Washington H. Soul Pattinson And Company Limited · ASX:SOL
Washington H. Soul Pattinson And — Investor Presentation (March 2025)
25 slides from Washington H. Soul Pattinson And's investor presentation, Mar 20, 2025
Slide 1: 1H25 results
1H25 results for the half year ended 31 January 2025 20 March 2025 SoulPatts.com.au
Slide 2: A diversified investment house that is unique in Australia
A diversified investment house that is unique in Australia Our aim is to grow shareholder wealth $ 12.1b through a diversified range of investments Total Portfolio 1 Net Asset Value (pre-tax) that perform throughout market cycles. • 200+ actively managed investments $5.7 b • Targeting high quality r
Slide 3: Presenters
Presenters Todd Barlow David Grbin Brendan O’Dea Managing Director & Chief Financial Officer Chief Investment Officer Chief Executive Officer SOL 1H25 Results 3
Slide 4: Group performance highlights
Group performance highlights
Slide 5: Generating enduring success
Generating enduring success Our strategy and investment approach Long-term Strength of Unconstrained commitment conviction mandate to building value and when making to invest where we can not being distracted by investment decisions extract sustainable returns short-term events Our measures of succe
Slide 6: Cash generation
Cash generation Strong performance with sustained growth 5-year dividend growth 1H25 3-year performance 10x higher than market SOL Net Cash Flow From Investments Net Cash Flow From Investments per share +68% 9.9% vs pcp 16.0% p.a. over 3 years on a per share basis 8.2% supporting sustainable dividen
Slide 7: Grow the portfolio
Grow the portfolio Investment style delivering long-term performance 5-year NAV growth 1H25 3-year performance 54% higher than market Net Asset Value (pre-tax) per share Net Asset Value (pre-tax) per share SOL NAV +74% 2.4% performance 12.8% over 3 years 1 Portfolio underperformed Index 1 outperform
Slide 8: Manage investment risk
Manage investment risk Strong balance sheet and cash position providing flexibility Defensive resilient portfolio 1H25 3-year performance average monthly returns over 25 years Transaction activity 3.0% 2.4% All Ords Accum $1.9b • $11.1 billion in transactions over SOL 3 years $1.0 billion new invest
Slide 9: 25 years consecutive dividend growth
25 years consecutive dividend growth Since 2000, ordinary dividend increases at 9.8% CAGR excluding 105 cps in special dividends 3-year CAGR 15.1% 1H25 ordinary dividends of 44 cents per share (fully franked), 10.0% higher than pcp • Record date: 16 April 2025 • Payment date: 14 May 2025 55 51 43 fi
Slide 10: Sustainable long-term performance
Sustainable long-term performance 1 Capital and income growth through share price and dividends to 31 January 2025 +2,031% SOL Soul Patts’ Total Shareholder Return compounded at 13.0% p.a., outperforming market over 25 years by 4.5% p.a. HY25 5 years 15 years 25 years Soul Patts (2.0)% 12.6 % 9.5 %
Slide 11: Group financial results
Group financial results
Slide 12: Group profit
Group profit Statutory NPAT • 1H25 Regular NPAT of $284.8m increased by 18.0% on pcp, driven by: $326.9m – New Hope: increases in production 1H25 – Brickworks: stabilisation of property returns – Credit: strong yields, doubling of portfolio since FY23 ↑ 8.1% vs pcp • Statutory NPAT includes a one-of
Slide 13: Net Cash Flow From Investments
Net Cash Flow From Investments Net Cash Flow From Investments • Higher allocation to Credit and Private Equity contributed significantly to cash flow growth over 1H25. 1H25 $289.5m – Private Credit net cash flow up 81% on pcp – Private Equity net cash flow up 108% on pcp ↑ 8.2% vs pcp on a per share
Slide 14: Net Asset Value
Net Asset Value Net Asset Value (pre-tax) • NAV increase driven by Private Equity and Private Credit portfolio performance and 1H25 equity raise. 1H25 $12.1b • 12 month NAV return adjusted for dividends of 5.8%. • In August 2024 Soul Patts issued a $450m convertible ↑ 4.7% vs pcp bond and repaid the
Slide 15: Portfolio performance
Portfolio performance
Slide 16: Portfolio composition
Portfolio composition 3 $12.1b actively managed diverse portfolio $5.7b • Growth in credit and private equity • 28% of assets now in private markets • Positive net cash position • Resilient diversified portfolio $2.2b $1.7b $1.2b $1.0b $0.2b 1 1 2 2 Strategic Large Caps Private Credit Emerging Prope
Slide 17: Strategic
Strategic Significant, long-term investments in listed companies that generate reliable income 47% of total portfolio (vs 49% in 1H24) Portfolio delivered total return of 1.9% 1H25 1H24 TUA Portfolio Value $5.7b $5.9b Net Cash Flow From Investments $167.1m $169.6m NHC PPT • Long-term strong contribu
Slide 18: Large Caps
Large Caps Actively managed listed equities generating long-term total returns 1 18% of total portfolio (vs 21% in 1H24) Index Return 7.3% 1H25 1H24 Other 2.3% Portfolio Value $2.2b $2.4b Net Cash Flow From Investments $36.4m $47.8m Major banks 3.7% Gold miners 0.6% • Further concentration of portfo
Slide 19: Private Equity
Private Equity Long-term investments in unlisted companies with growth opportunities 14% of total portfolio (vs 12% in 1H24) 3-year CAGR 1H25 1H24 Investment Revenue EBITDA Portfolio Value $1.7b $1.4b Net Cash Flow From Investments $27.7m $13.3m 23% 13% • Portfolio value grew 22.2% vs pcp • $84 mill
Slide 20: Credit
Credit Growing portfolio targeting income and strong risk-adjusted returns 10% of total portfolio (vs 6% in 1H24) CASE STUDY: Flexible capital 1H25 1H24 ASX listed defence and space technology systems company Portfolio Value $1.2b $0.7b Net Cash Flow From Investments $94.1m $51.9m • EOS strong growt
Slide 21: Emerging Companies
Emerging Companies Exposure to fast growing companies leveraging structural changes and global trends 8% of total portfolio (vs 9% in 1H24) Outperformance since inception 1H25 1H24 Emerging Companies Portfolio Value $1.0b $1.0b $50-200m +217% Net Cash Flow From Investments $25.1m $10.8m $250-500m •
Slide 22: Outlook
Outlook
Slide 23: Outlook
Outlook 1 Increase cash generation 2 Grow the portfolio 3 Manage investment risk from our portfolio of investments and outperform the market and protect to underpin dividend growth over the long-term shareholder capital • Enhance returns by increasing • Targeting private market • Strong liquidity an
Slide 24: 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 25: 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,
Washington H. Soul Pattinson and Company — Investor Presentation (March 2025) on 6ix