• Profit after income tax increased 609% to $57.5 million
• Pre-tax NTA increased from $1.515 to $1.654 per share
• Total shareholder return of 29.2%, outperforming benchmark

L1 Global Long Short Fund Limited (formerly Platinum Capital Limited) reported a strong financial performance for the 6 months ended 31 December 2025. Profit before income tax was $82.7 million, up from $11.6 million in the prior corresponding period, while profit after income tax increased 609% to $57.5 million. The company's pre-tax net tangible asset (NTA) backing per share increased from $1.515 to $1.654, after the payment of 3 cents per share in dividends and 1 cent per share in tax. Total shareholder return for the half-year, including share price movement and grossed up dividends, was 29.2%, outperforming the benchmark MSCI All Country World Net Index in A$ terms which returned 8.7%. The portfolio was transitioned to a geographically unconstrained, global version of L1 Capital's flagship long-short strategy, with strong contributions from holdings in the IT, communications services and healthcare sectors. The company also underwent significant changes during the period, including the appointment of a new investment manager, L1 Capital Pty Ltd, and changes to the board of directors.

The company determined a fully franked interim dividend of 1 cent per share, payable on 20 March 2026. This represents a grossed-up dividend yield of 2.4% based on the 31 December 2025 closing share price, including the 2025 final dividend of 3 cents per share.

The company's intention is to provide a sustainable and growing stream of fully franked dividends over time, commencing with the 1 cent per share interim dividend. The portfolio is now managed by L1 Capital Pty Ltd, targeting a long-term net return of 10% p.a. while seeking to provide better downside protection than the market.