Pacific Current Group Limited

For the 6 months ended 31 December 2025, Pacific Current reported underlying NPAT of AUD 6.7 million versus 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, impacted by fair value adjustments to asset valuations. Statutory NAV was AUD 13.92 per share, while fair value NAV was AUD 16.34 per share, up from AUD 14.32 a year earlier; fair value NAV has risen from AUD 8.40 per share over the past 5 years. The company declared an interim dividend of AUD 0.20 per share fully franked, up 33% year over year. Guidance for the rest of FY26 was qualitative rather than numeric: management expects to maintain momentum by pursuing growth opportunities, targeted capital initiatives, disciplined cost control, balance-sheet optimization, and organizational efficiency.

Michael Clarke said the first half continued the momentum from prior years and emphasized that the company is focused on unlocking shareholder value. He highlighted portfolio actions, including asset sales, buybacks, and new lending facilities, as part of a deliberate capital management and growth strategy. His tone was upbeat but measured, stressing that there is still “much to do” despite strong progress.

Ron Patel said the weaker NPAT reflected lower distributions, management fees, and interest income following portfolio realizations, partly offset by a 31% reduction in corporate costs and lower interest expense after debt repayment. He noted that with the balance sheet now debt-free, there will be no 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, corporate cash of AUD 152 million, and the continued simplification of the balance sheet.

There was no analyst Q&A, as the operator noted that there were currently no questions. Management therefore did not address specific investor concerns live, and the call ended after the prepared remarks.