Highlights

  • Clime Capital reported a FY26 pre-tax profit of A$13.4 million and a profit reserve of A$35.8 million.
  • Estimated unaudited pre-tax NTA stood at 81.5 cents per share at 30 September 2026, compared with a market price around A$0.62.
  • The company declared a September-quarter dividend of 1.35 cents per share and an additional 0.5-cent special dividend, both 50% franked.
  • CAM received a qualified audit opinion relating to certain unlisted unit trust investments, although directors said they were not currently aware of valuation adjustments being required.

Clime Capital Limited (ASX:CAM) is a listed investment company with exposure to listed equities alongside a portfolio of unlisted assets, including property equity, secured credit, listed equity unit trusts and corporate bonds. CAM shares were quoted around A$0.62 at the end of September 2026. The company’s latest FY26 update reported a A$13.4 million pre-tax profit, a substantial profit reserve and additional shareholder distributions, while also addressing a qualified audit opinion linked to parts of its unlisted investment portfolio.

FY26 Pre-Tax Profit Reaches A$13.4 Million

Clime Capital reported a pre-tax profit of A$13.4 million for FY26 and a profit reserve of A$35.8 million.

The company said its listed portfolio improved materially during the second half of FY26 as the manager reduced exposure to lower-yielding and higher-priced holdings based on its assessment of intrinsic value. Equity performance was the main contributor to a 17% gross asset return for FY26.

The portfolio had a greater weighting toward resource companies and lower exposure to financial stocks. Positions including BHP, Rio Tinto, Woolworths, Coles, Computershare and Aristocrat Leisure were among the holdings identified as contributors to portfolio performance.

Qualified Audit Opinion Draws Attention to Unlisted Assets

Alongside the FY26 result, Clime Capital disclosed that its auditor issued a qualified opinion relating to certain unlisted unit trusts held within the portfolio.

The company linked the qualification to the current market environment and increased scrutiny of private credit and unlisted investments. Directors have commenced a detailed review of the valuations and reporting associated with these assets. At the date of the announcement, the Board said it was not aware of any adjustments required to existing valuations.

CAM has held unlisted assets for approximately eight years. These include property equity and secured-credit unit trusts, listed-equity unit trusts and corporate bonds. Less than 5% of the unlisted asset exposure relates to residential property development, with the larger exposure directed toward commercial, industrial and hospitality assets.

Estimated Pre-Tax NTA Stands at 81.5 Cents

At 30 September 2026, Clime Capital estimated its gross portfolio value at approximately A$154 million.

Its unaudited pre-tax net tangible asset value was estimated at 81.5 cents per share, including the September-quarter dividend.

Using the stated market price of around 62.5 cents referenced in the announcement, the shares were trading below the reported pre-tax NTA. However, the NTA figure remains unaudited and is subject to the ongoing review of unlisted asset valuations.

The company did not provide a year-on-year comparison for NTA in this particular announcement, so a percentage increase or decrease from the prior corresponding period cannot be calculated from the supplied update alone.

Quarterly and Special Dividends Announced

Clime Capital declared a September-quarter dividend of 1.35 cents per share, franked at 50%. The dividend is scheduled to be paid on 23 October 2026, with an ex-dividend date of 8 October.

The Board also declared a special dividend of 0.5 cents per share, also franked at 50%. This distribution has an ex-dividend date of 9 November and is due to be paid on 27 November 2026.

The company stated that its gross annual yield, excluding the special dividend but including franking, was approximately 10.4% based on a market price of 62.5 cents per share.

Portfolio Review Continues Into FY27

Clime Capital said the decision to retain and add to CSL during its share-price weakness contributed to FY26 returns and continued to contribute during FY27.

The manager is also continuing to review the company’s listed and unlisted exposures while directors assess the valuation process surrounding the assets that contributed to the qualified audit opinion.

A shareholder webinar is planned for the coming weeks, while the company’s Annual General Meeting is scheduled for 16 November 2026.

Closing Perspective

Clime Capital’s FY26 update combines a A$13.4 million pre-tax profit, a A$35.8 million profit reserve and further dividend distributions with additional scrutiny around its unlisted investments. The listed equity portfolio generated much of the year’s performance, while estimated pre-tax NTA stood at 81.5 cents per share at September-end. The principal issue still being reviewed is the valuation and reporting of certain unlisted unit trusts following the qualified audit opinion.