed in September 2025, simplified the group's structure and lifted its shareholder base by 35% to 84,000. Brickworks Building Products became the largest private company investment.

Portfolio mix moved sharply. Listed companies fell to 30% of pre-tax net asset value from 57%, as they were the largest source of disposals. A new fixed income allocation took 20%, or $2.7 billion, while private companies rose to 17% and Real assets to 10%. Total transaction activity reached $12.7 billion.

Not every area performed. The strategic emerging companies portfolio fell 39.8%, mainly because of Tuas after regulatory intervention in Singapore, which the company said cost the group about 2% of its portfolio.

Liquidity and Priorities for FY27

Net cash and liquid investments stood at $2.7 billion at year end, with total available liquidity of $3.8 billion including undrawn Debt facilities. By 31 August 2026 net cash and liquid investments had risen to $3.1 billion and available liquidity to $4.2 billion. The company also holds a franking credit balance of about $1.0 billion.

Management expects FY27 market conditions to stay uncertain, particularly around interest rates and bond yields. It said rising base rates should lift income from its largely floating-rate credit book. A further $662 million of offshore private market commitments has been approved since year end. The company plans to remain patient and disciplined, keep a defensive stance and deploy Capital selectively.