Key Highlights

• According to coverage of the result, statutory NPAT attributable to shareholders was $2.19 billion, up 502% from $364 million in FY25, and Revenue from continuing operations was $1.87 billion, up 96% from $955 million.

• The FY26 Dividend was 111 cents per share for ordinary dividends, up 7.8%, including a fully franked final dividend of 63 cents, up 6.8%.

• The coverage reported pre-tax Net Asset Value (NAV) of $13.7 billion, up 10.4%, and post-tax NAV of $14.5 billion, up 27.2% on a per-share basis.

• Soul Patts sold down equities during the year, including its stake in TPG Telecom, and divested its Goodman industrial property joint venture for $1.9 billion.

How is Washington H. Soul Pattinson and Company Limited (ASX:SOL), known as Soul Patts, reshaping its portfolio now that the Merger with Brickworks is complete? Its FY26 result, released on 24 September 2026 for the year ended 31 July 2026, shows a company that has simplified its structure, sold some large holdings and is rotating Capital towards global private markets and fixed income. It reported statutory net profit after tax of $2.19 billion, though that includes one-off merger gains, and Net Cash Flow from Investments (NCFI) of $572 million. For investors in a long-running diversified Investment house, the useful question is how much of the improvement reflects the merger and how much reflects underlying cash earnings.

The central development: merger accounting and a simpler structure

The Brickworks merger was completed in September 2025, and the cross-shareholding between the two companies has been unwound. Brickworks' results are consolidated from the merger date, whereas prior holdings were equity-accounted. That change in accounting explains why reported numbers moved so sharply. According to coverage of the result, statutory NPAT attributable to shareholders was $2.19 billion, up 502% from $364 million in FY25, and revenue from continuing operations was $1.87 billion, up 96% from $955 million.

Those headline growth rates are distorted by one-off merger gains and by consolidation, so they should not be used to judge underlying performance. Management described the outcome, in the words reported, as a cleaner capital structure, a more encouraging Balance Sheet and "great firepower for new investments", according to CEO Todd Barlow. The merger also reset the capital structure, tax base and portfolio mix.

The measure that matters: cash flow from investments

For a diversified holding company, the more relevant measure is the cash its investments produce. NCFI was $572 million, up 12%.

Soul Patts' dividends are paid from the cash generated by that portfolio, so NCFI is also the more relevant number for dividend capacity. The FY26 dividend was 111 cents per share for ordinary dividends, up 7.8%, including a fully franked final dividend of 63 cents, up 6.8%. The company said this was the 28th consecutive year of increased ordinary dividends. That record is reported fact, but it does not guarantee the next increase.

Net asset value

The coverage reported pre-tax net asset value (NAV) of $13.7 billion, up 10.4%, and post-tax NAV of $14.5 billion, up 27.2% on a per-share basis. NAV also relies on market values for listed holdings and valuations for unlisted ones, which makes it sensitive to market movements and judgement.

Portfolio changes

Soul Patts sold down equities during the year, including its stake in TPG Telecom, and divested its Goodman industrial property joint venture for $1.9 billion. It expanded allocations to global private markets and fixed income. Available Liquidity was $3.8 billion in cash and facilities.

This rotation tells investors about the strategy. Selling listed holdings and property and moving into private markets can diversify the portfolio, and fixed income can provide steady yield, but private market Assets are harder to value and to sell.

Business model and competitive position

Soul Patts is an investment house, not an operating Business in the traditional sense. Its competitors for deals include private Equity firms, other listed investment companies and institutional investors. A long investment horizon and a large liquidity balance can be advantages when other buyers are constrained, though they do not guarantee returns.

Consolidation also means reported revenue now includes Brickworks, so it is not a clean read on investment performance and should be weighed alongside NCFI.

Risks to monitor

- Market risk: NAV and income depend on the performance of the underlying holdings.

- Valuation and Liquidity Risk in private markets as that allocation grows.

- Execution risk in deploying $3.8 billion of liquidity at attractive terms.

- Dividend growth depends on cash flow from investments, which can be uneven.

- The company itself described market conditions as uncertain.

What to watch next

The Dividend reinvestment Plan has been reactivated for the 2026 final dividend, which will affect how many new shares are issued. Grants from the Soul Patts Foundation are expected to grow as its corpus has expanded after the merger.