Soul Patts FY26 slides: $15b merger drives 502% profit surge

Washington H. Soul Pattinson (SOL) reported its FY26 financial results on September 24, 2026, revealing a significant transformation following the completion of its $15 billion Brickworks merger. The merger drove a staggering 502% surge in statutory net profit after tax to $2.191 billion, boosting post-tax net asset value per share by 27.2% to $38.17.

Shares rose 7.54% to $48.94, hitting a 52-week high, signaling strong investor enthusiasm for the strategic repositioning. The company delivered a total shareholder return of 16.8% for FY26, markedly outperforming the ASX200's 6.0% return by 10.8 percentage points. Over the long term, Soul Patts has consistently outperformed the market, boasting a 25-year total shareholder return of 12.8% per annum versus the ASX200's 8.4%, marking a 4.3 percentage point annual advantage.

During FY26, Net Cash Flow From Investments (NCFI) surged to $572 million, up 11.5% on year, propelled by strong performance across Credit, Private Companies, and Real Assets divisions. The statutory profit increase was primarily attributable to non-recurring items, including a $1.3 billion day-one accounting gain from the Brickworks merger and a reset in the tax cost base.

While operating NPAT declined by $36 million compared to FY25, driven by lower coal pricing, management stressed that NAV and NCFI growth better reflect portfolio performance, especially given the company's higher turnover and reduced reliance on associate earnings. The report underscored Soul Patts' rich history of dividend growth, with 28 consecutive years of increases at a 10.4% compound annual rate.

The FY26 final dividend of 63 cents per share marked a 6.8% rise from the previous year, bringing total dividends to 111 cents per share. NCFI growth over five years averaged 15.0% per annum, outpacing the market's 1.1% annual compounding during the same period.