Whitefield Industrials (WHF) investor relations material

Executive summary

• Whitefield Industrials reported a slightly lower operating profit of just over AUD 21 million (EPS 17.5c) for FY2026, due to fewer special dividends, lower exposure to high dividend stocks, and higher tax expense.

• Whitefield Income, launched in 2024, generated robust income of AUD 20.1 million gross of franking for the nine months to March, with NPAT (ex franking) of AUD 13.0 million.

• Both vehicles emphasize consistent dividend payments and capital growth, with Whitefield Industrials maintaining a 21c annual dividend and Whitefield Income offering a 7.9% gross yield.

• The final dividend for Industrials was maintained at AUD 0.105 per share, fully franked, with total annual dividends at AUD 0.21, representing a 6.1% gross yield and over 30 years of maintained or increased dividends.

• Whitefield Income will pay monthly dividends at AUD 0.0583 per share, annualized to a 7.9% yield including franking.

Financial highlights

• Whitefield Industrials' portfolio delivered a 2.7% return for the year to March, outperforming its benchmark by 65 basis points, with a 40-year total return of 11.3% p.a. (gross of franking).

• Portfolio returns for Industrials: 1-year 2.7%, 3-year 9.8% p.a., 5-year 7.3% p.a., 40-year 9.9% p.a. (before tax/costs).

• Whitefield Income's 1-year total return was 12.2% (March 2026, including franking), with gross income since inception at 12.7% p.a.

• Whitefield Income's gross income has run at 10%-12% per annum across all periods, with gross total return consistently ahead of its benchmark by 2%-5% per annum.

Outlook and guidance

• The Australian economy remains fundamentally strong and resilient, supported by construction, infrastructure, healthcare, and services, though cost pressures from Middle East conflict persist.

• Portfolio emphasis is on high-quality consumer, industrials, undervalued real estate, and technology stocks, with opportunities in AREITS, IT, and Communications sectors.

• Expectation that market sentiment will improve once geopolitical risks subside, with continued focus on opportunities in dynamic sectors.

• Inflationary pressures are expected to ease with geopolitical resolution.