BTI FY2026 Q4 - Preliminary Earnings Alert
Verdict
- Revenue: full-year FY26 (year ended 30 June 2026) total investment growth of A$18.6m, down 53% from A$39.7m. No consensus is available for the ASX listing, so no formal beat or miss is published.
- EPS: not disclosed in the release. Profit after tax was A$6.9m against A$19.3m, down 64%.
- Guidance: none given, as usual for this vehicle. The dividend policy of 4% of pre-tax NTA per annum is maintained, with a 3.5c fully-franked final dividend declared against 3.6c a year ago.
- The one thing that matters: the headline 2.8% "portfolio return" is positive only because dividends paid are added back. Post-tax NTA per share actually fell to A$1.61 from A$1.64, and the private portfolio gross IRR — the reason to own this vehicle — collapsed to 6.9% from 33.0%.
Consensus scorecard
| Metric / basis | Quartr actual | API Ninjas consensus | Beat/Miss | Beat/Miss % |
|---|---|---|---|---|
| Revenue (total investment growth, FY26) | A$18.6m | API Ninjas estimate unavailable | Not scored | Not scored |
| EPS | Quartr actual unavailable | API Ninjas estimate unavailable | Not scored | Not scored |
Key metrics
| Metric | Reported | Prior year | Change |
|---|---|---|---|
| Post-tax NTA per share | A$1.61 | A$1.64 | -A$0.03 |
| Portfolio return (post-tax) | 2.8% | 7.8% | -5.0pp |
| Profit after tax | A$6.9m | A$19.3m | -64% |
| Total investment growth | A$18.6m | A$39.7m | -53% |
| Private portfolio gross IRR | 6.9% | 33.0% | -26.1pp |
| Final dividend per share | 3.5c | 3.6c | -0.1c |
Combined portfolio revenue was A$735m, stated as 32% growth over the twelve months on unaudited underlying-company figures.
Guidance changes
No financial guidance change disclosed.
Quality of earnings
- Almost all of the result is unrealised revaluation. Change in value of portfolio assets was A$17.9m of the A$18.6m total investment growth; interest income was A$0.7m, itself down from A$1.5m.
- The fixed cost base did not shrink with returns. Management fees, directors' fees and other operating expenses totalled A$6.7m in both years, so a 53% fall in investment growth became a 64% fall in profit before tax, to A$9.7m from A$27.1m.
- The fall in total costs is a performance fee that was never cash. Total costs dropped to A$8.9m from A$12.6m almost entirely because the performance fee fell to A$2.1m from A$5.9m, and the release states that fee is accrued but not payable.
Gotchas & watch items
- Marketable securities fell A$20.5m to A$43.9m while cash was roughly flat at A$14.1m; A$8.3m went to dividends and A$13.6m to income tax and performance fees against A$29m realised.
- The 32% portfolio revenue growth did not translate into carrying value: financial assets rose 9% to A$209.9m, of which A$13m was gains and A$4m net new investment.
- The one meaningful realisation was the listed holding — A$25m of SiteMinder at a 36.9% IRR — while the private book, where the 6.9% IRR sits, produced no exits.
- DASH raised capital at 21% above BTI's original cost but 23% below its previous carrying value, and BTI put a further A$5m in at that level.
Event: https://web.quartr.com/companies/18274/events/554724/overview Retrieved: 2026-08-13T10:35:00Z Comparison mode: maximal · Scorecard contract: v1 The API Ninjas ticker BTI carries British American Tobacco, not Bailador, so no consensus row exists for this event; no transcript was available when this was written.