Whitefield Industrials (WHF) investor relations material

Executive summary

• Whitefield Income delivered strong Q1 results with gross income of $7.8m, NPAT of $5.1m, and EPS of 3.2 cps, maintaining consistent income generation over the past four years.

• Whitefield Industrials reported a mixed half year, accelerating in Q2, with NPAT of $10.5m and EPS of 8.7 cps, and 70% of holdings maintaining or increasing dividends.

• Operating profit after tax for the half-year ended 30 September 2025 was $10.48 million, down 4% year-over-year, with EPS at 8.71 cents, also down 4% from the prior period.

• Investment revenue declined 3.4% to $12.82 million compared to the same period last year.

• Portfolio outperformed its benchmark, delivering a 12.7% one-year return and 17.1% per annum over three years.

Financial highlights

• Whitefield Income's gross income for Q1 was $7.8m, with a 13% annualized return since strategy inception in Jan 2021.

• Whitefield Industrials achieved a 17.1% p.a. 3-year portfolio investment return and 1.3% rolling year outperformance vs benchmark.

• Whitefield Income portfolio delivered a 14.4% total return (after costs) over 10 months, outperforming its benchmark.

• Net tangible assets per share (pre-tax) rose 7.7% to $6.71; post-tax NTA per share increased 6.5% to $5.88 year-over-year.

• Total comprehensive income for the period was $69.41 million, up from $41.80 million in the prior year.

Outlook and guidance

• Whitefield Income targets a base monthly franked dividend of 7.5% p.a. with additional six-monthly top-up dividends commencing after Dec 2025.

• Whitefield Industrials continues to focus on reliable value accretion and risk control, with a history of no sustained underperformance over 40 years.

• The economic outlook for Australia into 2026 is positive, with firm business conditions and supportive interest rates expected to aid consumer activity.

• Risks from US trade policy changes are noted, but Australia remains relatively insulated so far.