Pacific Current Group Limited

Pacific Current reported underlying NPAT of AUD 6.7 million, down from AUD 15.3 million in the prior corresponding period, and underlying EPS of AUD 0.22 versus AUD 0.29. Statutory profit declined by AUD 11.7 million, driven by fair value adjustments to asset valuations. The company declared a fully franked interim dividend of AUD 0.20 per share, up 33% year over year, with a record date of 5 March 2026. Corporate costs were down 31% year over year, and the company said it is now debt-free, with no interest expense expected in the second half of FY26. Statutory NAV was AUD 13.92 per share and fair value NAV was AUD 16.34 per share, up from AUD 15.51 at 30 June and AUD 14.32 at 31 December 2024. For the remainder of the year, management said it expects to maintain momentum by focusing on growth within existing boutiques, targeted capital initiatives, cost discipline, balance sheet strength, and organizational efficiency.

Michael Clarke said the company has continued the momentum built in FY24 and FY25 and is focused on actions that unlock shareholder value. He highlighted portfolio transactions, debt repayment, buybacks, and new lending facilities as examples of capital management and growth support. His tone was confident but measured, noting there is “still much to do” and that the company remains focused on delivering the best outcome for shareholders.

Ron Patel said the first half reflected the transition following major realizations over the past two years, with lower distribution, management fee, and interest income partly offset by lower interest expense and a 31% reduction in corporate costs. He noted the WHSP debt facility was fully repaid, leaving the balance sheet debt-free and eliminating interest expense in the second half of FY26. He also pointed to corporate net assets of AUD 164 million, up from AUD 144 million at 30 June, and corporate cash of AUD 152 million, supported by the sale of Janus Henderson shares and the partial sale of Victory Park.

There were no analyst questions on the call, so no Q&A concerns were raised live. Management nonetheless addressed likely investor focus areas by explaining the decline in management fee and interest income, the impact of lower cash after the buyback and debt repayment, and the continuing shift toward a higher weighting to cash and financial assets. They also clarified that the Petershill deferred consideration remains on track for settlement in May 2026.