Daily Roundup

Soul Pattinson Delivers Strong Results Powered by Brickworks Merger

Washington H. Soul Pattinson and Company Limited is celebrating a landmark year, with the completion of its $15 billion merger with Brickworks delivering impressive financial outcomes across the board. The company has marked its 28th consecutive year of dividend growth, declaring a fully franked final dividend of 63 cents per share—a 6.8% increase from the prior year.

The numbers tell a compelling story. Post-tax Net Asset Value climbed 31.4% to $14.5 billion, while the company's profit after tax surged 502% to $2.191 billion. Revenue jumped 96% to $1.872 billion, and Net Cash Flow From Investments rose 11.5% to $572 million. Post-tax NAV per share reached $8.15, up 27.2%, with the merger contributing $0.8 billion in tax assets that bolster the company's financial flexibility.

The merger has done more than just boost the numbers—it's strengthened Soul Pattinson's balance sheet and opened doors for enhanced capital allocation. The company's diversified portfolio is now strategically positioned across listed companies (30%), fixed income (20%), private companies (17%), credit and emerging companies (12% each), and real assets (10%). This mix has proven effective, with strong performances in Credit, Private Companies, and Real Assets driving the investment cash flows.

Looking ahead, Soul Pattinson remains well-positioned to navigate market volatility, though the company acknowledges uncertainty around interest rates and bond yields in the coming year. Management is focused on leveraging the company's liquidity and strategic asset allocation to capitalize on new opportunities while continuing to generate sustainable returns for shareholders.

Infrastructure and Energy Projects Gain Momentum

The infrastructure sector is seeing significant activity. GenusPlus Group has landed a $135 million Design and Construct contract from Atmos Renewables for the Parron Farm Project in Western Australia. The scope includes a 330kV terminal, transmission lines, and associated works as part of the 470MW renewable energy facility. The project, supported by the Federal Government's Capacity Investment Scheme, is scheduled for completion in 2028, with GenusPlus already underway on preliminary works including detailed design and procurement.

Meanwhile, NRW Holdings' subsidiary Fredon has secured the first stage of the Stack Data Centre project in Melbourne, valued at $115 million. The contract covers the Design and Construct Mechanical scope, with off-site fabrication of mechanical systems set to commence in September 2026 and wrap up by March 2028. This represents the first tranche of a larger $300 million contract that will deliver mechanical systems for 432MW of the 864MW hyperscale data centre campus.

Stakk Hits Growth Milestones with Global Expansion

Software and services company Stakk Limited has achieved a significant milestone by securing 100% of its A$55.2 million FY2027 revenue forecast through recurring contracts. The company has also expanded internationally, signing new contracts in Thailand, Italy, Dubai, Ireland, and Scotland—markets that are expected to contribute to revenue starting in FY2028.

To support this global ambition, Stakk is launching a dedicated hub in Singapore in November 2026. The facility will serve as the commercial, service-delivery, and support center for all markets outside the United States, while also functioning as the global technology and innovation headquarters. U.S. operations continue to outperform expectations, setting a solid foundation for the company's disciplined expansion strategy.

Paradigm Biopharmaceuticals Reassesses Clinical Program

On a different note, Paradigm Biopharmaceuticals has agreed to return US$2 million to Obsidian and cancel the associated Convertible Notes following a Tranche 4 drawdown on 11 September 2026. The funds had been earmarked for Phase 3 clinical trial activities, but the company is now reassessing its clinical development program following an interim analysis of its PARA_OA_012 trial, which is evaluating injectable pentosan polysulfate sodium for knee osteoarthritis treatment. The agreement means no additional payment is required from Paradigm as it evaluates the implications of the trial data.