Washington H. Soul Pattinson and Company Limited Earnings Recaps
Q4 2026
Sep 25, 2026
Soul Patts rose 6.4% after reporting 10.2% pretax NAV growth, up 4.2% against the index, and 11.5% growth in net cash flows from investments. The $15 billion Brickworks merger and $1.9 billion of proceeds from the industrial property sale expanded its capacity to redeploy capital, though the return on that redeployment remains to be demonstrated.
Key takeaways
- Pretax NAV returned 10.2%, outperforming the index by 4.2%; post-tax NAV per share grew 27.2%, including significant tax assets from the merger.
- Net cash flows from investments rose 11.5% to $572 million. The final dividend of $0.63 fully franked brings the annual total to $1.11, up 7.8% and marking 28 consecutive years of dividend growth.
- The portfolio grew to $13.7 billion, with listed equities down to 40% from 90% five years ago; Soul Patts reported $2.7 billion of net cash and liquid investments.
- The Brickworks merger increased the shareholder base by 35% to 84,000. The industrial property sale delivered $1.9 billion in net cash proceeds; management said redeployment is expected to earn meaningfully higher returns.
- Soul Patts made around $1 billion of commitments across 17 private-market positions in FY26 and agreed to allocate a further $660 million after year-end.