How did Pacific Current Group (ASX:PAC) perform in the first half of FY26?

Pacific Current Group reported an underlying net profit after tax of $6.7 million for the six months ended Dec. 31, 2025, a decrease from the $15.3 million earned in the prior corresponding period.

Why did Pacific Current Group (ASX:PAC) report a statutory net loss?

The company recorded a statutory net loss after tax of $11.7 million, compared to a $100.4 million profit in the previous year. This sharp swing is primarily due to the prior year's results being inflated by a one-off $95.4 million gain from asset sales.

What does the increased dividend mean for PAC shareholders?

Despite the statutory loss, Pacific Current increased its interim dividend to $0.20 per share, fully franked, up from an unfranked $0.15 in the prior year.

How does the PAC share price compare to its net asset value?

At the time of reporting, Pacific Current's share price was $9.94, which is significantly lower than its estimated fair value net asset value of $16.34 per share. This indicates the stock is trading at a roughly 39% discount to the value of its underlying assets.

Is Pacific Current Group (ASX:PAC) carrying significant debt?

Pacific Current Group has significantly de-risked its balance sheet by fully repaying its $64.3 million senior secured debt facility. This facility was previously provided by Washington H. Soul Pattinson.

What are the main bull and bear points for PAC after this news?

The bull case focuses on the high dividend yield, the massive 39% discount to NAV, and a cleaner, debt-free balance sheet. The bear case centres on the declining underlying NPAT and lower management fees, which suggest the core business is generating less recurring income than a year ago.

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Pacific Current Group reports FY26 interim results

Written by Heidi Cuthbert Published Feb 24, 2026, 5:20 AMLast Updated Jul 6, 2026, 10:45 AM

Pacific Current Group (ASX:PAC) released its interim financial results for the six months ended Dec. 31, 2025, revealing a period of significant structural adjustment and portfolio simplification.

The company reported an underlying NPAT of $6.7 million, a decrease from the $15.3 million recorded in the prior corresponding period.

The decline was attributed to lower distributions, management fees, and interest income, though the impact was partially mitigated by a 31% reduction in corporate costs and lower interest expenses.

On a statutory basis, the group recorded a net loss after tax of $11.7 million, contrasting sharply with the $100.4 million profit in H1 FY25, which had been bolstered by a $95.4 million gain on asset sales.

Despite the statutory loss, Pacific Current declared a fully franked interim dividend of $0.20 per share, an increase from the unfranked $0.15 dividend offered the previous year.

The company’s fair value estimate of its net asset value stood at $16.34 per share, exceeding the statutory NAV by $2.42.

Strategic activity remained a core focus, with the group executing the full exit of its shares in Janus Henderson Group for $14.4 million and a partial sale of Victory Park Capital Advisors for $8.4 million.

The transactions supported the full repayment of a $64.3 million senior secured debt facility provided by Washington H. Soul Pattinson.

At the time of reporting, Pacific Current Group's share price was $9.94.

Pacific Current Group reports FY26 interim results

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