WAM Alternative Assets (WMA) investor relations material

Executive summary

• Net tangible assets (NTA) per share is AUD 1.18, with the share price trading at a discount near AUD 0.99, offering a buying opportunity at roughly 15% below NTA.

• Operating profit before tax rose to $9.4 million for the half year ended 31 December 2025, up from $6.6 million in the prior year period, with after-tax profit at $6.5 million, up from $4.6 million year-over-year.

• Portfolio delivered a 4.9% return for the half year and a long-term annualized return of 9% since October 2020.

• Total shareholder return for the half year was 10.8% including franking credits, with the share price discount to NTA narrowing from 18.6% to 14.2%.

• Interim dividend increased to 3.0 cents per share, partially franked at 60%, up from 2.7 cents per share in FY2025.

Financial highlights

• Net realised and unrealised gains on financial investments were $7.74 million, with other operating revenue at $3.39 million.

• Earnings per share increased to 3.29 cents from 2.36 cents year-over-year.

• Net assets at 31 December 2025 were $227.97 million, up from $226.96 million at June 2025.

• Cash and cash equivalents at period end were $282,829, with $22.2 million invested in a new treasury solution (FRIF) classified under financial assets.

• Profit reserve currently covers 2.4 years of dividends.

Outlook and guidance

• Management targets 8%-10% annualized returns with low volatility over the medium term.

• At least two to three private equity exits are expected in the next six months, supporting future franking and profit reserves.

• Real estate allocation is expected to increase from 12% toward 20% as new opportunities arise.

• Board remains committed to paying fully franked dividends, subject to profit reserves and franking credits, but future dividends may be partially franked if credits are insufficient.

• The board aims for the share price to reflect NTA, expecting the discount to close over time.