The Washington H. Soul Pattinson and Co. Ltd (ASX: SOL) share price is under the spotlight today after the business announced its impressive FY26 half-year result.
WHSP owns a variety of listed businesses, unlisted businesses, property, agriculture, credit and other assets. It’s one of the largest investment businesses in Australia.
FY26 half-year result
Here are some of the main highlights from the six months to 31 January 2026:
- Regular net profit after tax (NPAT) rose 6.7% to $304 million
- Statutory net profit jumped 604.3% to $2.3 billion
- Pre-tax net asset value (NAV) rose 14.6% to $13.8 billion
- NAV per share rose 10.9% to $36.41
- Net cashflow from investments (NCFI) up 15.4% to $334 million
- NCFI per share up 12.5% to $0.89
- Interim dividend per share up 9.1% to $0.48
What drove these numbers?
Regular net profit is WHSP’s measure of its share of the net profit generated by its various investments, even if it doesn’t ‘experience’ that net profit going through its own bank account. Regular net profit grew thanks to higher trading gains and the post-merger contribution of the Brickworks property joint venture.
The statutory net profit soared because of one-off accounting items including the Brickworks merger, selldown of Tuas Ltd (ASX: TUA) and Aeris Resources Ltd (ASX: AIS), and a realised gain on the sale of Apex Healthcare.
Cash generation grew thanks to “strong trading gains” across its emerging companies and listed companies segments. The distributions from the existing Brickworks industrial property assets were part of the growth.
The pre-tax NAV delivered a return of 9.7% for the period, outperforming the S&P/ASX 200 Total Return index by 6.6%. Emerging companies was a “standout” with a 36.7% total return, driven by sector exposure to energy, communication services and defence.
Dividend
As noted in the result highlights, the business grew its payout to shareholders to $0.48 per share, which was 9.1% higher than last year’s interim dividend.
This is the 28th consecutive year of increasing dividends. The dividend represents a payout ratio of 54.6% of net cashflow from investments.
With NCFI growing faster than the dividend, its payout is becoming increasingly sustainable.
Outlook for the Washington H. Soul Pattinson share price
The business said that the breadth and resilience of its multi-asset portfolio ensures Soul Patts is well-positioned to navigate market volatility and protect shareholder capital.
It noted that its strong balance sheet and ample liquidity means it has increased capacity to act on new investment opportunities.
I really like how WHSP operates, which is why it’s one of my biggest investments. It has a diversified portfolio that’s steadily growing.
Two of the most important metrics – cash flow and NAV – continue to grow at a pleasing rate over the longer-term. The cashflow funds a growing dividend and the rising NAV improves the chance of the Washington H. Soul Pattinson share price climbing.
It’s not at a really cheap value – it usually isn’t because of its defensive focus – but I believe it’s a solid pick for the long-term. I’m expecting to be a part of my portfolio for years to come as one of the leading ASX dividend shares.
