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AFI · NZX

Australian Foundation Investment Company (AFI)

Investment Companies / Listed investment companyCovered: FY21 - FY2610 published briefings

Australian Foundation Investment Company is an NZX-listed investment companies / listed investment company company. Its latest covered result is FY26, with FY21 - FY26 of source-backed result history on Annolyse.

Sections

Latest result

Latest metrics

FY26, released 27 July 2026

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AFI latest metrics
MetricValueChange
Revenue$6.1m↓ -98.1%
NPAT$293.1m↓ -1.1%
Operating cash flow$280.5m↓ -3.0%
Net debt-$89.5m↑ +42.8%
ROE %3.6%↓ -0.0pp
PBT$318.2m↓ -0.2%
FCF pre-lease$280.4m—
Total assets$9.8b↓ -1.0%

Source: latest published briefing (FY26, released 27 July 2026). Change compares against the prior equivalent period: FY24, released 29 July 2024.

Valuation

Valuation

Trailing P/E, EV/EBITDA, price-to-book and price-to-free-cash-flow ratios combine the latest available close with filing data. They are comparative measures, not forecasts or recommendations.

Price and market cap

The latest close and share count context for the market price.

Market cap

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Not available for this company right now.

Income and investment-company measures

Yield and investment-company valuation where supported.

Dividend yield

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Premium / discount

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Total return

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Available once dividend and adjustment data are verified.

Profitability multiples

How the market price compares with recent earnings and cash-flow inputs.

P/E

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EPS

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Not available for this company right now.

PEG

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Not available for this company right now.

EV/EBITDA

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P/FCF

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What changed in the latest result?What is unusual in the historical context?How has cash conversion changed over time?Compare this company with CNU.

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Financial history

Performance over time

The latest period is shown first.

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AFI metric history
MetricFY2612 MONTHS27 July 2026HY266 MONTHS21 January 2026HY256 MONTHS22 January 2025FY2412 MONTHS29 July 2024HY246 MONTHS24 January 2024FY2312 MONTHS26 July 2023HY236 MONTHS23 January 2023FY2212 MONTHS25 July 2022HY226 MONTHS24 January 2022FY2112 MONTHS26 July 2021Trend
Revenue$6.1m$168.7m$173.5m$326.1m$168.4m—$178.1m$360.6m$161.8m—
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Revenue growth %-33.4%-2.8%3.0%—-5.4%Outside range low revenue growth. -5.4%; 4-period range -2.8% to 68.1%. Revenue growth: -5.4%, below normal range; 4-period mean 19.6%, range -2.8%-68.1%.—10.1%—68.1%Unprecedented high revenue growth. 68.1%; 4-period range -5.4% to 10.1%. Revenue growth: 68.1%, unprecedented high; 4-period mean 1.2%, range -5.4%-10.1%.—
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  • HY24 Revenue growth %: Outside range low revenue growth. -5.4%; 4-period range -2.8% to 68.1%. Revenue growth: -5.4%, below normal range; 4-period mean 19.6%, range -2.8%-68.1%.
EBITDA—$171.8m$175.4m—$169.8m—$181m—$160.7m—
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EBITDA margin %—101.8%101.1%—100.8%—101.6%—99.4%—
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PBT$318.2m$162.4m$163.9m$318.9m$160.4m$330.8m$172.1m$374m$151.2m$248m
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PBT growth %3.9%-0.9%2.2%-3.6%-6.8%Outside range low pbt growth. -6.8%; 4-period range -0.9% to 71.6%. PBT growth: -6.8%, below normal range; 4-period mean 21.7%, range -0.9%-71.6%.-11.6%Outside range low pbt growth. -11.6%; 4-period range -4% to 50.8%. PBT growth: -11.6%, below normal range; 4-period mean 11.8%, range -4.0%-50.8%.13.8%50.8%Unprecedented high pbt growth. 50.8%; 4-period range -11.6% to 3.9%. PBT growth: 50.8%, unprecedented high; 4-period mean -3.8%, range -11.6%-3.9%.71.6%Unprecedented high pbt growth. 71.6%; 4-period range -6.8% to 13.8%. PBT growth: 71.6%, unprecedented high; 4-period mean 2.1%, range -6.8%-13.8%.-4.0%
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  • HY24 PBT growth %: Outside range low pbt growth. -6.8%; 4-period range -0.9% to 71.6%. PBT growth: -6.8%, below normal range; 4-period mean 21.7%, range -0.9%-71.6%.
NPAT$293.1m$146.9m$154.2m$296.4m$150m$309.8m$163.5m$360.6m$146m$235.1m
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NPAT growth %2.8%-4.7%2.8%-4.3%-8.3%Outside range low npat growth. -8.3%; 4-period range -4.7% to 74.4%. NPAT growth: -8.3%, below normal range; 4-period mean 21.1%, range -4.7%-74.4%.-14.1%Outside range low npat growth. -14.1%; 4-period range -4.3% to 53.4%. NPAT growth: -14.1%, below normal range; 4-period mean 12.4%, range -4.3%-53.4%.12.0%53.4%Unprecedented high npat growth. 53.4%; 4-period range -14.1% to 2.8%. NPAT growth: 53.4%, unprecedented high; 4-period mean -4.4%, range -14.1%-2.8%.74.4%Unprecedented high npat growth. 74.4%; 4-period range -8.3% to 12%. NPAT growth: 74.4%, unprecedented high; 4-period mean 0.5%, range -8.3%-12.0%.-2.2%
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  • HY24 NPAT growth %: Outside range low npat growth. -8.3%; 4-period range -4.7% to 74.4%. NPAT growth: -8.3%, below normal range; 4-period mean 21.1%, range -4.7%-74.4%.
Operating cash flow$280.5m$176.6m$176.3m$289.3m$174.9m$317.7m$196.8m$277.8m$167.5m$178.8m
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OCF / EBITDA %—102.8%100.5%—103.0%—108.7%—104.2%—
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FCF pre-lease$280.4m$176.5m————————
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DPS—12.0c12.0c14.5c11.5c14.0c11.0c24.0c10.0c14.0c
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Payout ratio vs NPAT %—102.6%Outside range high payout ratio versus npat. 102.6%; 4-period range 83% to 97.6%. Payout ratio versus NPAT: 102.6%, above normal range; 4-period mean 90.0%, range 83.0%-97.6%.97.6%—95.4%—83.0%Outside range low payout ratio versus npat. 83%; 4-period range 83.9% to 102.6%. Payout ratio versus NPAT: 83.0%, below normal range; 4-period mean 94.9%, range 83.9%-102.6%.—83.9%—
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  • HY23 Payout ratio vs NPAT %: Outside range low payout ratio versus npat. 83%; 4-period range 83.9% to 102.6%. Payout ratio versus NPAT: 83.0%, below normal range; 4-period mean 94.9%, range 83.9%-102.6%.
  • HY26 Payout ratio vs NPAT %: Outside range high payout ratio versus npat. 102.6%; 4-period range 83% to 97.6%. Payout ratio versus NPAT: 102.6%, above normal range; 4-period mean 90.0%, range 83.0%-97.6%.
ROE %3.6%1.8%1.8%3.6%1.9%4.1%2.3%5.0%Unprecedented high roe. 5%; 4-period range 3.1% to 4.1%. ROE: 5.0%, unprecedented high; 4-period mean 3.6%, range 3.1%-4.1%.3.7%3.1%Outside range low roe. 3.1%; 4-period range 3.6% to 5%. ROE: 3.1%, below normal range; 4-period mean 4.1%, range 3.6%-5.0%.
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Net debt-$89.5m-$131.6m-$284.1m-$156.5m-$225.1m-$155.4m-$118.3m-$134.6m-$79m-$97.1m
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Net debt / EBITDA—n/mn/m—n/m—n/m—n/m—
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Debtor days—29————————
—
Total assets$9.8b$9.9b$10.4b$9.9b$9.5b$9b$8.6b$8.3b$9.6b$9.1b
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Reference: annolyse.ai/companies/afi

Note: Figures are shown as reported. Half-year and full-year absolute values are not directly comparable. Growth rates and ratios are the meaningful comparison across mixed periods.

NTA/NAV per share

Net tangible asset or net asset value per share, shown in per-share cents for chart readability.

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Investment income

Recurring investment-income or revenue-return proxy, excluding fair-value movement where disclosed.

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  • FY21 AFI: Unprecedented low investment income. $235.1m; 4-period range $293.5m to $360.6m. Investment income: NZ$235.1m, unprecedented low; 4-period mean NZ$327.6m, range NZ$293.5m-NZ$360.6m.
  • HY22 AFI: Unprecedented low investment income. $161.8m; 4-period range $168.4m to $178.1m. Investment income: NZ$161.8m, unprecedented low; 4-period mean NZ$172.2m, range NZ$168.4m-NZ$178.1m.
  • FY22 AFI: Outside range high investment income. $360.6m; 4-period range $235.1m to $330.1m. Investment income: NZ$360.6m, above normal range; 4-period mean NZ$296.2m, range NZ$235.1m-NZ$330.1m.
  • HY23 AFI: Unprecedented high investment income. $178.1m; 4-period range $161.8m to $173.5m. Investment income: NZ$178.1m, unprecedented high; 4-period mean NZ$168.1m, range NZ$161.8m-NZ$173.5m.

Investment total return

Total income or return including fair-value or capital movement where disclosed.

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  • FY21 AFI: Unprecedented high investment total return. $1,540m; 4-period range $-347.5m to $940.3m. Investment total return: NZ$1540.0m, unprecedented high; 4-period mean NZ$358.8m, range NZ$-347.5m-NZ$940.3m.
  • FY22 AFI: Unprecedented low investment total return. $-347.5m; 4-period range $45.2m to $1,540m. Investment total return: NZ$-347.5m, unprecedented low; 4-period mean NZ$830.7m, range NZ$45.2m-NZ$1540.0m.
  • HY24 AFI: Outside range high investment total return. $555.8m; 4-period range $-143.6m to $523m. Investment total return: NZ$555.8m, above normal range; 4-period mean NZ$307.9m, range NZ$-143.6m-NZ$523.0m.
  • HY26 AFI: Unprecedented low investment total return. $-143.6m; 4-period range $403.5m to $555.8m. Investment total return: NZ$-143.6m, unprecedented low; 4-period mean NZ$482.8m, range NZ$403.5m-NZ$555.8m.

Net assets attributable

Net asset base attributable to shareholders or unitholders.

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  • FY22 AFI: Unprecedented low net assets attributable. $6,989.4m; 4-period range $7,556m to $8,259.6m. Net assets attributable: NZ$6989.4m, unprecedented low; 4-period mean NZ$7898.3m, range NZ$7556.0m-NZ$8259.6m.
  • HY23 AFI: Unprecedented low net assets attributable. $7,263.9m; 4-period range $7,877.9m to $8,611.1m. Net assets attributable: NZ$7263.9m, unprecedented low; 4-period mean NZ$8203.3m, range NZ$7877.9m-NZ$8611.1m.
  • FY24 AFI: Outside range high net assets attributable. $8,259.6m; 4-period range $6,989.4m to $8,219.7m. Net assets attributable: NZ$8259.6m, above normal range; 4-period mean NZ$7580.8m, range NZ$6989.4m-NZ$8219.7m.
  • HY25 AFI: Outside range high net assets attributable. $8,611.1m; 4-period range $7,263.9m to $8,342.6m. Net assets attributable: NZ$8611.1m, above normal range; 4-period mean NZ$7866.5m, range NZ$7263.9m-NZ$8342.6m.

Expense ratio

Management expense ratio, ongoing charge, or equivalent where disclosed.

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  • FY22 AFI: Unprecedented high expense ratio. 5%; 4-period range 0.14% to 0.15%. Expense ratio: 5.00%, unprecedented high; 4-period mean 0.14%, range 0.14%-0.15%.
  • HY26 AFI: Unprecedented low expense ratio. 0.11%; 4-period range 0.13% to 0.15%. Expense ratio: 0.11%, unprecedented low; 4-period mean 0.14%, range 0.13%-0.15%.

Distribution coverage

Recurring investment income or revenue-return coverage of cash distributions where source-backed.

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  • HY23 AFI: Outside range high distribution coverage. 138.6%; 4-period range 91.4% to 130%. Distribution coverage: 138.6%, above normal range; 4-period mean 119.1%, range 91.4%-130.0%.
  • HY26 AFI: Unprecedented low distribution coverage. 91.4%; 4-period range 126.2% to 138.6%. Distribution coverage: 91.4%, unprecedented low; 4-period mean 130.9%, range 126.2%-138.6%.

Portfolio/NAV total return vs benchmark

Portfolio or NAV total return compared with the disclosed benchmark or index return.

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  • FY21 Portfolio/NAV total return: Outside range high portfolio/nav total return. 31.9%; 3-period range 0.9% to 15.1%. Portfolio/NAV total return: 31.9%, above normal range; 3-period mean 10.0%, range 0.9%-15.1%.
  • HY24 Portfolio/NAV total return: Outside range high portfolio/nav total return. 9%; 4-period range 2% to 7.2%. Portfolio/NAV total return: 9.0%, above normal range; 4-period mean 5.8%, range 2.0%-7.2%.
  • HY26 Portfolio/NAV total return: Unprecedented low portfolio/nav total return. 2%; 4-period range 6.9% to 9%. Portfolio/NAV total return: 2.0%, unprecedented low; 4-period mean 7.6%, range 6.9%-9.0%.
  • FY26 Portfolio/NAV total return: Outside range low portfolio/nav total return. 0.9%; 3-period range 13.9% to 31.9%. Portfolio/NAV total return: 0.9%, below normal range; 3-period mean 20.3%, range 13.9%-31.9%.
  • FY21 Benchmark total return: Unprecedented high benchmark total return. 29.1%; 4-period range 5.1% to 16.6%. Benchmark total return: 29.1%, unprecedented high; 4-period mean 10.6%, range 5.1%-16.6%.
  • FY22 Benchmark total return: Outside range low benchmark total return. 5.1%; 4-period range 7.2% to 29.1%. Benchmark total return: 5.1%, below normal range; 4-period mean 16.6%, range 7.2%-29.1%.
  • HY23 Benchmark total return: Unprecedented high benchmark total return. 10.8%; 4-period range 4.2% to 8.3%. Benchmark total return: 10.8%, unprecedented high; 4-period mean 6.2%, range 4.2%-8.3%.
  • HY26 Benchmark total return: Outside range low benchmark total return. 4.2%; 4-period range 4.6% to 10.8%. Benchmark total return: 4.2%, below normal range; 4-period mean 7.8%, range 4.6%-10.8%.

The setup & the reality

HY26 → FY26 Follow-through

The latest result is checked against what the prior briefing said to watch.

Historical setup

What HY26 said to watch

Previous analysisHY26Result releasedAnnolyse analysis published

From AFI portfolio return 2.0%, distribution coverage drops to 91.4%

No forward targets or guidance are supplied with this release. Against the historical baseline the picture is mixed: investment income and net assets sit inside or at the top of their normal ranges, while portfolio total return, distribution coverage and the tax rate are all outside their prior four-period bands. The release does not support a claim that the current half is a normal step in the trajectory — three of the four return- and distribution-related metrics are at the worst level in the supplied window. It also does not support a claim of structural impairment, because the income engine and NAV base have held. What the disclosure leaves open is whether the second half is expected to recover portfolio return enough to restore coverage above 100%.

Open questions

Open questions from HY26

  • Why did the effective tax rate rise to 9.5% from 5.9%, and is this a one-off or a new baseline?
  • What drove the 2.2 percentage point underperformance versus the benchmark this half?
  • How much of the franking and retained-profit reserve is now committed to sustaining the current distribution level if coverage stays below 100%?
  • Will the Board hold the 12.0 cent interim if portfolio return does not recover into the second half?
  • What changed in portfolio positioning that produced an unprecedented low 2.0% total return against a baseline of 6.9%–9.0%?

This briefing cannot assess the composition of the portfolio's capital movement or the specific holdings driving the benchmark shortfall, as that detail is not in the supplied excerpts.

Latest result sources

Primary issuer documents used for the FY26 briefing. Document labels are preserved from the publication record; Annolyse does not relabel every financial report as an annual report.

Current period

Preliminary Final Report

FY26 / financial report

Prior comparable period

2025 Annual Reports and AGM Documentation

FY25 / financial report

Interim context

Appendix 4D & Interim Report

HY26 / financial report

Release context

Full Yearly Results Webcast Presentation

FY26 / commentary

AFIC Half Year Results Presentation

HY26 / commentary

Peer context

Listed investment company comparison set

These companies share the same curated sub-sector label. Their reporting definitions can still differ, so compare the underlying measures before ranking them.

BRM · FY26

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MLN · FY26

Marlin Global

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Compare AFI, BRM, KFL, MLN →Investment Companies result archive

Archive

Briefing archive

The full chronological archive contains every published result briefing.

FY26 · Released 27 July 2026

Portfolio total return sank to 0.9%, trailing benchmark by 6.3 points

NPAT rose 2.8% to $293.1m, but AFI's portfolio total return of 0.9% badly missed its historical 20.3% average and its own benchmark.

Read briefing

HY26 · Released 21 January 2026

AFI portfolio return 2.0%, distribution coverage drops to 91.4%

Investment income held inside the historical band, but the interim dividend now exceeds NPAT and the portfolio trailed its benchmark by 2.2 points.

Read briefing

HY25 · Released 22 January 2025

Portfolio trailed benchmark by 0.4pp; payout ratio reached 97.6%

Investment income rose 3.0% but a 7.2% portfolio return lagged the 7.6% benchmark, reversing last year's 0.7pp outperformance.

Read briefing

FY24 · Released 29 July 2024

Portfolio returned 15.1%, beat benchmark by 1.6pp as NAV rose 9.3%

Strong capital return lifted net assets above the historical baseline, but softer investment income left distributions at 102.9% of NPAT.

Read briefing

HY24 · Released 24 January 2024

Portfolio returned 9.0% but income fell 5.4% and lifted payout to 95.4%

Strong portfolio capital return masked a 5.4% drop in investment income, narrowing distribution coverage as the interim dividend was raised.

Read briefing

FY23 · Released 26 July 2023

NPAT fell 14.1% on BHP merger dividend base; portfolio trailed by 2.7pp

Underlying profit rose 8.6% excluding the prior-year one-off, while the 13.9% portfolio return lagged the ASX 200's 16.6% gain.

Read briefing
Open all 10 result briefings

Related insights

Compare this company

The latest AFI metrics also appear in these cross-company comparisons.

Insight

Revenue growth context

Revenue growth was -33.4% for this reporting period.

Open insight

Insight

Earnings quality and statutory distortions

PBT and NPAT growth diverged by 1.1pp.

Open insight

Insight

ROE and capital efficiency

ROE was 3.6%, +0.3pp versus the prior comparable period.

Open insight

Get notified when AFI publishes

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