WAM Capital (WAM) H2 2025 earnings summary

Executive summary

• Investment portfolio delivered a 22.2% return in FY2025, outperforming the S&P/ASX All Ordinaries Accumulation Index by 9.0% and the S&P/ASX Small Ordinaries Accumulation Index by 9.9%.

• Total shareholder return for the 12 months to 30 June 2025 was 19.4%, or 22.5% including franking credits.

• Full year dividend of 15.5 cents per share, 60% franked, resulting in a 9.1% dividend yield and 11.4% grossed-up yield.

• Since inception, over $2.0 billion or $4.585 per share has been returned to shareholders via dividends and franking credits.

Financial highlights

• Pre-tax NTA at 30 June 2025 was $1.57 per share.

• Share price discount to NTA reduced from 4.6% at 30 June 2024 to 1.5% at 30 June 2025.

• Investment portfolio performance since inception (Aug 1999) is 15.6% p.a., outperforming the S&P/ASX All Ordinaries Accumulation Index by 7.0% p.a.

Outlook and guidance

• Management remains bullish on undervalued small-cap growth companies, expecting interest rate cycles to drive renewed interest and outperformance.

• Dividend franking levels in FY2026 and beyond will depend on tax paid on realised profits and receipt of franked dividends from investee companies.