Mirrabooka Investments Limited (ASX: MIR) has released its half-year financial results for the period ending 31 December 2025. The Mirrabooka Investments 1H2026 results show profit increased 93.6 per cent to $8.9 million from $4.6 million in the prior corresponding period.
Figure 1: Mirrabooka Investments Limited corporate logo. [Mirrabooka Investments Limited]
The Mirrabooka Investments financial results confirm the interim dividend has been maintained at 4.5 cents per share, fully franked. The listed investment company continues focusing on small and mid-cap industrial stocks despite challenging benchmark comparisons.
Mirrabooka Investments 1H2026 Results Deliver Strong Profit Growth
The Mirrabooka Investments financial results highlight significant contributions from options and trading portfolios to profit growth. Higher cash levels following the May 2025 rights issue also boosted interest income for the half-year.
Revenue from operating activities reached $8.9 million, up 42.9 per cent on the previous corresponding period. This figure excludes capital gains on investments, focusing purely on operational income.
Net gains on the trading portfolio totalled $2.1 million compared to $554,000 in the prior period. Income from the options written portfolio reached $1.7 million against $301,000 previously.
Portfolio Return Challenged by Resource Rally
The Mirrabooka Investments half year results show portfolio return, including franking, was 1.3 per cent for the six-month period. The combined Small Ordinaries and Mid Cap 50 benchmark, including franking, returned 14.3 per cent over the same timeframe.
Small and mid-cap resources surged 45.3 per cent and 79.1 per cent respectively during the half. The Company is not a large investor in these sectors, given the highly cyclical nature of many resource companies.
Figure 2: Investment analysis and portfolio review illustrating active fund management. [Freepik]
Returns from industrial stocks in the mid and small-cap index proved far more subdued. Mid-cap industrials delivered 5.0 per cent and small-cap industrials delivered 8.8 per cent in 2025.
The Mirrabooka Investments 1H2026 results reflect the Company’s deliberate focus on industrial holdings, where it maintains conviction. This positioning created short-term performance headwinds against a resource-heavy benchmark.
Interim Dividend Maintained at 4.5 Cents
The Mirrabooka Investments financial results confirm the interim dividend of 4.5 cents per share, fully franked remains unchanged from the prior year. The dividend will be paid on 17 February 2026 to shareholders on the register on 27 January 2026.
All of the interim dividend is sourced from capital gains on which the Company has paid or will pay tax. The amount of the pre-tax attributable gain attached to this dividend is 6.43 cents per share.
This enables some shareholders to claim a tax deduction on their tax return. Further details will be provided on dividend statements distributed to shareholders.
Figure 3: Rising returns and dividend growth concept reflecting portfolio performance. [Freepik]
A Dividend Reinvestment Plan and Dividend Substitution Share Plan are available. The price will be set at nil discount to the Volume Weighted Average Price over five trading days from when shares trade ex-dividend.
Core Holdings Experience Share Price Weakness
The Mirrabooka Investments half year results noted share price pull-backs in many core portfolio holdings from 12 months ago. Large holdings, including Macquarie Technology Group, ARB Corporation, Gentrack Group, Mainfreight, CAR Group and Breville Group, all experienced weakness.
IDP Education, James Hardie Industries, Redox and Equity Trustees also impacted relative performance negatively. The value of Corporate Travel was written down during the period following the announcement of accounting irregularities.
Macquarie Technology Group and ARB Corporation remain the largest portfolio positions despite share price falls of around 20 per cent. The Company retains confidence in long-term prospects for both businesses.
The Mirrabooka Investments 1H2026 results show the Company made its largest purchase for the financial year to date in Macquarie Technology Group. This reflects management’s view on relative valuation appeal.
Major Portfolio Transactions Reflect Active Management
The Mirrabooka Investments half year results disclosed major acquisitions during the period. Macquarie Technology Group received $12.0 million of investment, representing the largest purchase.
Winton Land attracted $7.7 million, while Temple & Webster Group received $6.0 million following an earlier position reduction. Vista Group International and Baby Bunting Group each received over $5.6 million.
Figure 4: Major acquisitions in Mirrabooka Investments’ portfolio during 1H2026. [Market Index]
Major disposals included Temple & Webster Group at $13.4 million proceeds following share price strength. Infomedia was completely exited following a takeover, generating $11.0 million in proceeds.
Cobram Estate Olives was reduced to $8.8 million after the share price more than doubled. HUB24 was trimmed at $7.5 million following a strong share price rally.
Top 20 Holdings Represent Half of Portfolio
Macquarie Technology Group represents 7.3 per cent of the portfolio at $49.9 million. ARB Corporation follows at 4.1 per cent with a value of $27.7 million.
ALS comprises 3.9 per cent at $26.4 million, while ResMed and Mainfreight represent 3.0 per cent and 2.7 per cent respectively. The top 20 holdings total $338.5 million, representing 49.7 per cent of total portfolio value excluding cash.
The Mirrabooka Investments 1H2026 results show diversification across technology, healthcare, transport, entertainment and retail sectors. The Company maintains a concentrated approach to high-conviction holdings.
New companies added to the portfolio include Baby Bunting Group, WebTravel Group, EROAD, Tuas, Epiminder and Wrkr. These additions reflect ongoing portfolio evolution.
Long-Term Performance Remains Sound
The Mirrabooka Investments financial results emphasise long-term performance alignment with investment objectives. Three-year returns of 13.5 per cent per annum, including franking, compare to 13.9 per cent for the benchmark.
Ten-year returns of 10.6 per cent per annum with franking trail the benchmark return of 11.2 per cent marginally. Five-year returns of 7.0 per cent lag the benchmark’s 9.4 per cent after cycling strong prior performance.
Figure 5: Mirrabooka portfolio returns compared with benchmark indices across multiple time horizons. [Market Index]
The Company operates in a more volatile sector of the Australian and New Zealand equity markets. Short-term relative returns can fall behind when commodity prices drive resource stock outperformance.
Share Price Performance
Mirrabooka Investments shares last traded at $3.130, operating within the 52-week range of $3.050 to $3.550. The Company’s market capitalisation stands at $703.20 million.
Figure 6: Mirrabooka Investments share price performance over the past year. [ASX]
Final Thoughts
The Mirrabooka Investments 1H2026 results demonstrate resilience during a challenging period for industrial stock performance. Profit growth of 93.6 per cent reflects strong contributions from trading and options activities alongside higher interest income.
With a strengthened cash position and improving valuations in target holdings, the Mirrabooka Investments half year results position the Company favourably for 2026 opportunities. The maintained dividend and long-term performance track record support the investment approach.
FAQs
Q1. What profit did the Mirrabooka Investments 1H2026 results report?
Ans. The Mirrabooka Investments 1H2026 results reported profit of $8.9 million for the half year, up 93.6 per cent from $4.6 million in the prior corresponding period.
Q2. What interim dividend did the Mirrabooka Investments financial results declare?
Ans. The Mirrabooka Investments financial results declared an interim dividend of 4.5 cents per share, fully franked, unchanged from the prior year, payable on 17 February 2026.
Q3. How did portfolio performance compare to the benchmark?
Ans. The portfolio returned 1.3 per cent, including franking, for the half year, compared to the combined Small Ordinaries and Mid Cap 50 benchmark return of 14.3 per cent.
Q4. What is the net asset backing reported in the Mirrabooka Investments half year results?
Ans. The Mirrabooka Investments half year results show net asset backing of $3.27 per share before tax as at 31 December 2025, down from $3.41 at the prior corresponding period.
