Symphony International Holdings Announces Orderly Realisation Strategy and 2025 Results

Symphony International Holdings 2025 results: steady NAV, exits ticking over, and the portfolio up for sale

Symphony International Holdings (SIHL) has published its annual report and, importantly, reaffirmed its plan for an orderly realisation of its Asian portfolio with proceeds to be returned to shareholders as assets are sold. In a bumpy market year, NAV edged up and a handful of disposals landed at decent prices. The big takeaway: progress is real but paced by macro and deal windows.

Headline numbers investors care about

NAV (31 Dec 2025)	US$439.83 million
NAV (31 Dec 2024)	US$438.07 million
NAV per share	US$0.8568 (up 0.40% year on year)
Shares in issue	513,366,198
Fair value of investments (excl. cash)	US$478.68 million
Cash	US$0.17 million
Interest-bearing borrowings	US$11.13 million
Liquid listed securities (MINT)	US$44.11 million
Profit for the year	US$1.90 million
Management fee	US$9.89 million (2.25% of NAV, capped at US$15m)

NAV is the net asset value – the portfolio’s fair value plus cash and other assets, less liabilities. It’s SIHL’s primary performance metric.

Strategy update: orderly realisation, patient execution

The Board leant into the obvious – SIHL’s persistent share price discount to NAV – and is pursuing an orderly realisation across real estate, healthcare, hospitality, logistics and new economy assets. Some smaller disposals completed in 2025, with wider market volatility slowing negotiations for the larger ones. The commitment is clear: maximise value, don’t rush, and distribute capital as assets are sold.

Shareholders will also vote at the AGM on a buyback authority of up to 14.99% of shares, which, if used prudently, could help address the discount when liquidity allows.

Portfolio highlights: where value moved in 2025

Real estate and lifestyle/real estate – the largest value driver

• Minuet Limited (Bangkok landbank) – fair value rose to US$90.89 million, mainly from an 8.32% Thai baht appreciation and small net asset movements. Underlying land values were broadly stable.
• Liaigre Hospitality Ventures (Florence, Italy) – development on track; fair value up to US$61.39 million. About half of the residences are expected to be sold after the current sale completes, largely to Asia-based buyers. A further €2.65 million was funded in early 2026.
• Desaru, Malaysia – rebranded under Mandarin Oriental at the start of 2026, with branded residences launch planned.
• Niseko, Japan – landholding marketing underway with targeted buyers.

Healthcare – one star performer and one laggard

• ASG Hospital – double digit growth in revenue and EBITDA (earnings before interest, tax, depreciation and amortisation), plus successful turnaround of the Vasan network. SIHL joined a rights issue; fair value lifted to US$92.55 million.
• Soothe Healthcare – tougher period due to working capital and mix shift. A rights issue (SIHL did not participate) provided incremental capital; recent sales momentum is improving. Exit discussions are deferred until performance stabilises.

Logistics – operationally better, valuation headwind

ITL Corporation in Vietnam delivered healthy double digit revenue and EBITDA growth, but the fair value fell to US$60.79 million as comparable company multiples dropped by 22.37% and the dong depreciated 3.09%. SIHL is in active dialogue with potential strategic partners for a partial or full realisation.

Hospitality – MINT keeps compounding

Minor International (MINT) produced record core profitability and launched a buyback. A planned 2026 REIT listing of hospitality assets aims to cut debt and could unlock value. SIHL sold 4.07 million MINT shares in 2025 for US$2.88 million and, post year end, a further 9.43 million for US$7.06 million. Fair value at year end was US$44.11 million.

Education – approaching exit scale

Wellington College International School Bangkok enrolment reached around 1,100 students. With senior school expansion complete, SIHL intends to explore exit options in the coming year, targeting appropriate value.

New economy – liquidity optionality ahead

• Meesho listed in 2025 and traded significantly above SIHL’s aggregate cost at year end. Depending on the price at lock-up expiry, this could be 2026 liquidity.
• MAVI advanced OEM and distribution partnerships in ASEAN and Europe.
• Smarten Spaces is near cash break-even but faces AI-driven competition and shareholder uncertainty; strategic alternatives, including M&A or a sale, are being explored.
• Good Capital funds reported MOICs (multiple on invested capital) of 2.13x (Fund I) and 1.20x (Fund II).

Exits and returns: signs of life

• SolarSquare (India rooftop solar) – fully exited with a net annualised return of 68.96% and a 5.44x MOIC.
• Blowhorn (India last-mile logistics) – exited above last reported fair value.
• Partial trims in Isprava and MINT captured gains while maintaining exposure.

MOIC is a simple yardstick: proceeds received divided by cash invested.

What the 2025 scorecard says

• NAV per share rose 0.40% to US$0.8568. Currency tailwinds in late 2025 helped; early 2026 has been choppier.
• Fair value gains were modest at US$1.11 million, with a small disposal loss of US$0.20 million.
• Other operating income dropped to US$12.54 million (from US$48.56 million), reflecting the one-off dividend in specie seen in 2024.
• Cash at US$0.17 million is thin; the primary “ready cash” lever is the MINT stake (US$44.11 million at year end and US$7.06 million realised post year end). Borrowings were US$11.13 million, secured against listed securities.

Portfolio mix by NAV weight: where the value sits

Lifestyle / Real Estate	45.81%
Healthcare	21.78%
Logistics	13.82%
Hospitality	10.03%
New economy	8.63%
Education	5.35%
Lifestyle	3.42%

Why this matters for shareholders

The realisation plan targets cash back to investors as exits land. There are several near- to medium-term catalysts that could move the dial: a school exit (WCIB), a logistics deal (ITL), branded residence sales (Desaru, Florence), asset sales in Thailand and Japan, MINT’s REIT spin and buyback, and Meesho’s post lock-up window. Execution will be lumpy, but the pipeline is tangible.

Risks and watchpoints

• Liquidity is tight: year-end cash was minimal; SIHL relies on listed holdings and selective borrowing. Timing of disposals is crucial.
• Valuation sensitivity: most assets are Level 3 (US$412.68 million) and subject to market multiples, FX and discount rates. A weaker risk appetite can compress valuations despite good operations (see ITL).
• Operational dispersion: Soothe remains challenged; lifestyle retail is cyclical; macro and geopolitics (including Middle East tensions and tariff policy) can delay exits.
• Fees versus earnings: the management fee was US$9.89 million versus a US$1.90 million profit – manageable while NAV holds, but worth tracking during realisation.

My take: constructive, but deal-by-deal

This is a patient seller’s market. SIHL’s 2025 showed portfolio resilience, a couple of high-quality exits, and real estate progress that supports NAV. The flip side is clear – cash is lean, multiples can move against you, and some assets need time to stabilise before sale. The post year-end MINT sale helps liquidity, and the AGM buyback authority offers a tool if the discount remains wide and cash permits.

For me, the story from here is all about milestones: WCIB exit exploration, Florence residences sold, Desaru launch, an ITL transaction, further trims in MINT around corporate catalysts, and Meesho liquidity. Hit a few of those, and distributions should follow. Miss them, and we wait longer. Either way, the Board and Investment Manager sound aligned with shareholders on value over velocity – which is the right stance when selling quality assets.