Plato Income Maximiser (PL8) investor relations material

Executive summary

• Achieved FY25 operating profit after tax of $83.6 million, up $17.7 million from the prior year, with a total portfolio return of 15.5% after fees, outperforming the benchmark by 0.4%.

• Maintained monthly fully franked dividends of 6.6¢ per share, with a consistent track record since inception and a 7.5% annualised distributed yield, 3.0% above the benchmark.

• Net tangible assets (NTA) per share increased from $1.082 to $1.153 after dividends, with the latest NTA at $1.22, reflecting continued portfolio growth.

• Outperformed the market in both total return and income since inception, with a long-term annualized return of 10.3% and income of 7.6%.

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

Financial highlights

• Portfolio return of 15.5% after fees, including 7.5% distributed income, compared to the benchmark's 15.1% and 4.5% yield.

• Excess total return of 0.4% and excess income of 3% over the index, with 1.2% of excess from franking credits.

• NTA per share rose by 7.1¢ after paying out 6.6¢ in dividends, reaching $1.22 at 30 June 2025.

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

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

Outlook and guidance

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

• Dividend outlook for the next 12 months is about average, with 23% of companies expected to cut dividends, in line with historical trends.

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

• Iron ore prices have stabilized, supporting resource sector earnings.

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