Bailador reports FY26 portfolio return of 2.8% and declares 3.5c fully-franked dividend
In its FY26 results presentation, released on 13 August 2026, Bailador Technology Investments reported a post-tax portfolio return of 2.8% for the full year, net of all fees and taxes, down from 7.8% in FY25.
Management framed FY26 as a year in which strong underlying portfolio performance was constrained by broad market uncertainty around artificial intelligence (AI), which compressed technology sector valuations. The presentation confirmed a declared final dividend of 3.5c per share fully-franked (FY25: 3.6c) and a post-tax net tangible asset (NTA) value of $1.61 per share (FY25: $1.64).
For investors, Bailador offers listed access to expansion-stage private technology companies, paired with a stable fully-franked dividend stream. Below is a snapshot of the FY26 headline figures.
- Post-tax portfolio return: 2.8%
- Post-tax NTA per share: $1.61
- Final dividend: 3.5c fully-franked
- Grossed-up dividend yield: 9.5%
- Cash realised in FY26: $28m
- Net cash: $14m
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Portfolio strength underneath a soft valuation backdrop
The central story of the results was a divergence between operating performance and reported valuations. Management noted that underlying portfolio companies delivered strong operating results, while constrained valuation multiples across the technology sector dampened the headline return.
Combined portfolio company revenue reached $735m, a 32% increase over the 12 months to 30 June 2026. Against a challenging market, the presentation highlighted material outperformance: the ASX All Tech Index (XTX) declined 25.1% and the ASX200 IT index (XIJ) declined 37.2% in FY26. Management stated the portfolio remains conservatively valued with significant valuation upside potential.
Private portfolio metrics
- $735m portfolio company revenue
- 32% revenue growth
- ~63% gross margin
- ~82% recurring revenue
- Private portfolio gross IRR: 6.9% (FY25: 33.0%)
Portfolio movements — winners and detractors
The table below summarises the key valuation movements across the private and public portfolios during FY26.
| Company | Movement ($) | Movement (%) | Portfolio |
|---|---|---|---|
| PropHero | ↑ $8.7m | ↑ 69% | Private |
| updoc | ↑ $8.3m | ↑ 22% | Private |
| SiteMinder | ↑ $6.1m | ↑ 10% | Public |
| MOSH | ↑ $5.0m | ↑ 50% | Private |
| hapana | ↑ $2.0m | ↑ 17% | Private |
| DASH | ($9.0m) | (20%) | Private |
| nosto | ($1.6m) | (100%) | Private |
| straker | ($1.5m) | (42%) | Public |
The DASH figure includes interest on its debt facility. The SiteMinder movement reflects a 7.9% price decline offset by the $25m partial realisation completed during the year.
SiteMinder realisation crystallises gains at 63% above prior close
Bailador completed a $25m partial cash realisation of its SiteMinder position in September 2025 at an average price of $7.21 per share. Management reported the transaction was realised at a 36.9% IRR and crystallised gains at 63% above the June 2025 closing price.
The realisation extends a consistent track record. To date, Bailador has delivered 14 full and partial cash realisations, all above carrying value, together producing a combined 3.5x multiple on invested capital and an IRR of 23.2%.
Positioning on valuations
(No director quote is disclosed in the FY26 presentation.) Management reiterated that the portfolio is held at conservative valuations, pointing to a realisation history in which every cash exit has been achieved above carrying value.
A track record of conservative carrying values
The presentation set out the following validation of Bailador’s carrying values.
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All 14 cash realisations were completed above carrying value, at an average 39% uplift on realisation.
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There have been 40 third-party transactions in portfolio companies, with 39 at or above carrying value, at an average 24% uplift.
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Internal reviews show a 46% uplift over cost, while third-party transactions show a 59% uplift.
How Bailador’s model works for investors
Bailador operates as a listed investment company focused on expansion-stage private technology businesses. In practice, this gives everyday investors exposure to high-growth private companies.
Post-tax NTA represents the per-share value of the portfolio after all costs, fees and taxes have been accounted for.
The dividend policy targets 4% of pre-tax NTA per annum, paid half-yearly and fully-franked. The structure is designed to increase the effective yield during periods when the shares trade at a wider discount to NTA.
- Target 4% of pre-tax NTA p.a.
- Paid half-yearly, fully-franked
- Franking credits support 4.3 years of dividends at the current rate
- Dividend reinvestment plan in operation
- 24.8c cash dividends over the last 3 years
FY26 financial snapshot
On a full-year basis, Bailador reported total investment growth of $18.6m (FY25: $39.7m), driven by the private portfolio. Profit after tax was $6.9m (FY25: $19.25m), and net assets closed the period at $242.8m.
The management fee is charged at 1.75% on pre-tax NTA. A performance fee of $2.1m was accrued during FY26 but is not payable. The summary profit and loss is set out below.
| Metric | FY26 ($000) | FY25 ($000) | Note |
|---|---|---|---|
| Total investment growth | 18,573 | 39,653 | Driven by private portfolio |
| Total costs | (8,862) | (12,583) | Lower performance fee accrual |
| Profit before tax | 9,711 | 27,070 | — |
| Profit after tax | 6,915 | 19,250 | — |
| Net assets per share (post-tax) | 1.61 | 1.64 | — |
Positioning for AI winners and the path ahead
Management noted that markets are “gradually getting better at understanding AI winners” and positioned the Bailador portfolio as well placed for that shift. The presentation outlined several defensibility characteristics management believes support the portfolio’s resilience.
These included deep embeddedness in mission-critical processes, control over proprietary data or data rights, verticalised software with deep domain expertise, exposure to regulated and compliance-heavy workflows, and network economics.
During FY26, Bailador deployed $7.6m in follow-on investments. This comprised $5m into DASH at a value 21% above its original entry price, $2.5m into Rosterfy to fund further growth, and $0.1m into PropHero.
The DASH write-down and follow-on commitment were announced in March 2026, when Bailador revalued its existing DASH equity holding down 24% to $30.1 million while simultaneously pricing a new $5 million tranche at 21% above its original entry cost.
Looking ahead, management reiterated that the portfolio is conservatively valued and supported by strong underlying revenue growth, with valuation upside expected to be realised as technology multiples recover. For investors, the proposition rests on a dual return driver: potential capital gains from the private portfolio combined with a stable fully-franked dividend stream, offering technology exposure paired with income.
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