Wam Leaders (WLE) H1 2026 earnings summary

Executive summary

• Operating profit before tax for HY2026 reached $136.98 million, up from $48.00 million in the prior year, with profit after tax of $99.94 million.

• Investment portfolio rose 8.4% in the six months to 31 Dec 2025, outperforming the S&P/ASX 200 by 4.8%.

• Total shareholder return for the half was 16.8% including franking credits, with share price discount to NTA narrowing from 7.8% to 0.7%.

• Increased fully franked interim dividend declared at 4.8 cents per share, payable April 2026.

• Total dividends paid since inception in June 2021 amount to 18.75 cents per share, or 26.8 cents per share including franking credits.

Financial highlights

• Net realised and unrealised gains on investments and FX: $124.07 million (2024: $28.46 million).

• Portfolio delivered a 9.8% return in the six months to 31 December 2025, before expenses, fees, and taxes.

• Grossed-up dividend yield, including franking credits, stands at 10%.

• Pre-tax NTA at 31 January 2026 was $1.33 per share, with a share price of $1.15.

• Basic and diluted EPS: 7.27 cents (2024: 2.86 cents).

Outlook and guidance

• Remain constructive on equities, pivoting towards quality stocks due to shortened cyclical uptick.

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

• Expect continued volatility and recommend nimble, quality-focused positioning.

• Interim dividend of 3.25 cents per share fully franked, with key dates set for May 2026.

• No changes to principal investment activity or strategy anticipated.