Washington H. Soul Pattinson And Company Limited · ASX:SOL
Washington H. Soul Pattinson And — Investor Presentation (September 2026)
32 slides from Washington H. Soul Pattinson And's investor presentation, Sep 24, 2026
Slide 1: FY26 results
FY26 results for the full year ended 31 July 2026 24 September 2026 SoulPatts.com.au
Slide 2: Transformative year
Transformative year Delivering ongoing value and outperformance for shareholders • 28th consecutive year of dividend growth: 63 cps final dividend (fully franked) FY26 highlights 16.8% • $15b merger with Brickworks completed, outperformance delivered, balance sheet strengthened Total Shareholder Ret
Slide 3: Grow the portfolio
Grow the portfolio And outperform the market over the long-term Post-tax NAV growth per share Pre-tax NAV return per share FY26 Total Shareholder Returns 16.8% outperforming market1 by 10.8% 27.2% 10.2% with significant tax assets outperforming Index1 by 4.2% in FY26 FY26 5-year 10-year 20-year 25-y
Slide 4: Increase cash generation
Increase cash generation From our portfolio to underpin dividend growth FY26 NCFI growth 5 year NCFI per share 5-year dividend growth of 12.4% p.a. against a market growth p.a. compounding at 1.1%1 p.a. 11.5% 15.0% 63 to $572 million growing from 75c in FY21 to 151c in 59 FY26 55 51 Final dividend (
Slide 5: Manage investment risk
Manage investment risk And protect shareholder capital Active portfolio management Listed equities allocation Allocations follow opportunity $12.7b 40% total buying & selling dynamic allocation reduced from FY21 NAV: $5.8b FY26 NAV: $13.7b 90% listed equities end FY21 10% 60% Global private partners
Slide 6: Major transactions in FY26
Major transactions in FY26 Brickworks merger and sale of industrial property September 2025: Brickworks Building Products now largest investment in $15b merger with Brickworks completed Private Companies • Simplified structure, increased free float and liquidity • Repaid debt and certain legacy oper
Slide 7: Global private partnerships at scale
Global private partnerships at scale 17 new commitments in FY26 across Credit, Private Companies, Real Assets and Emerging Companies 1800+ Total commitments Targeted returns Why offshore prospective partners • Opportunity set is deeper, $2655m providing broader opportunities mapped than domestically
Slide 8: Capital deployment in FY26
Capital deployment in FY26 Disciplined portfolio construction, actively managing risk and leveraging our advantages $12.7b transaction activity $3.8b maintaining liquidity Investment of $5.0b Divestment of $7.7b • Available liquidity in the form of fixed $1.5b $1.1b $1.7b $1.2b income and facilities
Slide 9: Group financial results
Group financial results 9 Soul Patts SOL FY26 Results
Slide 10: Group profit
Group profit Statutory NPAT • NAV and NCFI growth better reflect portfolio performance than accounting profit FY26 FY25 • Statutory NPAT driven by: $2,191m – $1.3b day-one accounting gain and tax cost base reset from $364m Brickworks merger, not expected to recur in FY27 – $343m portfolio gains, inc
Slide 11: Net Cash Flow From Investments
Net Cash Flow From Investments Net Cash Flow From Investments (NCFI) • NCFI increased by 11.5%, driven by a larger average Credit book which delivered strong returns, and FY26 FY25 increased distributions from cash generating businesses in the Private Companies asset class. Real Assets also $572m $5
Slide 12: Net Asset Value
Net Asset Value Net Asset Value (post-tax) • Post-tax NAV better reflects true shareholder value, as it accounts for tax payable on unrealised gains, unlike pre- FY26 FY25 tax NAV • Post-tax NAV increased 31.4% in FY26, equivalent to an $14.5b $11.0b $8.15 uplift per share (27.2% per share increase)
Slide 13: Tax assets
Tax assets Net deferred tax assets • Net deferred tax assets of $792m ($2.09 per share) FY25 • A benefit of $2.2b during FY26, from a deferred tax liability of $1.4b $0.8b $(1.4)b • Available to offset future taxable income $2.2b benefit in FY26 Franking credits • Franking credit balance of $1.0b ($
Slide 14: Approach to valuations
Approach to valuations Rigorous methodology applied to each asset class, every six months FY26 valuation basis Market value • Listed equities are valued at market end of period Amortised cost 8% Third party valuations • Assets in externally managed funds are valued at the assessed valuations by the
Slide 15: Portfolio overview and performance
Portfolio overview and performance 15 Soul Patts SOL FY26 Results
Slide 16: Portfolio overview
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 $4.1b $2.7b $2.3b $1.7b $1.6b $1.3b 30% 20% 17% 12% 12% 10% Listed Fixed Private Emerging Real Compa
Slide 17: Listed Companies
Listed Companies Actively managed equities generating income and growth 30% of total portfolio (vs 57% in FY25) NAV movement reflects capital recycling FY26 FY25 $ billions Net Asset Value $4.1b $7.1b 1.7 Net Cash Flow From Investments $248m $336m • Total return of 17.1% in FY26 outperforming ASX200
Slide 18: Fixed Income
Fixed Income Professionally managed global fixed income 20% of total portfolio Current characteristics FY26 Net Asset Value $2.7b Global low duration and short- 69% term instruments Net Cash Flow From Investments $62m Communication • New asset class established to actively manage Group Australian lo
Slide 19: Private Companies
Private Companies Long-term investments in unlisted companies with growth opportunities 17% of total portfolio (vs 7% in FY25) Building scale across our largest private investments FY26 FY25 Operating 17 manufacturing sites in Australia and 8 in North America; cost-out program Net Asset Value $2.3b
Slide 20: Global partnerships: Private Companies
Global partnerships: Private Companies 6 new commitments in FY26 Partners are sourced from a mapped universe of $577m $258m 800+ managers; 250+ reviewed; six commitments Committed across FY26 NAV made in FY26 9 positions; 6 added FY26 • Mid-market fund sizes of ~US$500m to US$3bn, specialised rather
Slide 21: Credit
Credit Investments targeting income and strong risk-adjusted returns across domestic and global credit markets 12% of total portfolio (vs 14% in FY25) $1.7b split across 34 positions: 24 direct investments FY26 FY25 and 10 offshore investments Net Asset Value $1.7b $1.8b Net Cash Flow From Investmen
Slide 22: Credit
Credit Unconstrained to invest up and down the capital stack FY26 investments spread across fewer but larger positions, Targeting transactions where complexity, structure or each with tailored structuring and downside protection speed is what the borrower needs Other • Conditions are favourable for
Slide 23: Global partnerships: Credit
Global partnerships: Credit 5 new commitments in FY26 and a further 8 in FY27 Partners are sourced from a mapped universe of $1,502m $373m 1000+ managers; 50+ reviewed; eight new Committed across FY26 NAV commitments in FY27 19 positions; 8 in FY27 • Each manager has a distinct strategy and track re
Slide 24: Emerging Companies
Emerging Companies Investments in high-growth companies with structural tailwinds and valuation upside 12% of total portfolio (vs 16% in FY25) Flexible to invest in equity or equity-like structures with FY26 FY25 increasing exposure to global investments Net Asset Value $1.6b $2.0b Consumer Staples
Slide 25: Real Assets
Real Assets Tangible assets including real-estate, agriculture and data centres 10% of total portfolio (vs 6% in FY25) Investment characteristics are lower risk and asset-backed FY26 FY25 Net Asset Value $1.3b $0.8b Net Cash Flow From Investments $89m $6m Real estate • NAV growth of 77% vs pcp refle
Slide 26: Data centre investments
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
Slide 27: Outlook
Outlook 27 Soul Patts SOL FY26 Results
Slide 28: Outlook: Grow the portfolio
Outlook Grow the portfolio Listed Companies Private Companies Credit Emerging Companies Real Assets • Index unaware strategy • Long-term, patient capital • A further 8 offshore credit • August 2026: net sales of • Data centres continue to targeting quality at partner for growth and fund allocations
Slide 29: Outlook: Increase cash generation, manage risk
Outlook Increase cash generation Manage investment risk Income generation Manage liquidity • Rising base rates lift income from the majority floating-rate Credit • Net cash and liquid investments increased to $3.1b at 31 August 2026, book taking available liquidity, including undrawn debt facilities
Slide 30: Model
Model Recycling capital to generate enduring shareholder returns Reinvested for capital growth >$7b of divestments recycled into new investments Net Cash Flows from Investments Portfolio Liquidity Deal flow Shareholders allocation Portfolio growth • $3.8b of liquidity • ~$5b of new • $12.7b of 16.8%
Slide 31: Glossary
Glossary 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 meas
Slide 32: Disclaimer
Disclaimer 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,
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