NGE Capital’s 25.7% NTA Per Share Growth Highlights Strong Portfolio Gains

• Profit after tax jumps 148% to $12 million
• Net tangible asset backing per share up 25.7% to $1.618
• Portfolio return of 25.7% pre-tax in 2025
• Key contributors: uranium assets, gold and tin mining companies
• No dividends paid; continued share buy-back program

Strong Financial Performance Amid Market Volatility

NGE Capital Limited (ASX: NGE) has delivered a standout financial year for 2025, reporting a profit after tax of $12.015 million, a 148% increase compared to 2024. This surge was accompanied by a 141.5% rise in revenue from ordinary activities, reaching $13.335 million. The company’s net tangible asset (NTA) backing per share before tax climbed 25.7% to $1.618, underscoring the strength of its investment portfolio.

Since its inception as a Listed Investment Company in late 2016, NGE has achieved an impressive annualised return of 13.6%, outperforming the ASX 200 Accumulation Index by a significant margin. The company’s concentrated, high conviction investment approach has been a key driver of this sustained outperformance.

Uranium and Mining Investments Lead the Charge

The company’s portfolio gains were notably boosted by its uranium-related holdings, including Yellow Cake plc and the Sprott Physical Uranium Trust, which benefited from rising uranium prices amid growing global nuclear energy demand. The US government’s ambitious nuclear expansion plans and similar targets set by China and India have created a compelling backdrop for uranium investments.

Gold mining exposure through K92 Mining Inc. also contributed strongly, with the company’s Kainantu gold mine in Papua New Guinea ramping up production and forecasting significant growth through staged expansions. Similarly, MLG Oz Limited, a mining services provider, saw its share price rise sharply, supported by increased demand for ore haulage and crushing services in Western Australia’s goldfields region.

Tin mining company Metals X Limited experienced a 169% share price increase, driven by a robust tin price environment fueled by supply constraints and rising demand from technology and energy sectors. NGE prudently reduced its exposure to Metals X after substantial gains, locking in profits.

Portfolio Management and Capital Strategy

NGE maintained a disciplined approach to capital management, executing on-market share buy-backs totaling over 1.1 million shares during the year at a discount to NTA, enhancing shareholder value. The company ended 2025 with a strong cash position of $7.35 million, providing flexibility to seize new investment opportunities.

No dividends were declared or paid during the year, consistent with the company’s focus on reinvesting capital to drive long-term growth. The Board and management team remained stable, with no changes reported.

Outlook: Navigating a Complex Macroeconomic Landscape

Looking ahead, NGE anticipates continued macroeconomic volatility driven by geopolitical shifts, inflationary pressures, and evolving fiscal policies, particularly in Western economies. The company sees ongoing opportunities in real assets and commodities, especially uranium, given the structural demand growth and constrained supply.

NGE’s flexible investment mandate allows it to adapt swiftly across geographies and asset classes, positioning the portfolio to benefit from emerging themes such as energy security, technological advancements, and supply chain realignments.

Bottom Line?

NGE’s robust 2025 results set the stage for a dynamic 2026 as it leverages its nimble investment strategy amid shifting global economic currents.

Questions in the middle?

• How will NGE adjust its portfolio if uranium prices face unexpected volatility?
• What are the implications of delayed developments in key projects like Dorado for NGE’s energy sector exposure?
• Will NGE initiate dividend payments as its cash reserves and profits grow?