WAM Alternative Assets (WMA) AGM 2025 summary

Opening remarks and agenda

• The AGM was held as a hybrid event, with all board members present and a quorum established to proceed.

• Shareholders were welcomed, meeting protocols explained, and voting was conducted by poll on all items of business.

• The agenda included five items of business, with four requiring a vote.

Financial performance review

• FY2025 portfolio performance was 5.3% p.a. before expenses, with net returns in the 3% range after costs.

• Over the last three years, post-cost performance averaged around 4% p.a., considered underwhelming in strong markets.

• Since Wilson Asset Management took over, gross returns have been 8.9% (about 7% net), with NTA moving from AUD 1.07 (2020) to AUD 1.17 (2025).

• The portfolio is diversified across energy transition, food scarcity, aging demographics, and digitalization themes.

• Dividend payments have exceeded after-cost returns, resulting in a slight NTA decline from AUD 1.20 to AUD 1.17 in the past year.

Board and executive committee updates

• Nick Kelly was welcomed as the new portfolio manager, succeeding Dania Zinurova.

• The board acknowledged challenges in repositioning the portfolio post-Blue Sky and highlighted improved shareholder register quality.

• Adrian Siew and Geoff Wilson stood for re-election, both emphasizing their experience and commitment to governance.