Bailador (ASX: BTI) delivered a 2.8% post-tax portfolio return for the financial year to June 30. That’s down from 7.8% in FY25. Net profit after tax fell to $6.9 million, from $19.3m 12 months ago. Post-tax net tangible assets slipped three cents to $1.61 a share.
ASX-listed venture fund Bailador Technology Investments posted a flatter FY26 result after tech valuation jitters around AI tarnished otherwise strong growth across its startup portfolio.
Shareholders score fully franked final dividend of 3.5 cents a share – in line with FY25’s 3.6c – for an annualised grossed-up yield of 9.5% (up on FY25’s 8.1%), a figure calculated by including franking credits, divided by BTI’s share price the day before the dividend is declared
Below those headline numbers, most of its portcos performed strongly, with combined revenue for FY26 up 32% to $735m, thanks to 82% in recurring revenue and 63% gross margins.
The VC also ran a leaner business with total costs down by around a third – from $12.58m in FY25 to $8.86m last fin year.
The private portfolio returned 6.9% gross, led by an $8.7m (69%), uplift for its $12.5m stake in property investment platform PropHero, while telehealth startup Updoc added $8.3m (22%), and digital health startup Mosh, rose $5m, or 50%.
Last year’s hero, financial advice fintech Dash, turned laggard, with its carrying value falling $9m, or 20%, 12 months after a 59% jump. And its small stake in Finnish ecommerce platform Nosto, part of its 2021 acquisition of Bailador portco Stackla, was written down by $1.6m to zero.
Market uncertainty weighs
Bailador said strong operating performance had been offset by market uncertainty over which software companies will emerge as AI winners.
But compared to the broader public market – the S&P/ASX All Technology Index fell by 25.1%; the S&P/ASX 200 Information Technology Index (XIJ) plunged 37.22%; and Nasdaq-listed Atlassian’s share price fell by nearly 62% in FY26 (but staged a recovery last week on the back of stronger results), Bailador had a relatively positive year.
The fund banked $25m from a partial sale of hotel software scaleup SiteMinder last September at $7.21 a share – 63% above the June 2025 closing price – for a 36.9% IRR on its investment.
Meanwhile, portcos score another $7.6m in FY26, including $5m follow-on for DASH at a value 21% above original entry price; $2.5m into volunteer management platform Rosterfy and a modest $100k for follow-on for Prophero.
Bailador said it Bailador holds its private investments at conservative valuations and all 14 full and partial cash realisations have all been above carrying value, averaging a 39% uplift and delivering a combined 23.2% IRR for a combined 3.5x multiple .
