Plato Income Maximiser (PL8) H2 2025 earnings summary

Executive summary

• Achieved investment returns of AUD 83.6 million in FY2025, up AUD 17.7 million from FY2024, with a total portfolio return after fees of 15.5%, outperforming the benchmark by 0.4%.

• Maintained monthly fully franked dividends of AUD 0.066 per share, with a pre-tax NTA rising to AUD 1.153 and reaching AUD 1.220 by June 2025.

• Consistent outperformance of the market and higher income delivery since inception, with a long-term return of 10.3% and income generated at 7.6%.

• Share price has traded at a significant premium to NTA, reaching up to 20% in the current year and sustained since listing.

• Total dividends paid in FY25 were AUD 0.066 per share, equating to a 7.5% annualised distributed yield, 3.0% above the benchmark.

Financial highlights

• Portfolio performance added AUD 0.138 per share, with minimal running costs of AUD 0.001 per share.

• Pre-tax NTA per share increased from AUD 1.153 to AUD 1.220 over FY25 after accounting for performance, expenses, and dividends.

• Portfolio performance net of fees and costs was 15.5% for the year, with income return of 7.5%.

• Share price has consistently traded at a premium to pre-tax NTA since listing.

• Since listing, maintained a continuous history of monthly dividends, including special dividends, all fully franked.

Outlook and guidance

• Cautiously optimistic on dividend outlook, expecting interest rate cuts to support the Australian economy and dividend growth.

• Dividend cut probability for the market is about average at 23%, in line with long-term trends.

• Earnings growth, rather than payout ratio increases, is expected to drive future dividend improvements.

• Dividend outlook for the Australian market remains within the normal range, with average probability of dividend cuts stable.

• Active fund management is emphasized as critical for delivering income and avoiding dividend traps.