• Profit of $3.4m, up 460% from prior period
• Net tangible assets per share increased to $0.1089
• Continued focus on capital growth and cost minimization

Underwood Capital Limited (UWC) has reported a strong half-year result for the period ended 31 December 2025. The company's profit after tax increased 460% to $3.4 million, compared to $0.6 million in the prior corresponding period. The main driver of this financial performance was the positive change in market value of UWC's investments in listed Australian securities, which generated gains of $4.2 million. UWC's investment in Weed Me Inc also contributed $1.5 million in gains. Operating overheads increased to $1.2 million, up from $0.4 million in the previous period, due to higher asset management expenses including accrued performance fees. During the period, UWC's net tangible asset backing per share increased from $0.093 as at 30 June 2025 to $0.1089 as at 31 December 2025, reflecting the strong profit result. UWC remains focused on maximizing the value of its existing investments, maintaining its value-focused investment approach, and minimizing fixed costs in order to significantly outperform global equity markets over the medium term.

UWC has not provided any high-importance, price-sensitive forward-looking financial metrics in this announcement.

UWC remains focused on maximizing the value of its existing investments, maintaining its value-focused investment approach, and minimizing fixed costs in order to significantly outperform global equity markets over the medium term.