Plato Income Maximiser (PL8) H2 2025 earnings summary

Executive summary

• FY25 operating profit after tax reached AUD 83.6 million, up AUD 17.7 million from FY24, with strong investment performance and markets at historic highs.

• Portfolio delivered a total return of 15.5% after fees, outperforming the benchmark by 0.4%.

• Maintained monthly fully franked dividends of AUD 0.066 per share, with a 7.5% annualised yield, 3.0% above the benchmark.

• Consistent outperformance and higher income delivery since inception, with a long-term return of 10.3% p.a. and income of 7.6% p.a.

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

Financial highlights

• Pre-tax NTA per share increased from AUD 1.082 to AUD 1.220 over FY25 after accounting for portfolio performance, expenses, and dividends.

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

• Annualised distributed yield of 7.5% compared to the benchmark's 4.5%.

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

• Post-tax NTA at 30 June 2025 was AUD 1.142 per share, $0.011 lower than pre-tax NTA due to tax on unrealised gains.

Outlook and guidance

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

• Dividend cut probability for the market is about average at 23%, in line with long-term trends.

• Earnings growth, rather than payout ratio increases, is expected to drive future dividend improvements.

• Board announced three more fully franked monthly dividends of AUD 0.0055 per share for the September 2025 quarter.

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