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FY26 results for the full year ended 31 July 2026 24 September 2026 SoulPatts.com.au
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SOL FY26 Results2 Soul Patts Agenda and summary 1. ASX200 Total Return Index returned 6.0% in the 12 month period ending 31 July 2026, Total return defined in glossary. Group financial results FY26 highlights Portfolio overview and performance Outlook • 28th consecutive year of dividend growth: 63 cps final dividend (fully franked) • $15b merger with Brickworks completed, outperformance delivered, balance sheet strengthened • NCFI up 11.5% vs pcp, driven by Credit, Private Companies, and Real Assets • Post-tax NAV per share up 27.2% ($8.15) including $0.8b of tax assets from the merger $13.7b Pre-tax Net Asset Value (NAV) • Significant liquidity to capitalise on new opportunities focused on defensive, uncorrelated assets $3.8b Available liquidity is a structural advantage • 20% portfolio allocation to Fixed Income to manage Group liquidity • Global investments embedded across each asset class $572m 16.8% Total Shareholder Return vs 6.0% market return1 Net Cash Flows From Investments (NCFI) Transformative year Delivering ongoing value and outperformance for shareholders
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SOL FY26 Results3 Soul Patts 2001 2006 2011 2016 2021 2026 FY26 5-year 10-year 20-year 25-year Soul Patts 16.8% 10.1% 13.2% 12.7% 12.8% ASX200 Total Return 6.0% 8.0% 9.0% 7.3% 8.4% Relative performance 10.8% 2.1% 4.2% 5.4% 4.3% 25.14 27.08 29.06 30.02 38.17 FY22 FY23 FY24 FY25 FY26 Post-tax NAV growth per share Pre-tax NAV return per share 27.2% 10.2% with significant tax assets outperforming Index1 by 4.2% in FY26 Post-tax NAV 5 year pre-tax NAV return p.a. $14.5b 11.5% $0.8b tax assets $1.0b franking credits outperforming Index2 by 3.5% FY26 Total Shareholder Returns 16.8% outperforming market1 by 10.8% 1. Grow the portfolio And outperform the market over the long-term Post-tax NAV per share growth ($) Soul Patts ASX200 Total Return Index SOL: +1915% ASX: +659% 1. ASX200 Total Return Index returned 6.0% in the 12 month period ending 31 July 2026. Total return defined in glossary. 2. ASX200 Total Return Index returned 8.0% p.a. in the 5-year period ending 31 July 2026. Total return defined in glossary.
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SOL FY26 Results4 Soul Patts FY26 NCFI growth 5 year NCFI per share growth p.a. 11.5% 15.0% to $572 million growing from 75c in FY21 to 151c in FY26 Final dividend (fully franked) Dividend payout ratio 63 cps 73% up 6.8% on FY25 taking total dividends to 111 cps as a percentage of NCFI 5 year dividend growth per share Consecutive increases 12.4% 28 years Compound Annual Growth Rate (CAGR) dividend growth at 10.4% CAGR 3 4 4.5 5 6 7 8 10 11 11.5 12 13 14 15 17 18 19 20 21 22 23 24 25 26 29 36 40 44 48 4 5 6 6.5 8 10 12 15 16 17 18 19 20 25 27 28 29 30 31 32 33 34 35 36 43 51 55 59 63 Increase cash generation From our portfolio to underpin dividend growth 1. Based on ASX200 dividend yield and price FY21-FY26 5-year dividend growth of 12.4% p.a. against a market compounding at 1.1%1 p.a. FY98 FY26
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SOL FY26 Results5 Soul Patts Active portfolio management Listed equities allocation $12.7b 40% total buying & selling dynamic allocation reduced from 90% listed equities end FY21 Global private partnerships Net cash and liquid investments $2.0b $2.7b $1.0b invested with additional $1.0b committed but undrawn allocated to Fixed Income strategy Manage investment risk And protect shareholder capital 1. Based on average monthly total returns of SOL vs ASX200 Total Return Index over 25 years to 31 July 2026. Allocations follow opportunity Listed Companies Fixed Income Private Companies Credit Emerging Companies Real Assets 30% 20% 17% 12% 12% 10% FY21 NAV: $5.8b FY26 NAV: $13.7b 90% 40% 60% When ASX has a negative month, Soul Patts performs 1.8% better per month1 (1.4)% (3.2)% 2.7%3.0% market down months market up months 10% ASX200 SOL Unlisted Listed
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SOL FY26 Results6 Soul Patts Major transactions in FY26 Brickworks merger and sale of industrial property Brickworks Building Products now largest investment in Private Companies • Repaid debt and certain legacy operating leases, and delivered cost-out program with annualised savings set to impact FY27 onwards • New Board and refocused management team incentivised to grow the business and capitalise when the cycle turns • A strong contributor to Private Companies’ performance in FY26 Brickworks real estate retained in Real Assets • Following the industrial property divestment, $0.4b of Brickworks-related property remains in Real Assets • Includes a 50.1% interest in the Brickworks Manufacturing Trust with 13 long- leased manufacturing plants tenanted by Building Products • Includes wholly-owned surplus and development land with re-zoning potential • Ongoing partnership with Goodman Group and a reliable, defensive income stream September 2025: $15b merger with Brickworks completed • Simplified structure, increased free float and liquidity • Strengthened balance sheet and transformed our tax position from a constraint into an asset • Increased shareholder base by 35% to 84,000 June 2026: $1.9b sale of industrial property completed • Divested stake in industrial property assets following a process activated by the Brickworks merger and pre-existing rights held by Goodman • Delivered $1.9b cash deployed to Fixed Income • Two decade partnership with Goodman delivered strong returns to Brickworks and Soul Patts shareholders
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SOL FY26 Results7 Soul Patts >20% Private companies fund IRR p.a. Private Companies Credit Real Assets Emerging Companies FY24 FY25 FY26 FY27 Global private partnerships at scale 17 new commitments in FY26 across Credit, Private Companies, Real Assets and Emerging Companies >10% Credit fund IRR p.a. • Opportunity set is deeper, providing broader opportunities than domestically • High quality deal flow and execution through established managers with excellent track records • Partnering with managers who think and act like us • Risk is managed through a diverse spread of managers, industries, and geographies • We can attach credits from our $1.0b franking balance to distributions and gross up the return to Australian shareholders 1800+ prospective partners mapped 300+ reviewed 17 new commitments in FY26 total funds: 35 Total commitments Targeted returns $399m $940m $2655m Why offshore $1993m
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SOL FY26 Results8 Soul Patts Capital deployment in FY26 Disciplined portfolio construction, actively managing risk and leveraging our advantages $12.7b $3.8b transaction activity maintaining liquidity Investment of $5.0b Divestment of $7.7b $1.5b $1.1b $1.7b $1.2b • Available liquidity in the form of fixed income and facilities • Portfolio is actively prioritising liquidity and creating more capacity for strategic deployment in the current environment investment in Emerging Companies investment in Credit divestment of Emerging Companies repayment of Credit loans $1.7b $0.3b $2.8b $2.0b investment in Listed Equities investment in Real Assets divestment of Listed Equities divestment of Real Assets $0.5b investment in Private Companies $12.7b excludes Brickworks transaction; numbers have been rounded.
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SOL FY26 Results9 Soul Patts Group financial results
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SOL FY26 Results10 Soul Patts 2,191 364 319 355 343 236 1,529 (227) Operating NPAT Portfolio gains (losses) Non-recurring FY26 FY25 Statutory NPAT FY26 FY25 $2,191m $364m 501.9% vs pcp Group profit • NAV and NCFI growth better reflect portfolio performance than accounting profit • Statutory NPAT driven by: – $1.3b day-one accounting gain and tax cost base reset from Brickworks merger, not expected to recur in FY27 – $343m portfolio gains, including sales of Tuas, Aeris, and Apex – $319m operating NPAT, down $36m due to lower share of New Hope results (lower realised coal pricing) – $436m non-recurring accounting gains from marking to market the remaining interest in Tuas and Aeris after FY26 sell down – $221m impairment, restructuring and other nonrecurring costs • Regular/Non-regular NPAT split no longer relevant, due to higher portfolio turnover and reduced reliance on associate earnings • Operating NPAT comprises: – operating NPAT from subsidiaries and associates – portfolio income (dividend, interest, fees, distributions) – portfolio expenses and corporate costs Reported NPAT
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SOL FY26 Results11 Soul Patts • NCFI increased by 11.5%, driven by a larger average Credit book which delivered strong returns, and increased distributions from cash generating businesses in the Private Companies asset class. Real Assets also contributed growth through industrial property joint ventures and property development. • Consistency in NCFI growth underpins an unbroken 28- year record of dividend increases • Following the increased capital base post Brickworks merger, NCFI per share increased 8.3% to $1.51 in FY26 • The composition of NCFI and reconciliation to Portfolio operating NPAT is provided at p.17 of FY26 Annual Report Net Cash Flow From Investments (NCFI) FY26 FY25 $572m $512m 11.5% vs pcp Net Cash Flow From Investments 75 96 118 130 140 151 FY21 FY22 FY23 FY24 FY25 FY26 15.0% p.a.1 5-year NCFI per share growth (cents) 1. Compound annual growth rate.
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SOL FY26 Results12 Soul Patts • Post-tax NAV better reflects true shareholder value, as it accounts for tax payable on unrealised gains, unlike pre- tax NAV • Post-tax NAV increased 31.4% in FY26, equivalent to an $8.15 uplift per share (27.2% per share increase) • NAV (pre-tax) returned1 10.2% outperforming market2 by 4.2% • NAV (pre-tax) has returned1 11.5% p.a. over 5 years, outperforming the market by 3.5% p.a. Net Asset Value (post-tax) FY26 FY25 $14.5b $11.0b 31.4% increase in FY26 Net Asset Value Net Asset Value (pre-tax) FY26 FY25 $13.7b $12.4b 10.2% return1 in FY26 2. ASX200 Total Return Index returned 6.0% in the 12 month period ending 31 July 2026. Total return defined in glossary.1. Represents NAV per share total return (defined in glossary).
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SOL FY26 Results13 Soul Patts • Net deferred tax assets of $792m ($2.09 per share) • A benefit of $2.2b during FY26, from a deferred tax liability of $1.4b • Available to offset future taxable income • Franking credit balance of $1.0b ($2.75 per share) • Grosses up to $2.4b in untaxed income to be distributed, fully franked Net deferred tax assets FY25 $0.8b $(1.4)b $2.2b benefit in FY26 Tax assets Franking credits FY25 $1,044m $992m $52.2m on FY25 2. ASX200 Total Return Index returned 6.0% in the 12 month period ending 31 July 2026. Total return defined in glossary.
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SOL FY26 Results14 Soul Patts Approach to valuations Rigorous methodology applied to each asset class, every six months Market value • Listed equities are valued at market end of period Third party valuations • Assets in externally managed funds are valued at the assessed valuations by the managers of those assets, or observable market data inputs and subject to external audit • Real estate trust assets undergo third party valuations at least annually Director’s fair valuation • Private companies (not held in funds) are valued at directors’ valuations informed by externally reviewed valuations Amortised cost • Private credit assets held at amortised cost apply an Expected Credit Loss (ECL) methodology following a review of implied credit ratings and specific market and company factors, that is externally reviewed and subject to external audit. FY26 valuation basis 40% 31% 21% 8% Market value Director’s fair value Third party evaluation Amortised cost
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SOL FY26 Results15 Soul Patts Portfolio overview and performance
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SOL FY26 Results16 Soul Patts Portfolio overview Actively managing liquidity • Portfolio valued at $13.7b (pre-tax) and $14.5b (post-tax) • Tactical allocation to Fixed Income • Global investments embedded within each asset class $2.7b $4.1b $2.3b $1.7b $1.6b $1.3b 30% 20% 17% 12% 12% 10% Listed Companies Fixed Income Private Companies Credit Emerging Companies Real Assets Actively managed equity investments generating income and growth focused on compounding value Short-duration, managed investments, providing liquidity while capital awaits deployment Long-term investments in unlisted companies with growth opportunities Investments in corporate loans, bonds and structured credit solutions taking a disciplined approach to pricing and managing risk Listed and unlisted high-growth companies leveraging structural changes and global trends Tangible assets such as real-estate, agriculture and data centres that are aligned with structural and demographic tailwinds
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SOL FY26 Results17 Soul Patts 7.1 1.7 -2.8 0.4 -2.2 4.1 30% of total portfolio (vs 57% in FY25) FY26 FY25 Net Asset Value $4.1b $7.1b Net Cash Flow From Investments $248m $336m • Total return of 17.1% in FY26 outperforming ASX2001 by 11.1% • Performance driven by overweight exposure to energy sector and rotation into insurance and defensive sectors • Portfolio includes New Hope ($1.7b value) and TPG ($0.4b value) • Reduction in NAV size due to net selling (including TPG) and delisting of Brickworks • 39 positions in liquid, actively managed equities targeting reliable income and long-term performance Listed Companies Actively managed equities generating income and growth 1. ASX200 Total Return Index returned 6.0%. Total return defined in glossary slide. NAV movement reflects capital recycling FY25 NAV FY26 NAVPurchases Market value growth Sales (included $0.9b TPG sell-down) BKW delisting $ billions
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SOL FY26 Results18 Soul Patts 20% of total portfolio FY26 Net Asset Value $2.7b Net Cash Flow From Investments $62m • New asset class established to actively manage Group liquidity, capital flexibility and risk • Funded by selling down equities and the industrial property divestment • NCFI reflects a part-year holding, with ramp up of income aligned to the sale of industrial property divestment in June 2026 • Significant liquidity allows for progressive deployment as opportunities emerge Fixed Income Professionally managed global fixed income Materials Financials Industrials Communication services Current characteristics Global low duration and short- term instruments 69% Australian low duration, short- term instruments and cash 31% Average credit rating AA Currency exposure Hedged into AUD
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SOL FY26 Results19 Soul Patts 17% of total portfolio (vs 7% in FY25) FY26 FY25 Net Asset Value $2.3b $1.2b Net Cash Flow From Investments $49m $36m • Achieved an IRR of 31.8% across the portfolio in FY26 • NAV grew 96% vs pcp supported by strong value creation of $0.4b and additional investment of $0.6b including Brickworks Building Products • NCFI up 34.0% vs pcp from improved cash contributions from Ampcontrol and Carlile • Asset class includes 15 investments: – 8 direct $2.0b (88.7% of NAV) – 4 offshore co-investments $152.1m (6.7% of NAV) – 3 offshore funds $105.4m (4.6% of NAV) Private Companies Long-term investments in unlisted companies with growth opportunities Building scale across our largest private investments Operating 17 manufacturing sites in Australia and 8 in North America; cost-out program realising value, with further improvements flowing into FY27Since Sept 2025 (100%-owned) Energy transition tailwinds and proven power infrastructure expertise driving diversification into data centre infrastructure 2022-2026 (100%-owned) initial investment in 2005 Aquatic Achievers, Carlile and Kirby Swim united under one national brand and award- winning curriculum, with a 31-centre growth platform 2018-2026 (100%-owned) National wealth platform across advice, private wealth and investment solutions, with total Funds Under Management and Advice growing 12% over FY261 2017-2026 (part-owned) 1. Total Funds Under Management and Advice grew from $86.7b to $97.3b from the period 1 July 2025 to 30 June 2026. Unaudited Ironbark management accounts.
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SOL FY26 Results20 Soul Patts Structure Strategy Global partnerships: Private Companies 6 new commitments in FY26 Partners are sourced from a mapped universe of 800+ managers; 250+ reviewed; six commitments made in FY26 • Mid-market fund sizes of ~US$500m to US$3bn, specialised rather than generalist, where deal flow is often bilateral and leverage can be lower • Deep relationships provide access to co-investment opportunities on preferential terms (two of the six positions in FY26) • Geographic concentration in North America, followed by the UK and Europe • Continuing to evaluate a pipeline of fund and co- investment opportunities $577m $258m Committed across 9 positions; 6 added FY26 FY26 NAV Buyout Committed capital by structure and strategy Growth equity GP stakes Total commitments to funds (5 partnerships) Co-investment (4 investments)
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SOL FY26 Results21 Soul Patts • 13.5% Total Return for FY26 • NAV reduction vs pcp is due to net repayments of $117m • NCFI up 39.9% vs pcp, with average invested balance higher across FY26 • Record origination fees and realised income in FY26 • Future returns should benefit from increasing base rates and widening of historically low credit spreads • Strategy does not focus on loans to real estate development or SaaS companies 12% of total portfolio (vs 14% in FY25) FY26 FY25 Net Asset Value $1.7b $1.8b Net Cash Flow From Investments $220m $157m Credit Investments targeting income and strong risk-adjusted returns across domestic and global credit markets Unlisted Funds Listed $1.7b split across 34 positions: 24 direct investments and 10 offshore investments Entity type • $1.1b of new positions in FY26 • $1.2b of repayments in FY26 • Average remaining loan term 3.2 years • Offshore fund investments account for $373m NAV with an additional $524m committed but undrawn • 5 new commitments in FY26 and a further 8 in FY27
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SOL FY26 Results22 Soul Patts Targeting transactions where complexity, structure or speed is what the borrower needs • Conditions are favourable for lenders who can be flexible • Our willingness to structure solutions means we are often seen as the lender of choice, including through complex restructurings • Disciplined approach in saying no to >80 deals in FY26 • Since inception in FY22, every loan and bond position exited has been repaid in full: 22 in total with no capital losses • Target low-double-digit returns with consistent outperformance driven by: – Faster realisation events – Excess origination/structuring fees – Higher base rates Credit Unconstrained to invest up and down the capital stack Investment size Security type Sector $25-$50m (9) $50-$100m (7) >$100m (3) $10-$25m (9) Preferred equity Asset-backed Junior secured Senior secured Unsecured Reinsurance Other Energy Materials Financials Industrials Consumer I.T. Real Estate Other<$10m (6) FY26 investments spread across fewer but larger positions, each with tailored structuring and downside protection
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SOL FY26 Results23 Soul Patts Investment size Strategy Global partnerships: Credit 5 new commitments in FY26 and a further 8 in FY27 Opportunistic credit Asset-backed lending Structured equity CLO equity Special situations >$100m $50-$100m $25-$50m Partners are sourced from a mapped universe of 1000+ managers; 50+ reviewed; eight new commitments in FY27 • Each manager has a distinct strategy and track record through more than one credit cycle • Risk is spread across strategy and manager, with fund commitments called generally over one to three years rather than deployed at once • Geographic concentration in North America, followed by the UK and Europe • Two positions are co-investments on preferential terms, earned through existing relationships • Committed $1.5b across 19 credit fund positions, including 8 new commitments of $605m approved in FY26 and committed in FY27, spanning special situations, opportunistic and relative-value credit strategies $1,502m $373m Committed across 19 positions; 8 in FY27 FY26 NAV Committed capital by size, strategy $10-$25m Reinsurance Convertible arbitrage
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SOL FY26 Results24 Soul Patts Market cap Investment type Sector Geography 12% of total portfolio (vs 16% in FY25) FY26 FY25 Net Asset Value $1.6b $2.0b Net Cash Flow From Investments $10m $106m • Comprises listed, unlisted and strategic investments • Listed returned 4.3% vs index of 1.8%1; unlisted returned 8.9% • Strategic fell 39.8%, driven by Tuas (transferred during FY26), following unexpected regulatory intervention in Singapore, representing a -2% impact to the Group portfolio and -8% for Emerging Companies. • 3-year track record 11.2% p.a., 3.8% p.a. ahead of index2 • $1.7b of assets sold to de-risk and redeploy capital • NCFI of $10m from dividends and trading gains • Building offshore exposure through fund and co-investments with global partners across North America, UK, and APAC Listed Emerging Companies Investments in high-growth companies with structural tailwinds and valuation upside Energy <250 251–500 501–1000 1001–2000 2000 Australia Offshore Communication Services Consumer disc. Financials Industrials Information Technology Materials Healthcare Utilities Consumer Staples Unlisted Flexible to invest in equity or equity-like structures with increasing exposure to global investments Tuas NexGen Energy 1. ASX Small Ordinaries Accumulation Index 2. ASX Small Ordinaries Accumulation Index returned 7.5% p.a. in the 3-year period ending 31 July 2026
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SOL FY26 Results25 Soul Patts 10% of total portfolio (vs 6% in FY25) FY26 FY25 Net Asset Value $1.3b $0.8b Net Cash Flow From Investments $89m $6m • NAV growth of 77% vs pcp reflects changes driven by the Brickworks merger and data centre revaluations • $0.4b of Brickworks property retained post industrial property divestment with Goodman: a 50.1% interest in the Manufacturing Trust (13 long-leased plants) and $235m of wholly-owned land with development potential • NCFI driven by distributions from the industrial property assets (pre-divestment) and other portfolio properties • First international real assets fund commitment of $28m was made in FY26 to a US energy transition manager Real Assets Tangible assets including real-estate, agriculture and data centres Agriculture and funds Real estate Agriculture Data centres Retirement Investment mix (% of NAV) Investment characteristics are lower risk and asset-backed
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SOL FY26 Results26 Soul Patts Value creation: Data centre investments Asset-backed with a clear path to re-rating • FY26 valuation of $344m, plus $118m committed equity to deploy • Partnering with a developer and operator of global assets: they secure power and contract the customer before significant development capital is committed • Focused on cloud data centres, with limited exposure to AI-specific compute • Downside protected as land-powered sites in Tier 1 markets hold value independent of the development • In FY26, two project sites were revalued up from cost after power, customer and permitting milestones were reached 4 Build 3 Contract the customer 2 Energy infrastructure early works 1 Acquire land and secure power
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SOL FY26 Results27 Soul Patts Outlook
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SOL FY26 Results28 Soul Patts Grow the portfolio Listed Companies Private Companies Credit Emerging Companies Real Assets • Index unaware strategy targeting quality at attractive valuations delivered 9.1% in August 2026, outperforming index1 by 7.6% • New market-neutral strategy to provide a source of returns with lower correlations to market • Long-term, patient capital partner for growth and succession funding • Organic growth across largest direct investments, including Ampcontrol's expansion into data centre power infrastructure • A further 8 offshore credit fund allocations of $605m approved in FY26 and committed in FY27 • Floating-rate exposure to benefit as base rates rise; flexibility key as spreads may widen • August 2026: net sales of $153m and portfolio return of 6.0% • Overweight uranium and defence on strong tailwinds, with dislocation offering further opportunities • Data centres continue to drive growth, with new opportunities to progress assets up the development curve • Currently examining a range of opportunities in the Real Assets sector Outlook 1. ASX200 Total Return 1.5% for the month of August 2. As at 22 September 2026 pre-tax NAV return of 4.1% vs ASX200 Total Return index return of -1.3% YTD portfolio return has outperformed market by 5.4%2
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SOL FY26 Results29 Soul Patts Increase cash generation Income generation • Rising base rates lift income from the majority floating-rate Credit book • Market dislocation may create attractive new opportunities Distribution capacity • Cash-generating businesses within Private Companies remain a growth focus for NCFI • $1.0b franking credit balance and Brickworks merger tax asset underpin capacity into FY27 Shareholder value • Growing shareholder returns through the cycle remains a core capital management priority Outlook Manage investment risk Manage liquidity • Net cash and liquid investments increased to $3.1b at 31 August 2026, taking available liquidity, including undrawn debt facilities to $4.2b. • Fixed Income established as strategic asset class, benefiting from a rising risk-free rate • Well-positioned to capitalise on new opportunities and fund offshore commitments already made Remain patient and disciplined • Continuing to diversify the portfolio and maintain a defensive stance • Monitoring the impact of rising rates on risk-adjusted returns across asset classes • Patient, selective deployment into high conviction opportunities Geographic diversification • $2655m of total commitments in global private partnerships which includes $662m approved in FY26 and committed in FY27 • Deepening relationships to access further co-investment opportunities
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SOL FY26 Results30 Soul Patts Liquidity Deal flow Portfolio allocation Shareholders Net Cash Flows from Investments Portfolio growth Reinvested for capital growth • $3.8b of liquidity available (cash and undrawn facilities) • Permanent capital advantage • ~$5b of new investment in FY26 • Flexibility advantage • Relationships and reputation • $12.7b of transaction activity in FY26 • Bottom-up approach to portfolio construction • Capital follows the best opportunities • Growing global allocations 16.8% 1-year TSR 12.8% 25-year TSR (p.a.) 7.8% FY26 dividend growth 28 years of growing dividends, 10.4% CAGR Model Recycling capital to generate enduring shareholder returns >$7b of divestments recycled into new investments
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SOL FY26 Results31 Soul Patts Soul Patts presents certain alternative performance measures, which are used by management to assess the performance of the business against its principal objective of maximising capital and income returns over the long term. They are not a substitute for Australian Accounting Standard measures and should be considered supplementary to those measures. Alternative performance measures Group Statutory Net Profit After Tax (NPAT) Refers to the IFRS measure, consolidated Net Profit After Tax attributable to the shareholders of Soul Patts. Operating NPAT Non-statutory profit measure representing NPATbefore Non-Recurring Items and Portfolio Gains and Losses. It comprises operating NPAT from subsidiaries and associates, portfolio income (dividend, interest, fees, and distributions), portfolio expenses and corporate costs. Non-Recurring Items Incomes/expenses outside the ordinary course of business, or within ordinary activities but are unusual in nature or size and not expected to recur. Portfolio gains and losses Realised and unrealised movements in the value of portfolio investments, derivatives and other financial instruments recognised in profit or loss, foreign currency movements, and investment property revaluations, net of applicable tax. NAV, or Net Asset Value (pre-tax) The value of all Soul Patts’ assets less all liabilities, excluding any capital gains tax payable upon the sale of its assets. Assets may be valued at Cost, Directors’ Fair Value, External Fair Value, or Market Value. NAV (post-tax) Net Asset Value (pre-tax) less the estimated capital gains tax liability that would arise if Soul Patts disposed of its assets at the pre-tax values adopted. Net Cash Flow From Investments (NCFI) Reflects income received by Soul Patts from the investment portfolio, including dividends, interest and realised gains on trading assets. NCFI is reported after deducting corporate costs, income tax and excludes Non-Regular cash flows. The Directors declare dividends having regard to NCFI. Net Cash Flow From Investments Per Share Calculated by dividing Net Cash Flow From Investments by the weighted average issued ordinary shares of the Company. Portfolio return metrics Total Shareholder Return (TSR) or Total Return Performance measure combining capital appreciation (e.g. market price changes or revaluation) with all income distributed by the investment over the period, excluding the benefit of any franking credits distributed. Expressed as a % by referencing the investment value at the beginning of the period. Glossary
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SOL FY26 Results32 Soul Patts This document has been prepared by Washington H. Soul Pattinson (‘Soul Patts’). All information contained in this document (including this notice) (‘Information’) is confidential. By receiving the Information you are deemed to agree that you will hold the Information in strict confidence, and keep it secret, and not reproduce, disclose or distribute the Information to any third party or publish the Information for any purpose. Except as required by law, no representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the Information, opinions and conclusions, or as to the reasonableness of any assumption contained in this document. By receiving this document and to the extent permitted by law, you release Soul Patts and their respective officers, employees, shareholders, advisers, agents and associates from any liability (including, without limitation, in respect of direct, indirect or consequential loss or damage or loss or damage arising by negligence) arising as a result of the reliance by you or any other person on anything contained in or omitted from this document. Any forward looking statements included in the Information involve subjective judgment and analysis and are subject to significant uncertainties, risks and contingencies, many of which are outside the control of, and are unknown to, Soul Patts and their respective officers, employees, shareholders, advisors, agents or associates. Actual future events may vary materially from any forward looking statements and the assumptions on which those statements are based. Given these uncertainties, you are cautioned to not place undue reliance on any such forward looking statements. The financial information included in this document has not been audited, and Soul Patts do not make any warranty, representation or guarantee that any forward looking statements are correct or based on reasonable assumptions. No responsibility is accepted by Soul Patts or any of their respective officers, employees, shareholders, advisers, agents or associates, nor any other person, for any of the Information or for any action taken by you on the basis of the Information. As a condition of accepting and receiving the Information you agree to release each of Soul Patts and their respective officers, employees, shareholders, advisers, agents or associates and all other persons from any claim which you may otherwise be entitled to make in relation to the Information. This Information does not constitute an offer, invitation, solicitation or recommendation in relation to the subscription, purchase or sale of units or other securities in any jurisdiction and neither this document nor anything in it shall form the basis of any contract or commitment or obligation to enter into any agreement. This document does not constitute investment, legal, taxation or other advice and the document does not take into account your investment objectives, financial situation nor particular needs. You are responsible for forming your own opinions and conclusions on such matters and should make your own independent assessment of the Information and seek independent professional advice in relation to the Information and any action taken on the basis of the Information. Disclaimer