Daily Roundup

Soul Pattinson caps off a landmark year with record results and a $15 billion merger

Washington H. Soul Pattinson and Company Limited is celebrating its 28th consecutive year of dividend growth, with a fully franked final dividend of 63 cents per share—6.8% higher than the prior year. The milestone comes on the back of an extraordinary financial performance that's been turbocharged by the completion of its merger with Brickworks in September 2025.

The numbers tell a compelling story. Revenue surged 96% to $1,872 million, while Profit After Tax skyrocketed 502% to $2,191 million. Post-tax Net Asset Value climbed 31.4% to $14.5 billion, with the company picking up an additional $800 million in tax assets from the merger. Perhaps most impressively, Net Cash Flow From Investments grew 11.5% to $572 million, driven by strong performances across Credit, Private Companies, and Real Assets.

The merger has delivered exactly what Soul Pattinson promised: a stronger balance sheet, enhanced returns, and greater flexibility for capital allocation. Post-tax NAV per share jumped 27.2% to $8.15, reflecting both operational performance and the strategic benefits of combining with Brickworks. The company's diversified portfolio—30% in listed companies, 20% in fixed income, 17% in private companies, 12% each in credit and emerging companies, and 10% in real assets—continues to generate defensive, uncorrelated returns.

Looking ahead, Soul Pattinson remains well-positioned despite uncertainty around interest rates and bond yields. Management is confident in leveraging the company's newfound liquidity and strategic asset allocation to capitalize on emerging opportunities and continue outperforming the market over the long term.

Infrastructure and construction wins heat up

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

Meanwhile, NRW Holdings' subsidiary Fredon has secured the first stage of a Design and Construct Mechanical contract for the Stack Data Centre in Melbourne. The $115 million contract involves off-site fabrication of mechanical works and kicks off in September 2026, wrapping up by March 2028. This is part of a larger $300 million contract that will see Fredon deliver mechanical systems for 432MW of the 864MW hyperscale data centre campus.

Stakk hits its stride internationally

Software and services company Stakk Limited has fully secured its A$55.2 million FY2027 revenue forecast through recurring contracts—a testament to the stickiness of its business model. More excitingly, the company has expanded its international footprint with new contracts signed in Thailand, Italy, Dubai, Ireland, and Scotland, with revenue contributions expected to kick in from FY2028 onwards.

To support this global ambition, Stakk is launching a strategic hub in Singapore in November 2026. The facility will serve as the commercial, service-delivery, and support hub for all markets outside the United States, while also doubling as the global technology and innovation headquarters. U.S. operations continue to outperform expectations, positioning Stakk well to pursue what management describes as hyper-growth opportunities internationally while maintaining disciplined financial management.

Gold miner Auric reports encouraging drilling results

Auric Mining Limited has shared positive initial results from its drilling programs at the Munda Gold Mine. Broad-spaced RC drilling has returned numerous mineralized zones, including a significant intercept of 4 metres at 10.49 grams per tonne of gold. Grade control drilling has also impressed, with intercepts such as 15 metres at 5.56 grams per tonne. These results support the potential to extend the resource along strike beyond the current pit design and demonstrate strong near-surface mineralization within the planned open pit. The company remains optimistic about resource extension ahead of its planned mining recommencement in 2027.