Washington H. Soul Pattinson And Company Limited · ASX:SOL
Washington H. Soul Pattinson And — Investor Presentation (March 2026)
28 slides from Washington H. Soul Pattinson And's investor presentation, Mar 26, 2026
Slide 1: 1H26 results
1H26 results for the half year ended 31 January 2026 26 March 2026 SoulPatts.com.au
Slide 2: ASX50 diversified investment house with a singular purpose to generate enduring success
ASX50 diversified investment house with a singular purpose to generate enduring success Total Portfolio Net Asset Value (pre-tax)2 • One portfolio, multiple asset classes • Flexible to be opportunistic and counter-cyclical in our $4.5b $ 13.8b investment approach, often capturing upside while protec
Slide 3: Differentiated approach
Differentiated approach Permanent capital, patience, and the flexibility to act where others cannot Mandate Approach Alignment • unconstrained mandate to invest • diversification with low earnings • embedded management in the most attractive risk- correlation company owned by adjusted returns; abili
Slide 4: Portfolio transformation
Portfolio transformation During the past five years, Soul Patts has transformed from an equities dominated portfolio into a multi-asset class investment house Portfolio concentrated in Brickworks, New Active repositioning of listed equities acquired Effective capital recycling has increased exposure
Slide 5: Performance objectives
Performance objectives 1 Igeneration ncrease cash 2 Grow the portfolio 3 Manage investment risk from our portfolio and outperform the market and protect to underpin dividend growth over the long-term shareholder capital Cash generation is a strong indicator Balancing yield with capital growth Protec
Slide 6: Performance in 1H26
Performance in 1H26 1 2 3 Increase cash generation Grow the portfolio Manage investment risk Net Cash Flow From Investments Net Asset Value (pre-tax) per share Transaction activity 15.4% vs pcp to $334m 9.7% Portfolio outperformed Index1 $4.3b $2.1 billion in new investment into public by 6.6% in 1H
Slide 7: Group financial results
Group financial results SOL 1H26 Results 7
Slide 8: Group profit
Group profit Statutory NPAT • NAV and NCFI growth are better indicators of portfolio 1H26 1H25 performance than accounting profit • Statutory NPAT includes non-recurring items: $2,303m $327m – $1.2b from day-one accounting gain and tax cost reset from Brickworks merger 604.3% vs pcp – $705m one-off
Slide 9: Net Cash Flow From Investments
Net Cash Flow From Investments Net Cash Flow From Investments (NCFI) • NCFI increased by 15.4%, a strong result driven by 1H26 1H25 trading gains across Emerging Companies and Listed Companies $334m $290m • Consistent NCFI growth has facilitated 28 years of increasing dividends 15.4% vs pcp NCFI per
Slide 10: Net Asset Value
Net Asset Value Net Asset Value (pre-tax) • 1H26 NAV return of 9.7% outperforming market by 6.6% 1H26 1H25 • 12 months NAV return (adjusted for dividends) of 14.3% $13.8b • Performance driven by significant equity holdings in $12.1b NexGen, Tuas, New Hope, and Aeris 9.7% return in 1H26 • On a per sh
Slide 11: Capital management
Capital management Treasury • Strong capacity and liquidity to enter new investments, $472m Available cash enhancing our ability to sustain strong cash flows in future • The Brickworks merger delivered attractive financial outcomes for all shareholders, generating pre- and post-tax NAV accretion on
Slide 12: Portfolio overview and performance
Portfolio overview and performance SOL 1H26 Results 12
Slide 13: Balancing growth, yield, and resilience
Balancing growth, yield, and resilience Portfolio valued at $13.8b1 (pre-tax) and $14.5b (post-tax); 18% of total portfolio allocated to offshore investments. $4.5b $3.0b $2.9b $1.6b $1.6b 32% 22% 21% 12% 11% Listed Companies Real Assets Emerging Companies Credit Private Companies Actively managed e
Slide 14: Listed Companies
Listed Companies Actively managed equities generating income and growth Sector diverse portfolio 32% of total portfolio (vs 57% in 1H25) 1H26 1H25 Net Asset Value $4.5b $6.9b Net Cash Flow From Investments $150m $198m Communication services • NAV reflects changes driven by recent transaction Materia
Slide 15: Long-term investing case study: Apex Healthcare
Long-term investing case study: Apex Healthcare Generating returns across the full lifecycle of ownership Compounding returns by 20% p.a. over last 20 years • Apex Healthcare was established by Kee Tah Peng, a former Soul Patts pharmaceutical apprentice in the 1950s • 1975: Apex and Soul Patts enter
Slide 16: Emerging Companies
Emerging Companies Investments in high-growth companies with structural tailwinds and valuation upside 21% of total portfolio (vs 16% in 1H25) Diverse by sector, size, geography and targeting investments 1H26 1H25 (listed and unlisted) with scalable and durable characteristics Net Asset Value $2.9b
Slide 17: Credit
Credit Investments targeting income and strong risk-adjusted returns across domestic and global credit markets 12% of total portfolio (vs 10% in 1H25) Unconstrained to invest up and down the capital stack, taking 1H26 1H25 a disciplined approach to pricing and managing risk Net Asset Value $1.6b $1.
Slide 18: Private Companies
Private Companies Long-term investments in unlisted companies with growth opportunities 11% of total portfolio (vs 9% in 1H25) Leveraging our flexible approach 1H26 1H25 Net Asset Value $1.6b $1.1b Net Cash Flow From Investments $37m $28m Distinct Exclusive access to deal flow: 94% edge of current p
Slide 19: Brickworks Building Products update
Brickworks Building Products update Integration Pre merger Group • Simplification of operating model • Enhanced financial flexibility • Reduced structural complexity Building Products Building Products Property Investments Australia North America Contribution • Second largest asset in Private Compan
Slide 20: Real Assets
Real Assets Tangible assets including real-estate, agriculture and data centres 22% of total portfolio (vs 7% in 1H25) Joint Venture Industrial JV Trust & Manufacturing Trust 1H26 1H25 Real Estate (Goodman Group) Net Asset Value $3.0b $0.9b Strategic investments Net Cash Flow From Investments $24m $
Slide 21: Capital allocation approach
Capital allocation approach SOL 1H26 Results 21
Slide 22: Principles
Principles Constant competition between investment ideas ensures that capital is deployed to the best risk-adjusted returns Bottom-up Protect Leverage portfolio construction shareholder capital structural advantages • Capital follows • Asymmetric upside • Permanent capital base highest-conviction id
Slide 23: Principles in action: 1H26
Principles in action: 1H26 $4.3b Strategic actively deployed optionality Bottom-up portfolio construction, actively managing risk Leverage our advantages $1.0b $0.4b $0.7b $0.5b $472m investment in investment in divestment of repayment of cash available emerging companies credit emerging companies c
Slide 24: Experienced stewards
Experienced stewards Investment philosophy underpinned by 92 years of combined tenure across executive leadership, with experience across asset Highly engaged team of 55 employees classes and investment cycles Engagement Talent score retention Top decile + <1% outperforms top cohort annual rolling a
Slide 25: Current priorities
Current priorities 1 Actively manage liquidity 2 Reposition the portfolio 3 Allocate opportunistically • Increase liquidity across the • Protect capital through increased • Seek out mis-priced risk and portfolio and manage cash diversification and uncorrelated prepare to be counter-cyclical or level
Slide 26: Summary
Summary 11.9% p.a. Consistent dividend growth for 28 years 5-year 55 59 CAGR 51 Delivering against strategy Final dividend (cps) 43 Interim dividend (cps) 36 34 35 33 Net Asset Value Net Cash Flows Interim 29 30 31 32 27 28 (pre tax) From Investments dividend 25 19 20 17 18 48 13.8b 334m 48 cps 15 1
Slide 27: 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 28: 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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