Washington H. Soul Pattinson and Company Ltd (ASX:SOL), known as Soul Patts, will go ex-dividend on 12 October 2026 for a final dividend of 63 cents per share. The dividend is fully franked at 100% and is scheduled to be paid on 5 November 2026. Investors acquiring shares on or after the ex-date will not be entitled to the payment. The final dividend is 6.8% higher than the prior corresponding period's 59 cents and marks Soul Patts' 28th consecutive year of dividend growth. The company also noted that its franking credit balance of $1.0 billion, worth $2.75 per share, could gross up to $2.4 billion in fully franked dividends that can be distributed to shareholders over time.

The dividend is supported by the company's net cash flow from investments, which increased during FY26. Shareholders on the register before 12 October are expected to receive the dividend in early November, and the company's large franking balance gives it capacity to continue paying fully franked dividends.

Company Overview

Soul Patts is a Sydney-based diversified investment house that manages a portfolio spanning listed companies, private companies, credit, real assets and other investments. It focuses on increasing cash generation, growing its portfolio and managing investment risk. In 2025, Soul Patts completed a merger with Brickworks, which significantly changed its capital structure and tax position. Todd Barlow is Managing Director and Chief Executive Officer.

Recent Developments

On 24 September 2026, Soul Patts announced its results for the year ended 31 July 2026. Key figures include:

  • Post-tax net asset value (NAV) was $14.5 billion, up 31.4% from $11.0 billion, and up 27.2% on a per share basis.
  • Pre-tax NAV was $13.7 billion, delivering a return of 10.2%, compared with 6.0% for the ASX200 Total Return Index.
  • Net cash flow from investments increased 11.5% to $572 million, and 8.3% on a per share basis.
  • Group statutory NPAT was $2,191 million, up 501.9%, driven by operating NPAT of $319 million, portfolio gains of $343 million and non-recurring items of $1.5 billion, including a $1.3 billion day-one accounting gain from the Brickworks merger.
  • Total shareholder return for FY26 was 16.8%, outperforming the ASX200 Total Return Index by 10.8%.
  • Total available liquidity was $3.8 billion, including $2.7 billion in cash and liquid investments.

Mr Barlow said FY26 was a year of significant transformation, and that one year on from the Brickworks merger, the company has a cleaner capital structure, a better balance sheet and greater capacity to act on opportunities. Net cash flow from investments was driven by Credit, Private Companies and Real Assets, particularly industrial property. Transaction activity totalled $12.7 billion, with Listed Companies the largest source of disposals and Private Companies a net buyer.

Liquidity was boosted by $1.9 billion in net proceeds from the June 2026 divestment of the industrial property joint venture with Goodman Group, and capital awaiting deployment has been allocated to fixed income. The Brickworks merger also delivered a $792 million net deferred tax asset, worth $2.09 per share. Results were partly offset by $221 million in impairment, restructuring and other non-recurring costs. Soul Patts said FY27 market conditions are expected to remain uncertain, particularly around interest rates and bond yields, and that its balance sheet provides flexibility to act with conviction.

Sector Context

Diversified investment houses provide exposure to a mix of asset classes, including listed shares, private equity, credit and property. Their performance is measured through net asset value growth and cash generation rather than statutory profit, which can be affected by accounting gains and losses. A long history of dividend growth can appeal to income-focused investors.

Investment conditions are influenced by interest rates, bond yields and equity market valuations. Holding liquidity can provide flexibility to invest when opportunities arise, but it may reduce returns if cash is not deployed. Franking credit balances allow companies to pay fully franked dividends, which can be valuable for Australian shareholders.

Investment houses with long track records of dividend growth are often viewed by income investors as alternatives to traditional listed investment companies. Their diversified holdings across public and private markets can provide exposure to a wide range of businesses, though this can also make performance harder to assess from period to period.

Risks

Soul Patts' NAV and cash flow depend on the performance of its investments, and market downturns could reduce values. Statutory profit was boosted by non-recurring items that will not repeat. The company holds significant liquidity, and the timing and returns of future deployment are uncertain. Impairments and restructuring costs were recorded during the year. Interest rate and bond yield movements may affect valuations. Share prices typically adjust on the ex-dividend date.

The company's offshore private market commitments, including a further $662 million, involve less liquid investments that may be harder to value. The divestment of the industrial property joint venture reduces exposure to that asset class.

Changes in the composition of the portfolio, including the shift toward private markets and fixed income, may affect future cash flow and NAV returns.

Catalysts to Watch

Investors may watch for payment of the final dividend on 5 November 2026, deployment of the company's liquidity into new investments, and updates on NAV and cash flow from investments. The company's annual general meeting may provide further commentary on the outlook and capital allocation.

Commentary on the use of the $792 million deferred tax asset and the $1.0 billion franking credit balance may also be relevant to future returns and dividends.

The Bottom Line

Soul Patts' fully franked final dividend of 63 cents goes ex on 12 October, with payment on 5 November. FY26 results showed NAV growth, higher cash flow from investments and a 28th consecutive year of dividend growth.