WAM Alternative Assets (WMA) investor relations material

Executive summary

• Portfolio delivered just under 5% return for the last six months and 9% annualized since 2020, targeting 8-10% per annum with low volatility.

• Operating profit before tax rose to $9.38 million for the half year ended 31 December 2025, up from $6.59 million in the prior year period, with after-tax profit at $6.47 million, up from $4.62 million year-over-year.

• Total shareholder return was 10.8% for the half year, including franking credits, with share price discount to NTA narrowing from 18.6% to 14.2%.

• Dividend increased to 3 cents, with franking reduced to 60% due to timing of asset exits and tax realization.

• Portfolio is well-diversified across private equity, infrastructure, water, real estate, private debt, and agriculture, with minimal correlation to listed equities.

Financial highlights

• NTA per share is AUD 1.18, while the share price is around AUD 0.99, reflecting a 15% discount.

• Net realised and unrealised gains on financial investments were $7.74 million, with other operating revenue at $3.39 million.

• Earnings per share increased to 3.29 cents from 2.36 cents year-over-year.

• Profit reserve covers 2.4 years of dividends, supported by 15 exits at a 33% premium to NTA since 2020.

• Net assets at 31 December 2025 were $227.97 million, up from $226.96 million at June 2025.

Outlook and guidance

• Expectation of continued exits and portfolio revaluations as the harvest period for returns begins.

• Three exits are in the pipeline over the next six months, supporting future dividends and franking.

• Board remains committed to paying fully franked dividends, subject to profit reserves and franking credits.

• Potential for future dividends to be partially franked or unfranked if insufficient franking credits are generated.

• Ongoing focus on closing the NTA discount and potentially trading at a premium in the medium term.