Djerriwarrh Investments Limited (ASX: DJW) has maintained its interim dividend at 7.25 cents per share, fully franked, for the half-year ended December 31, 2025, matching the prior corresponding period. The dividend will be paid on February 23, 2026, to shareholders on the register at 2 February 2026, with shares trading ex-dividend on January 30, 2026.
The company said the interim dividend was set with reference to its Net Operating Result, which came in at $19.7M, down 6.0% from $21.0M in the prior period. On a per-share basis, net operating result was 7.49c versus 7.96c previously.
Based on the interim dividend plus the final dividend already paid for FY2025 (8.25c, fully franked, paid August 26, 2025), Djerriwarrh reported a dividend yield on net asset backing of 4.6%, or 6.6% grossed-up for franking.
The company also confirmed it will transition to quarterly dividends, with the first quarterly payment targeted for May 2026, subject to board approval.
Profit, operating result and revenue
Statutory profit for the half-year was $20.7 million, down 3.5% from $21.4 million, with the result including movements in unrealised gains and losses on open option positions.
Total revenue was $17.4 million, down 7.5% from $18.8M, comprising:
- dividends and distributions of $16.6M (down from $17.9M)
- deposit and bank bill revenue of $0.8M (down from $0.9M)
Income from the options written portfolio was $7.46 million, broadly in line with the prior period.
Portfolio performance lags ASX 200
Djerriwarrh reported a portfolio return (including franking) of 2.1% over the six months to December 31, 2025, compared with 4.2% for the S&P/ASX 200 Accumulation Index.
Over 12 months to December 31, 2025, the portfolio return including franking was 5.5%, versus 11.5% for the index.
On a longer-term basis, net asset backing returns (including dividends reinvested) were reported as:
- 3-year: 8.3% p.a.
- 5-year: 6.6% p.a.
- 10-year: 5.8% p.a.
Net tangible assets and balance sheet movements
Net tangible assets (NTA) per share at December 31, 2025, were $3.35 on a pre-tax basis (before allowing for the interim dividend), down from $3.39 a year earlier. Post-tax NTA was $3.30, compared with $3.33 previously.
At balance date, Djerriwarrh reported:
- total assets of $943.7M, up from $928.1M at 30 June 2025
- an investment portfolio valued at $901.0M, up from $835.3M
- cash of $32.9M, down from $64.2M
- bank borrowings of $54.5M, up from $21.0M
Options activity and exposure
If all outstanding call options were exercised at balance date, Djerriwarrh could be required to deliver securities with a value of $349.4 million, up from $275.1 million at June 30, 2025.
For the half-year, the options portfolio generated:
- option income of $7.5M
- unrealised gains on open options of $1.4M
- a pre-tax net gain of $8.9M, including open positions
Trading, dividends paid and capital management
During the half-year, Djerriwarrh paid fully franked dividends totalling $21.4 million, equivalent to 8.25c per share.
Capital management activity included:
- issuance of 630,000 shares under the dividend reinvestment plan at $3.16, raising $2.0M
- buyback of 915,410 shares at an average price of $3.12
After period end, the company disclosed an interim dividend liability equivalent of $19.1 million, not recognised at December 31, 2025.
Portfolio snapshot: top holdings and transactions
At 31 December 2025, the top 5 investments by value were:
- BHP: $106.5M (11.9%)
- Woolworths: $55.0M (6.2%)
- CSL: $51.4M (5.7%)
- Telstra: $50.4M (5.6%)
- Transurban: $49.8M (5.6%)
Major acquisitions by cost included Telstra ($29.1M), Woolworths ($20.0M) and Region Group ($18.9M), while key disposals by proceeds included ANZ ($19.4M) and Rio Tinto ($18.7M), with several disposals linked to call option exercises.