WAM Alternative Assets (WMA) investor relations material

Executive summary

• Achieved a 9.1% portfolio return for FY2026, with strong private equity revaluations driving over half of the performance and outperforming the All Ordinaries Accumulation Index (5.7%).

• Portfolio revitalisation and diversification strategies since 2020 have matured the asset base, with legacy assets reduced to just over 10%.

• Since October 2020 inception, annualized return is 8.9%, approaching the 10% target.

• Shareholders approved the company's continuation in October 2025, reflecting confidence in management and strategy.

• Delivered absolute returns through a diversified portfolio targeting both dividend yield and capital growth.

Financial highlights

• FY2026 investment portfolio performance was 9.1% per annum over three years and 6.5% for the past year, before expenses, fees, and taxes.

• 24 exits since 2020 averaged a 28.3% premium to NTA, evidencing conservative valuations.

• Full year dividend increased to 6.0 cents per share, partially franked at 60%, with a final dividend of 3.0 cents per share.

• Grossed-up dividend yield for FY2026 was 7.4% based on a share price of $0.97.

• Operating profit before tax rose 99.8% to $16.6 million, and after tax increased 79.6% to $11.2 million year-over-year.

Outlook and guidance

• Positive outlook for private equity, water, and opportunistic real estate, with several exits expected in FY2027–2028.

• Board aims to return to fully franked dividends as the portfolio matures and more exits are realized, though future franking depends on realised profits.

• Portfolio expected to maintain 35–40% allocation to private equity, with ongoing recycling and new commitments; capital commitments increased to 21.0% as of June 2026.

• Focus remains on realising value from maturing investments and recycling capital into new opportunities.

• Continued focus on diversification and partnering with best-in-class investment managers.